News

HAVN Powered KYC Chain Selected into the European Blockchain Sandbox

We are excited to announce that the Web3 Identification Solution, developed with the IOTA Foundation, walt.id, IDnow, and Bloom Wallet, has been selected for the European Blockchain Sandbox. This highlights the solution’s potential to transform Know-Your-Customer (KYC) processes in Web3.

The European Blockchain Sandbox

Launched by the European Commission, the European Blockchain Sandbox is a platform for testing and validating innovative Distributed Ledger Technology (DLT) solutions. Each year, only 20 projects are chosen, enabling critical engagement with EU regulators. This milestone allows us to explore regulatory discussions about KYC and privacy in decentralized finance (DeFi).

The Solution: KYC Chain

Our solution streamlines traditional KYC processes using DLT and tokenization:

  • Identity Verification: Users verify their identity remotely with IDnow, complying with EU standards.
  • Tokenization: Verified identities are tokenized by walt.id and stored in Bloom Wallet as soulbound tokens.
  • Reusable Verification: Tokens enable seamless identity verification across Web3 dApps without revealing personal information.
  • Data Control: Users control their data and can reveal identity information to authorized parties or revoke tokens if needed.

HAVN provides the EVM-compatible KYC chain infrastructure, supporting interchain communication and transaction validation for efficiency and compliance.

You can learn more about the solution in our previous release:
https://havn.network/appchains/havn-labs-powers-new-eu-compliant-kyc-hybrid-chain/

Also read up on the announcement directly: https://ec.europa.eu/digital-building-blocks/sites/display/EBSISANDCOLLAB/European+Blockchain+Sandbox+announces+the+selected+projects+for+the+second+cohort

Moving Forward

With our partners, we are advancing technical and regulatory development in Web3. Our participation in the European Blockchain Sandbox marks a significant step towards revolutionizing KYC processes for DeFi and other Web3 applications. Stay tuned for more updates as we continue this transformative journey with the power of IOTA.

You can read our partner’s releases for more information on the initiative.

Our Partners

  • IOTA Foundation: A non-profit organization dedicated to developing and promoting the IOTA, a scalable, feeless, and secure distributed ledger technology. (Link to Announcement)
  • IDnow: Provides automated and human-assisted identity verification solutions optimized for security and user experience.
  • walt.id: Facilitates secure issuance of ID tokens and user authentication with its decentralized identity and wallet infrastructure.
  • Bloom Wallet: Stores identity tokens for seamless proof of identity in the IOTA, Shimmer, and EVM ecosystems.

About HAVN Labs

HAVN is an ecosystem that connects hybrid chains into a single decentralized and interoperable network. HAVN Labs is developing a highly automated self-service platform for launching hybrid chains in the ecosystem. We are building a future where liquidity and value flow freely between chains.

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