Humanity Protocol links Mastercard to its human ID system
Humanity Protocol, an on-chain digital identity platform, is partnering with Mastercard to integrate its open finance payment system. Initially launching in the US, the system will later expand globally, enabling users to verify their identities and financial details with a single Human ID usable across blockchain and centralized systems. The platform employs zero-knowledge cryptography for data privacy and aims to streamline KYC processes, expand into financial services like loans and personalized DeFi products, and provide credential-based access for verified users. Humanity Protocol uses Ethereum for its Web3 identity and features its native H token, which has gained traction in the ID token market. The collaboration with Mastercard seeks to innovate and enhance the future of finance through secure and reusable digital identities.
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Identity, Reputation, and Credentialing
Introduction: Partnership with Mastercard
Humanity Protocol, an on-chain digital identity platform, is set to integrate Mastercard’s open finance payment system. This new feature will initially be rolled out for US holders, with plans for global adoption in the future. The collaboration highlights the synergy between on-chain digital identity and open finance.
Features of the Human ID
The Human ID, developed by Humanity Protocol, is designed for cross-platform verification, enabling users to utilize one identity across blockchain and centralized systems. It eliminates the need for repeated KYC monitoring. In the future, the Human ID may be applied to crypto-native services as well as traditional financial systems. Use cases include neobank services, RWA (Real World Assets), and personalized DeFi products.
Zero-Knowledge Cryptography for Privacy
Humanity Protocol uses zero-knowledge cryptography, allowing users to selectively disclose data such as identity, financial qualifications, income information, and collateral ownership. This builds a credential-based access system that ensures inclusivity and reliability while verifying that end users are actual humans instead of bots.
Mastercard's Open Finance Capabilities
By leveraging Mastercard’s open finance features, Human ID holders can seamlessly prove their personal financial details after completing an initial verification. According to Terence Kwok, founder of Humanity Protocol, “We believe that identity is foundational to the future of finance. Together with Mastercard, we’re enabling our Human ID holders to demonstrate they meet financial requirements, without spending valuable time on manual processes.”
Reusable and Multi-Market Compatibility
The on-chain identity offered by Humanity Protocol is reusable and facilitates interactions across multiple markets and DeFi apps. Though DeFi platforms are currently permissionless, integrating Human ID verification could pave the way for regulatory compliance and a more secure ecosystem.
Humanity Protocol's Native Token and ID Token Market
Humanity Protocol’s native token, H, recently experienced market volatility, peaking at $0.37 before dropping to $0.25. Despite the corrections, Humanity Protocol aims to secure more data points and offer a user-friendly product. The broader ID token sector has a market cap of approximately $3 billion, led by Worldcoin (WLD). This highlights the growing significance of securing personal identities through blockchain technology.