Australian start-up bron.tech turns blockchain data into digital identity solutions
Summary
“Ownership of personal data is a pain for individuals, but it was not big enough to justify an entire business model around it,” says Poposka, bron.tech’s CEO. “We realised that one of the main reasons companies or governments ask for this verification process is to prevent money laundering, terrorism financing and fraud. “We’ve structured our product in a way that our customers can access these databases and do the checks in accordance with legislation with just several clicks of a button.” The firm uses blockchain technology to confirm verification. “If you get audited by AUSTRAC [Australian Transaction Reports and Analysis Centre], you can prove the verified result and when you got it because it’s secured with blockchain. “Regulated entities like banks and financial services firms don’t want to on-board criminals and money launderers to their platforms.