Standards enable the protocol to interoperate with other self-sovereign identity frameworks and platforms to create and verify an individual's identity.
Druid Identity Protocol gives individuals control over their own data. This includes utilising a zero-knowledge proof mechanism to verify who they are without revealing any identifiable information.
Customer due diligence (CDD) is at the heart of know your customer (KYC) initiatives and anti-money laundering (AML) compliance programs. It is designed to prevent money laundering, terrorist financing, human and drug trafficking and fraud. The Druid Identity Protocol is built to perform these operations as needed.
In accordance with the requirements of regulatory bodies and the jurisdiction a financial product is being sold in, every wallet has the option to perform CDD to verify the identity of its owner via Druid Chain to ensure that the wallet owner can buy or trade these financial products.
Typically performing a CDD is an expensive and timely process for each vendor, but in the case of Druid Chain, the identity data is stored on-chain and owned by the individual. Each vendor will then request the user's data or use the zero-knowledge proof mechanism to authenticate and verify the data.
