Australia Post And Bitcoin: Unusual Partnership
Australia Post, the country’s 209-year old institution, uses digital identification technology. The technology will enable cryptocurrency exchanges to carry out Know Your Customer (KYC) checks in a short time. This implementation will simplify the process of buying crypto in the country.
Lately, there have been some issues with blockchain-related developments in Australia. First, Global Tech Exchange (GTE) has ceased its ICO. One day later, we reported on Australian government, which claimed that blockchain is too hyped and there are better solutions in technology. Finally, we have promising news.
The old Post implements new technology
To buy cryptocurrency in Australia, you have to pass the KYC and the AML (Anti-Money Laundering) systems. Australian crypto buyers use Digital iD, an Australian Post service. Thanks to that, the customers don’t have to wait for exchanges to verify their ID documents and photos.
The Digital iD removes from clients difficulty of proving identity. Registration procedures take only a few minutes. Users have to register only once with Australia Post’s new technology and their data will be shared with any platform that is integrated with the system.
Josh Lehman, a Digital Surge (Australian Bitcoin exchange) co-founder and director, said:
“Digital iD allows us to verify the identity of a prospective Bitcoin buyer in minutes, instead of the days it takes other exchanges. For the first time, an Australian can log on to a computer, punch in their driver’s license or passport details, and be buying Bitcoin within minutes.”
He also mentioned that the primary goal for him is to create a safe, simple and quick exchange and Digital iD allows to do exactly that.
Don’t have to give all of your data
Users decide how much of their identity information they want to share. Whenever they send their Digital iD to a new platform, they determine what information they’ll give to the exchange. It reduces security threads.
One of the first crypto exchanges using this system is Digital Surge. The Brisbane-based platform is eager to develop this solution into their organization. The company stated that Digital iD gives people more control over personal data and can be very useful in everyday duties.
Two other cryptocurrency exchanges are working on Digital iD: Coinjar and Coin Loft.
The real impact of the new development is to be seen, but many observers believe that it could bring new investors into the crypto world.
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