Tim Nugent of Thomson Reuters gave an overview of the crucial Ethereum blockchain activities currently underway and uPort presented their platform during this Smart Contract panel.
The Reuters BlockOne ID service allows blockchain developers to comply with KYC (“Know Your Customer” which is the process of a business verifying the identity of its clients) and AML regulations (“Anti-Money Laundering” which refers to a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions) without having to build an entire in-house legal team. This powerful service will aid Ethereum developers in building compliant applications that are suitable for use in the financial services industry.
They also presented their enhanced due diligence service for applications requiring detailed integrity and background checks on any entity, regardless of where they’re located. In addition to Reuters’ KYC services, their oracle service provides blockchain developers with real-time access to high quality live market data. The service is easy to use, and attendees were treated to a demo of a rapidly-deployed application utilizing Reuters’ market data. While there are emerging communication platforms in the news, blogging and commenting sectors, (e.g. steemit.com), we were told that Reuters is not doing any journalism on the blockchain. Reuters also ran a HackETHon competition in London earlier this month and we were told that next year’s HackETHon will take place in Baar, Switzerland.
A major progression for Ethereum development at this year’s Devcon came in the form of a key management and identity platform from uPort. This platform makes it easy for smart contract developers to add a full identity layer to their application without having to build everything from scratch. uPort’s user interface is exquisitely user-friendly with numerous features that lie under the hood, including “secure enclave” storage of users’ private keys, key recovery, reputation and identity delegation and restoration, etc. The availability of this bootstrapped platform, assisting Dapp developers, will free them from having to do all the heavy lifting associated with creating identity and reputation management systems.
Stay tuned for more updates.