Post
Topic
Board Development & Technical Discussion
Merits 2 from 1 user
Re: Proposal for some BIP with KYC elements
by
Peter Todd
on 25/04/2015, 05:47:55 UTC
⭐ Merited by ABCbits (2)
Interfaces for regulation must begin to develop, this is nothing about hurting the Bitcoin user's privacy, we need to break away from that "drug dealer "character and understand that protocol-level standards will create strong ground for that Nobel technology.

Government/bank signed and controlled blockchains are already being worked on that implement all the identity tech you're looking into and more - I've even been told about requirements for these projects to have every single invoice to be uploaded to the blockchain so the government can investigate not only who sent money to whome, but what exactly they were buying. Of course, this is nothing new: credit card processing platforms are already starting to do this stuff too with bigger merchants.

FWIW, the blockchain itself isn't new technology at all. Satoshi's contribution to the state of the art was to figure out how to make the tech work without central authority or identity. What you're doing goes in the exact opposite direction, and is better done in centralized systems; Bitcoin has no advantage over those much faster, cheaper, and more scalable systems other than freedom from regulation.

If you want to work further on this technology, I can pass your name onto companies working in this space. Personally I'm rather dubious about taking on those clients for hopefully obvious reasons...