Parallel Markets is excited to announce that it will be connecting its investor identity data to the Chainlink network to help build the first portable investor identity solution available on the blockchain.
Why Does This Matter?
Financial transactions are a leading use-case for blockchain-enabled applications. Distributed ledger technology (“DLT”) promises to bring liquidity to traditionally illiquid private assets and democratize access to high-quality investments. Securely and accurately verifying identity is the critical piece of infrastructure necessary to fully realize the benefits DLT can bring to the financial services industry.
“We believe that identity online is still a huge problem and is one of the biggest points of friction to widespread adoption of online investing in private assets,” explains Parallel CEO Tony Peccatiello. “Our collaboration with Chainlink is the initial step in working together to make high value, private market transactions readily accessible for everyday investors. Chainlink is in the process of building open standards and we are excited to incorporate our solution within that framework.”
The combination of Parallel Markets and Chainlink will enable individuals to become accredited through Parallel and then assert that accreditation on the blockchain using Chainlink. This will be a major step forward for companies and people building fintech solutions in the blockchain space that require knowledge of participant identity and/or accreditation status.
Solving Investor Identity
Parallel Markets has developed an accredited investor identity solution that gives participants the ability to frictionlessly assert their identity and accredited investor status online across multiple platforms. Transfers of digital assets typically require an understanding of both the identities of the participants involved as well as those participants’ status as accredited investors. Parallel Markets is proud to announce that it is making its data available to Chainlink users and bringing identity service to the blockchain space.
Chainlink is a platform that bridges the gap between smart contracts on the blockchain and real-world, off-chain applications. This is accomplished via the use of “oracles”, which find and verify real-world data and bring it on-chain to be integrated into smart contracts. Parallel Markets will provide an identity and accreditation status service that can be queried by Chainlink nodes via an oracle contract. Writers of smart contracts can build applications that access the oracle to determine whether or not a specific wallet belongs to an accredited investor.
About Parallel Markets
Parallel Markets is a software company with the goal of creating a portable investor identity platform. Leveraging decades of private market experience and our subsidiary broker-dealer, we are building the technology that will finally bring liquidity to private markets in a way that benefits companies, employees and investors. The tool that we are most excited about now is our Parallel Passport. The Parallel Passport is a universal identity solution for investors online. Solving for digital identity is a core piece of the private market’s infrastructure, and we believe this will be critically important in towards a future where all friction between investor and investment is removed.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle and SWIFT) and leading smart contract development teams. To learn more about Chainlink’s latest developments, visit their website or join them on Telegram or Twitter.
Disclaimer The information contained in this article is provided for informational purposes only and should not be construed as legal advice on any subject matter. You should not act or refrain from acting on the basis of any content included in this article without seeking legal or other professional advice.