Introduction

In the world of Ethereum blockchain transactions, it's important to verify the identity of the person signing the transactions. To meet Know Your Customer (KYC) requirements, we need a way to prove that the person behind an Ethereum account is who they claim to be. Our service provides a solution by allowing individuals to use their eID card to sign their Ethereum account, creating a verified link between their identity and their blockchain transactions. This ensures that third parties can trust the identity of the account holder, even when interacting through smart contracts on the Ethereum network.

Use Case: John the Freelancer

John is a freelance developer who often engages in projects with various companies. Recently, he started working with Acme Corp., a company that specializes in creating decentralized applications on the Ethereum blockchain. As part of his contract, John needs to sign a smart contract to receive his payments and other project-related transactions.

Acme Corp. has strict KYC requirements to ensure the authenticity of their collaborators. To meet these requirements, John uses Tydids that allows him to link his real-world identity to his Ethereum account using his eID card.

1. Setup and Verification:

   • John logs into Tydids and uses his eID card to digitally sign his Ethereum account. This process securely binds his verified personal identity to his Ethereum address.
   • The service generates a digital certificate that confirms John's identity and associates it with his Ethereum account.

2. Signing the Smart Contract:

   • John accesses the smart contract provided by Acme Corp. through their decentralized application.
   • Before signing the contract, the application prompts John to prove his identity using the digital certificate generated by the Tydids service.
   • John selects his verified Ethereum account and uses his eID card to sign the transaction. This action confirms his identity to Acme Corp.

3. Transaction Execution:

   • The smart contract on the Ethereum blockchain receives John’s signed transaction along with his identity verification.
   • Acme Corp.’s smart contract validates the digital certificate and confirms that the transaction is indeed from John.
   • Once verified, the smart contract executes the transaction, ensuring John receives his payment and any other agreed-upon benefits.

4. Trust and Security:

   • Acme Corp. is assured that the person signing the transaction is truly John, fulfilling their KYC requirements.
   • John can now seamlessly continue his work with Acme Corp., knowing his identity is securely verified on the blockchain.

By using this Tydids  verification service, John and Acme Corp. can engage in secure, trusted transactions on the Ethereum blockchain, enabling efficient collaboration and compliance with KYC regulations.