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Service Delivered Exclusively on Zetrix Outside China
KUALA LUMPUR, Malaysia, Dec. 11, 2024 /PRNewswire/ -- Zetrix, a layer 1 public blockchain, announced today an exclusive partnership outside China with Astron-Xinghuo BIF, the international chain of China's national public permissioned blockchain under the Ministry of Industry and IT ("MIIT"), to jointly offer and promote applications for Digital IDs of Chinese nationals and business entities, a service that enables real-time fraud-proof identity verification.
Through the service, known as ZID, individuals and businesses in China can now digitise their official national ID or business registration identity as a Web 3 Verifiable Credential ("VC").
In the case of business registration IDs, each unique VC can be presented to any third party overseas -- be it a government or commercial entity or a private individual -- who are then able to use the VC to verify the legitimacy and authenticity of the business in real time. Likewise, individual Chinese nationals can publish their national IDs as a VC that can then be accessed by verifying entities outside of China. In addition, the digitisation of driving licences for Chinese nationals for overseas verification is also available on the Zetrix platform.
"Creating cross-border trust is of great importance, especially the verification of digital identity, credentials and documents. We would like to create a trusted data channel, together with MYEG, to facilitate the international cooperation between China and the rest of the world in the digital age.," said Mr You Xiaoyu, Head, International Department of Astron.
"Digital IDs issued as Verifiable Credentials will usher in the next wave of innovation and introduce the first billion users to the Web 3 ecosystem. With the endorsement and use by various Governmental organisations, we expect Digital IDs to be the killer application for Web3," said Zetrix co-founder TS Wong.
The immutability of blockchain means verifiers will be able to confirm that the VCs issued and accessed through ZID are authentic, genuine and have not been altered. This is unlike conventional ID cards, whether in their physical or digital image forms, which may be subject to tampering, fraud, or forgery using image editing tools, and verifiers have no immediate, trustworthy method to assess their authenticity.
The addition of Chinese digital ID verification serves to further reinforce the Zetrix ecosystem as the most comprehensive global ID solution.
Besides digital IDs of Chinese individuals and businesses, Zetrix, together with the MYEG Group as a whole, is also a key partner in the provision of Malaysia's national ID solutions and the roll-out of WorldID.
For more information on ZID, visit www.zidentity.co
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix's cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
