Credentials management technology company Jumio, Inc. has unveiled the Bitcoin Identity Security Open Network (BISON), which was created to drive greater transaction legitimacy and instill trust between Bitcoin buyers and exchanges and wallets.
Current members of the network include eight Bitcoin exchanges, wallets and ATM providers, including: BitAccess, Bitnet Technologies, CoinMkt, CoinRnr, Digital Currency Exchange of Texas, Hashop.io, NoveltyLab and SnapSwap.
The Bitcoin industry is continuing to mature, however there is ongoing debate regarding security of the digital currency. Industry executives believe that proactive self-regulation will take care of security issues, instead of relying on standards imposed by outside sources — hence the creation of BISON.
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To participate in BISON, transacting customers hold a driver license or passport up to their device camera and Jumio’s integrated technology Netverify scans and validates the identification, extracts the personal information and enters it into the transaction form in real time. BISON members also receive periodic reviews of fraud trends within the network.
“We believe that crypto-currencies, and Bitcoin chiefly among them, are an important new part of the payments world; however, to reach their full potential it’s time to instill a higher degree of confidence in the system,” said Daniel Mattes, Founder and CEO of Jumio. “The vast majority of Bitcoin users are honest and engaging in a range of legal transactions, but a small minority are not and that threatens the entire ecosystem, especially during this formative period. BISON is designed to minimize the problem by weeding out those who use false or manipulated IDs, which is a strong indicator of intended fraud or other illegal activity.”
Additional functionality for BISON will roll out in the summer of 2014.
