Haven1's provable identity framework (PIF) provides security measures against illicit activities by enforcing user identity verification for transaction execution.
Haven1 Proof of Identity NFT
Once users complete the verification process, they will receive a non-transferable proof of identity in the form of an NFT (Non-Fungible Token), which will be stored in their digital wallet. Each NFT is unique, meaning that a real-world identity can only be associated with a single NFT.
Here's a breakdown of its functionality:
Validators perform cross-checks on each transaction using anonymized user data to ensure compliance with regulations.
Transactions initiated by unverified users will not be processed and only verified participants are allowed to execute transactions.
In situations where users encounter sudden regulatory restrictions, they will have the ability to withdraw their assets, but their transaction capabilities will be limited.
Lending Markets with Real-World Credit Scores: Utilizing the Provable Identity Framework, Haven1 enables the development of lending markets that leverage real-world credit scores, enhancing trust and reliability in lending transactions.
Real-World Asset Integration: The platform facilitates the integration of real-world assets into the blockchain ecosystem. This includes creating investment vehicles tied to real estate, where NFTs can represent property ownership, bridging the gap between physical assets and digital tokens.
Tokenization of Assets: Haven1 supports the tokenization of various assets, including securities and bonds. This allows for their digital representation, significantly improving the efficiency of global exchanges and settlements by making these assets more accessible and transferable on a global scale.