The Pacific island nation is currently offering a blockchain-based verified ID and digital residency service that can be used for KYC and ID verification.
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The Republic of Palau and blockchain development company Cryptic Labs announced the launch of the Original Name System (RNS), a digital residency program, on Tuesday.
To kick off the partnership between Palau, Cryptic Labs, and the government-supported digital residency program, President Surangel S. Whipps Jr. of Palau signed an agreement to grant digital residency to “all global users” through RNS under the country’s Digital Residency Act.
The Republic of Palau is located in the western Pacific Ocean and consists of about 340 islands with 18,221 inhabitants. Chairman Whipps said:
“Our digital residency program will be competent against internationally recognized identity verification standards to ensure that Palau complies with the rule of law and the integrity of our reputation. We welcome all global citizens to apply to participate in Palau’s digital residency program. ”
The digital residency program provides blockchain-based legal IDs, digital residency to democratize access to global business opportunities, and geo-agnostic governance to aid in the formation of and operate the company remotely. It also allows users to obtain addresses, shipping services, and verify digital signatures.
Using RNS, the digital residency program boasts conclusion-to-finish encryption that allows users to control how much location and ID data they want to share with others. Once approved, the user will receive a physical ID card and an ID in the form of a non-fungible token (NFT). This will be used to facilitate “secure ID verification and access to KYC functions and create the foundation for legal ID and on-chain verification.”
Bril Wang, CEO of Cryptic Labs said in the announcement,
“This partnership with the Republic of Palau will revolutionize economic development in Palau and around the world. The world is beginning to recognize the realism, versatility and transformative power of digital identity – this is a quick step towards that future. ”
Digital residency applicants can sign up by creating an account and paying with their credit card or in cryptocurrency.
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The digital residency program marks the second major foray into blockchain adoption that Palau has made. In November 2021, the Western Pacific island nation announced a partnership with fintech firm Ripple (XRP) to develop an eco-friendly digital currency to support cross-border payments.