Jumio has partnered with eight major Bitcoin providers to form the Bitcoin Identity Security Open Network (BISON) in order to facilitate greater transaction legitimacy.
The initial members of the network include BitAccess, SnapSwap, CoinMkt, Digital Currency Exchange of Texas, CoinRnr, Hashop.io, NoveltyLab and Bitnet Technologies.
Designed to instill trust and confidence in the Bitcoin ecosystem, the BISON Network will offer exchanges an efficient way to collect and validate buyer identities at the point of transaction through any connected device.
The customers involved in the transaction hold up their driver license or passport issued by more than 100 countries to their device camera for Jumio’s integrated technology Netverify to scan and validate the ID, extract the personal information and populate it into the transaction form.
An additional functionality, which facilitates an opted-in, validated customer on one exchange to be automatically validated on another without rescanning their ID, will roll out in the summer of 2014.
The member of BISON network will also receive periodic reviews of fraud trends within the network.
Jumio founder and CEO, Daniel Mattes, said: "BISON is designed to minimise the problem by weeding out those who use false or manipulated IDs, which is a strong indicator of intended fraud or other illegal activity."