Privacy-Preserving Claims Exchange Networks for Virtual Asset Service Providers
© 2020 IEEE. In order for VASPs to fulfill the regulatory requirements from the FATF and the Travel Rule, VASPs need truthful information regarding subjects, such as originators, beneficiaries and other VASPs involved in a virtual asset transfer. However, given that data about subjects are siloed in...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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IEEE
2021
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| Online Access: | https://hdl.handle.net/1721.1/137091 |
| _version_ | 1811088096427507712 |
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| author | Hardjono, T Lipton, A Pentland, A |
| author2 | MIT Connection Science (Research institute) |
| author_facet | MIT Connection Science (Research institute) Hardjono, T Lipton, A Pentland, A |
| author_sort | Hardjono, T |
| collection | MIT |
| description | © 2020 IEEE. In order for VASPs to fulfill the regulatory requirements from the FATF and the Travel Rule, VASPs need truthful information regarding subjects, such as originators, beneficiaries and other VASPs involved in a virtual asset transfer. However, given that data about subjects are siloed in various organizations and institutions, there needs to be a practical way for VASPs to obtain information from these entities without direct access to the siloed data. In this paper we describe the Open Algorithms approach as a means for data holders to make insights about subjects available to Claims Providers based on vetted algorithms. A Claims Provider delivers signed claims to VASPs regarding the relevant subject, thereby relieving the VASP from having to deal with data, algorithms and analytics. We also propose a consortium arrangement for VASPs to establish a Claims Exchange Network, in which VASPs can deliver signed claims (obtained from their Claims Providers) and public-key information or certificates to other VASPs in a secure and confidential manner. |
| first_indexed | 2024-09-23T13:56:12Z |
| format | Article |
| id | mit-1721.1/137091 |
| institution | Massachusetts Institute of Technology |
| language | English |
| last_indexed | 2024-09-23T13:56:12Z |
| publishDate | 2021 |
| publisher | IEEE |
| record_format | dspace |
| spelling | mit-1721.1/1370912023-02-10T21:28:18Z Privacy-Preserving Claims Exchange Networks for Virtual Asset Service Providers Hardjono, T Lipton, A Pentland, A MIT Connection Science (Research institute) © 2020 IEEE. In order for VASPs to fulfill the regulatory requirements from the FATF and the Travel Rule, VASPs need truthful information regarding subjects, such as originators, beneficiaries and other VASPs involved in a virtual asset transfer. However, given that data about subjects are siloed in various organizations and institutions, there needs to be a practical way for VASPs to obtain information from these entities without direct access to the siloed data. In this paper we describe the Open Algorithms approach as a means for data holders to make insights about subjects available to Claims Providers based on vetted algorithms. A Claims Provider delivers signed claims to VASPs regarding the relevant subject, thereby relieving the VASP from having to deal with data, algorithms and analytics. We also propose a consortium arrangement for VASPs to establish a Claims Exchange Network, in which VASPs can deliver signed claims (obtained from their Claims Providers) and public-key information or certificates to other VASPs in a secure and confidential manner. 2021-11-02T14:23:28Z 2021-11-02T14:23:28Z 2020-03 2021-07-01T15:48:28Z Article http://purl.org/eprint/type/ConferencePaper https://hdl.handle.net/1721.1/137091 Hardjono, T, Lipton, A and Pentland, A. 2020. "Privacy-Preserving Claims Exchange Networks for Virtual Asset Service Providers." IEEE International Conference on Blockchain and Cryptocurrency, ICBC 2020. en 10.1109/ICBC48266.2020.9169398 IEEE International Conference on Blockchain and Cryptocurrency, ICBC 2020 Creative Commons Attribution-Noncommercial-Share Alike http://creativecommons.org/licenses/by-nc-sa/4.0/ application/pdf IEEE arXiv |
| spellingShingle | Hardjono, T Lipton, A Pentland, A Privacy-Preserving Claims Exchange Networks for Virtual Asset Service Providers |
| title | Privacy-Preserving Claims Exchange Networks for Virtual Asset Service Providers |
| title_full | Privacy-Preserving Claims Exchange Networks for Virtual Asset Service Providers |
| title_fullStr | Privacy-Preserving Claims Exchange Networks for Virtual Asset Service Providers |
| title_full_unstemmed | Privacy-Preserving Claims Exchange Networks for Virtual Asset Service Providers |
| title_short | Privacy-Preserving Claims Exchange Networks for Virtual Asset Service Providers |
| title_sort | privacy preserving claims exchange networks for virtual asset service providers |
| url | https://hdl.handle.net/1721.1/137091 |
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