Russian Payments Company Tries Bitcoin Tool for User Verification

Russian payment service is experimenting with a verification tool based on the bitcoin blockchain as a way to assist with the management of its users.

In a blog post by Tierion Startup, the tool was developed for Pay-Me.ru, a mobile money acquisition company founded in Moscow in 2012. BlockNotary, a Tierion client, developed the app using its technology as the backend for the project.

According to reports, this tool will replace Pay-Me.ru’s existing verification process for users, who are currently required to undergo an in-person interview before shipping products at the company’s point of sale.

Instead, clients can participate in video interviews through a mobile app. A time-stamped record of the data collected will be stored on Bitcoin’s blockchain.

Tierion is a startup using blockchain technology. It is positioned as a software-as-a-service (SaaS) company that provides people with services to collect data and record them securely using Bitcoin blockchain technology. Wayne Vaughan, CEO of Tierion, said that although the company's blockchain technology currently only supports data collection, it can provide a platform for startups to experience the advantages of blockchain technology.

BlockNotary founder Igor Brainov demonstrated the tool at an event hosted by startup incubator Plug'n Play earlier this week and told reporters that it would begin using it in November.

Vladimir Kanin, CEO of Pay-Me.ru, said the company was looking forward to installing the tool to verify new users.

He said,

“This digital, user-friendly process will certainly improve the quality of commitments and prevent potential risks. Over time, we plan to extend the use of this tool to our operations in Kazakhstan, Ukraine and other markets.”