Identify’s Blockchain-based platform seeks to solve antiquated paper-based KYC identification and verification process
Substantia to provide convertible loan facility to Identify, conditional upon tech exclusivity and other factors
Substantial shareholding in Identify designed to propel technology to its next development stage
London, April 12, 2022 – GreenBank Capital (“GreenBank”) has learned that the Substantia Group (“Substantia”), the business advisory firm wholly owned by Staminier Limited (“Staminier”), has signed a condition-dependent Letter of Intent (“LOI”) to purchase a significant shareholding in Identify (“ID”), a cloud-based, blockchain-backed security and identification platform. As previously disclosed, GreenBank Capital owns 19% of Staminier Limited, Substantia’s parent company. Substantia is a UK-based business consultancy offering clients a wide range of outsourced advisory services, and is led by Terry Pullen, concurrently also CEO of GreenBank.
ID seeks to simplify, streamline, and radically improve the management, storage and sharing of security and KYC identification documents across all sectors, including finance and banking, healthcare and medical records, travel documentation, insurance, housing and utilities, and legal, among others. It is anticipated that the application will drastically improve ease of access and storage of required documentation in the compliance process, helping business and individuals comply with identification, certification, laws, and regulatory requirements.
Samsher Singh, Founder of Identify said: “I believe that Identify has the potential to truly revolutionise the way businesses, governments and organisations interact with identification. Using blockchain infrastructure, Identify will be able to support our clients by providing a complete end-to-end solution to fit any business. The team at The Substantia Group have a great collaborative approach, providing a clear route to market, a network to leverage, and the funding to propel Identify to become a global market leader in this space.”
The investment will take the form of a convertible loan facility to be drawn down across several tranches. Completion of the transaction is dependent upon several factors, some of which include ID fully incorporating as a UK company, commercial viability testing of the concept, and assurance of market novelty and exclusivity.
This funding is intended to propel the ID platform from pre-Alpha stage into the next stage of its development, ultimately leading to the full end-to-end product build. Identify Management expects its platform to reach Beta stage later in 2022, at which point it would become ready for initial market testing. It is presently expected that a release-to-market stage product will be available by March 2023.
Converting identification and certification documents into Non-Fungible Tokens (“NFTs”), ID’s platform will then store these digital assets in a cloud-based folder through blockchain technology, creating smart contracts which in turn will generate a ‘trust score’ of both the individual/individuals and the documents themselves. ID’s Management believes that the security and verification ramifications of the finished product are unparalleled at the present time.
It is expected that the documentation that will be securely stored on ID’s platform include personal items such as driving licenses, birth certificates, housing deeds and passports, as well as occupational licenses integral to many people’s livelihoods. For example, the medical profession requires some of the highest levels of certification compliance today. As just one example, in the UK, this certification can include General Medical Council or Nursing & Midwifery Licensing to practice, as well as Safeguarding, Right to Work, Indemnity Insurance, and many more. Other countries have a similarly lengthy list of certifications which require proper tracking. Once the ID platform is successfully completed, such a revolutionary development in collating and securely managing these types of vital documentation has the potential to significantly improve processes and efficiencies in the medical sector, as well as patient and clinical safety, and ID”s technology will be potentially applicable in numerous other sectors as well.
Terry Pullen, CEO of Substantia Group said: “Substantia have been incredibly impressed with the proposition and product design that Identify has showcased. Blockchain for digital identity and credentials is rapidly becoming one of the most critical step-changes in security and compliance, and Identify’s platform has the potential to become a market leader. Harnessing the enormous potential of blockchain and digital tokenisation, Samsher and his team really have created a truly revolutionary product concept, and Substantia looks forward to working with him in the future to make this a reality.”
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