Project โTamga:โค Enabling Cross-Border trust in Regulatory Proofs
As financial systems become increasingly โขglobal, verifying regulatory credentials like licenses and attestations across borders presents a meaningful โฃchallenge.Currently, these proofs are often limitedโค toโ the jurisdiction orโฃ institution that issuedโ them, hindering the automation ofโ international trust.โฃ Bothโ regulators and financial institutions โneed โa reliable and โconsistent way to validate these proofs irrespective of location.
Project Tamga, an initiative led by โthe BIS Innovation Hubโ Hong Kongโข Center,โ aims to solve this problem.It proposes a novel approach to cross-border verification that doesn’t โ rely on creating new centralized โregistries. Instead,โ it leverages the โคexisting infrastructure of the internet -โฃ specifically established security standardsโข like DNS, HTTPS, โคand standardized web paths – to build a trustโ layer.
How โit Works:
project Tamga focuses onโค “trust metadata” – a small, structured set of โdigital facts โessential for verifying a โproof, such as public keys and certificateโข chains. โThis metadata will be made automatically discoverable through standardized โweb addresses (well-knownโ paths) hosted on the issuer’s own domain. This allows โคverifiers to directlyโฃ access and validate proofs from the source, eliminating theโฃ need for intermediaries or centralized databases.
the Benefits:
This approach offers โseveral key advantages:
* Interoperability: โข Proofs issued using โdifferent systems, technologies, and across various โฃjurisdictions can be verified through a single, standardized โprocess.
* Efficiency & Automation: Embedding verifiable proofs intoโข digitalโข workflows allows for real-time compliance checks, automating processes like verifying licensing status and โขreporting obligations.
* โค Preservation of Sovereignty: โ The model respects the confidentiality and โcontrol of existing regulatory systems.
*โฃ Noโ New Infrastructure: โ Project Tamga builds on what already โexists, avoiding the cost โand complexity of creating new platforms or relying on blockchain technology.
Ultimately, โฃProjectโฃ Tamga โคisn’t about building new systems; it’s about connecting existingโข ones and making trust โmachine-readable,โฃ fostering a more efficientโข and reliable global financial ecosystem.