Identity Exchange
Identity Exchange is the core function of the CRYMBO Oracle — the process by which verified identity information is securely exchanged between counterparties during a transaction, without exposing raw PII on-chain.
How Identity Exchange Works
- Transaction Initiated — A registered institution initiates a transaction involving a registered counterparty
- Oracle Triggered — The CRYMBO Oracle detects the transaction and determines which compliance rules apply (Travel Rule, KYC thresholds, jurisdiction-specific requirements)
- Identity Request — The Oracle generates an encrypted identity request to the sending institution
- Encrypted Response — The sender's system responds with encrypted PII, using the recipient's published encryption key
- Validation — Validators verify the identity data against compliance rules without accessing raw PII
- Attestation — A cryptographic attestation is published on-chain confirming compliance status
- Transaction Proceeds — The smart contract receives the attestation and allows (or blocks) execution
What Data Is Exchanged?
The data exchanged depends on the applicable regulation:
| Regulation | Required Fields |
|---|---|
| FATF Travel Rule | Originator name, account number, address; Beneficiary name, account number |
| MiCA | Originator full name, distributed ledger address, account number or unique transaction identifier |
| KYC Threshold | Institution-defined fields based on transaction amount and risk level |
Privacy Principles
- No PII on-chain — Only cryptographic attestations are recorded on the blockchain
- End-to-end encryption — PII is encrypted from sender to recipient; CRYMBO cannot access it
- Selective disclosure — Only the fields required by the applicable regulation are shared
- Data minimization — Institutions retain control over what data is shared and with whom
- Audit trail — Every exchange is logged with verifiable proof, without exposing the underlying data
Status Codes
| Status | Meaning |
|---|---|
COMPLIANT | Identity exchange successful; transaction may proceed |
PENDING | Identity request sent; awaiting counterparty response |
NON_COMPLIANT | Identity verification failed; transaction should not proceed |
TIMEOUT | Counterparty did not respond within the configured window |
EXEMPT | Transaction below threshold or regulatory exemption applies |