AUTHBOND (Authentic Bond Operating Network) tackles the issue of accountability in Web3 contracting, where pseudonymity can lead to delivery challenges. Traditional bid bonds are effective in mitigating risks of project defaults in conventional contracting but have not been widely applied in the Web3 space. AUTHBOND innovates by incorporating privacy-preserving Know Your Business (KYB) confirmations and bid bond deposits into reusable on-chain identities, enhancing trust and transparency in digital trade. The platform enables organisations to issue Requests for Proposals (RFPs) with defined selection criteria. 

Applicants can import their business data and submit proposals, which are then linked to privacy-preserving ID-NFTs. These NFTs verify KYB completion and represent the bid bond, ensuring that only complete and verified proposals are considered. This process reduces the risk of financial losses and increases procurement efficiency. AUTHBOND leverages eIDAS 2.0-based identities and integrates with existing solutions like F6S and Privé, ensuring compliance with MiCA outsourcing regulations and establishing provenance for proceeds. The solution’s TRL-7 prototype, deployed for pre-production by PORTERS RPC Gateway, showcases its practical application. The use of privacy-preserving ID-NFTs by AUTHBOND incentivises honest data provision while protecting user privacy. 

The platform also promotes trust through intermediated interoperability, benefiting the digital economy and virtual commerce in Europe. This approach democratises access to on-chain economies, allowing DAO contributors to use real-world identities for Web3 work opportunities. The solution offers significant socio-economic benefits by fostering economic inclusion and job creation through enhanced access to the digital economy. AUTHBOND’s focus on transparency, regulatory compliance, and ethical practices sets a new benchmark in digital identity and blockchain innovation, driving growth and attracting investment.