Digital identity is a cornerstone of every modern internet application. Today, organizations in both the public and private sectors deploy their own identity management systems with their own means of establishing, verifying, storing and managing the lifecycle of digital identity on the internet without a common standard. In a world where increasing economic activity and trade is taking place digitally, the siloed systems of digital identities are a clear concern in privacy and security, and is increasingly a burden for enterprises to maintain responsibly and compliantly. This is exacerbated by new regulations like General Data Protection Regulation (GDPR) and the increasing awareness of consumers towards their data and its value.
We are implementing a generic self-sovereign digital identity and authentication capability, allowing users to create and control their own universal identity without relying on centralized authorities in a GDPR compliant way. Our unique authentication method allows users to authenticate themselves in a very user-friendly and highly secure manner. This will serve as a foundation for compliance/KYC. The digital identity module is delivered as a service on our platform and can be used to attach a digital ID to physical objects to be used for Product Lifecycle Management.
As we can no longer rely too heavily on siloed infrastructure and its operators to manage the personal information we are building an ecosystem using blockchain technology at the core of our platform. This is to create built-in redundancy and embed trust on a protocol level in order to create an effective Fintech marketplace with seamless consumer experiences.
Technology Features, Specifications and Advantages
- This technology provides an alternative to businesses that are looking for a safe and secure way to onboard their customers and reduce the heavy burden and responsibility of managing personal identifiable information of their customers.
- Our solution is a very lightweight method to create a self-sovereign digital identity that integrates with third-party identity providers.
- The technology is able to store personally identifiable information in a GDPR-compliant way. This opens the path to the ultimate seamless experience.
- Users are given control over all their activity and data on the platform, providing them with the ability to control who they share or sell their data to.
- Our authentication method provides businesses and users a range of authentication methods with varying security levels. Allowing users to authenticate themselves with a simple username and password for low risk applications, while requiring stronger public-key cryptography for high-risk applications. At the same time, businesses are provided with an authentication management tool that enables effective risk management.
- Financial applications will benefit by drastically reducing risk of money laundering (AML), improving and simplifying Know Your Custumer procedures (KYC) and increasing transparency of Ultimate Beneficial Ownership of companies to name a few
- Supply chain and Internet of Things (IoT) applications will be able to connect the digital domain to the physical world by identifying objects or devices.
- Any application to grant and prove certain credentials to a consumer or company (e.g. universities, governments and any other organisations requiring references)
- Any other online applications that requires authentication
- Consumers and companies control their data and who they share their data with.
- User-friendly and automated customer onboarding.
- Remove complexity in storing personal data in compliance with GDPR.
- Drastically reduce risk and cost via veryfying and managing personal data.
- Provide easy-to-use authentication mechanisms that are highly secure for users to drive adoption.
- Product Lifecycle Management of physical items for supply chain.