Decentralized ID: Reinventing ID Systems for a Decentralized Future
Decentralized ID seeks to change the way people handle identification and personal data, by putting it on a secure blockchain and giving people full control over who they share it with.
There were 925 confidential data leak events registered in the first half of 2017, which translates into a year-on-year increase of 10%, according to the Global Data Leakage Report by InfoWatch Analytical Center.
The trend is alarming given that ten years previously, in 2007, there were only 184 cases of personal data being compromised. We submit our email to subscribe to a newsletter or provide our phone number and birth date to register on a social network. We do this and much more on a daily basis without having any guarantees that our data won't be stolen and used with malicious intent.
Currently, there is no secure, centralized channel to transfer and store sensitive personal data, including financial information. Being the most valuable asset of the digital universe, it is a constant target for hackers and fraudsters, making all of us vulnerable to cyber threats.
Decentralized ID is a revolutionary platform that puts the user in control of their ID and personal data, which is transferred securely over blockchain and stored exclusively on the user’s device. The project identifies three applications of the platform.
- Using ID to gain access to products and services
If you need to log in to a website or register with a system, you scan a QR code with your mobile device and send the ID to the blockchain for verification. Once it is verified, you gain the requested access - no more passwords or usernames transferred to servers over insecure channels.
- Issuing ID on the blockchain
The relevant public agency issues an encrypted ID and provides you with the private key to unlock it. To verify your electronic ID over blockchain, you just scan the QR code supplied by an authorized officer. No more paperwork, red tape, and data lost or compromised.
- Issuing blockchain-oriented certificate of authenticity (BOCA)
Companies and organizations get verification as a reliable partner by obtaining BOCA. This is a decentralized version of an SSL certificate, which the user can check to ensure the request comes from a secure source before transferring their ID data.
Currently, the ICO is in the fourth phase, which ends on February 18, 2018, and phase five will be live until March 4. The project has already raised about $1.75 million, and at the time of writing, the price of 1 DID is $0.0019 and you can participate with both ETH and BTC. If you’re interested in the Decentralized ID ICO, you can visit the official website or follow the project on Twitter, Facebook, or Telegram for updates.