ID Chain delivers efficient and reliable authentication of credit data
With the impending arrival of the era of the Internet of Things (IoT), defined as the moment when the number of internet connected devices worldwide reaches 50 billion, "connection and authentication" is bound to become a fundamental part of a society driven by IoT and artificial intelligence (AI). In light of this, reshaping the authentication industry is of great significance to the greater society while forecasts show that it can be expected to open up market opportunities worth more than one trillion US dollars.
In our daily lives, property ownership, skill qualifications, and even our educational degrees and identity authentication cannot be validated without related documents of proof provided by a multiplicity of third-party organizations. Citing a few examples, anyone who wishes to apply for a credit card or open a wealth management account at different banks must visit each bank in person, possibly several times, and provide several verifying documents, with the information on each of the documents matching up perfectly, in order that the whole can serve as a qualifying proof of identity. They need to submit extensive personal information to the responsible government agency every time they want to apply for a passport or visa when wishing to travel to another country. Furthermore, it's time consuming to have to wait to receive a text message containing the verification code as a means to log on to a website. With the explosive growth of authentication platforms, information and connected devices, people are often overwhelmed by the tedious and decentralized efforts in separately validating their own identities by providing multiple documents of proof to each and every agency, a process that, with each step up in heightened security, seems to take longer and longer each time, involving ever escalating commission fees.
ID Chain aims to address all issues related to authentication via the highly efficient, low-cost and reliable confirmation of identity and credit data, whether it be person-to-person, person-to-device or device-to-device.
ID Chain offers a solution that records key user identity data on the blockchain by way of an encryption algorithm. These records cannot be altered and are irreversible once generated. On the ID Chain platform, rapid authentication is achieved via streamlined authorization and scanning. This valid and reliable identification system enables rapid collection and transfer of information concerning medical insurance and social security as well as the establishment and availability of one's credit history on the blockchain. The same system can serve to authenticate a user on an app, regardless of platform, or on a website.
ID Chain enables rapid and reliable data authentication while ensuring end-to-end data security. In addition, the platform is capable of handling of a massive amount of authentication requests, due to the extensive scalability, vastly reducing the overlapping investment in authentication.
Delivering genuinely open and transparent services by leveraging the blockchain
In the verification process, effective authorization and privacy protection of data owners and validators are managed via smart contracts that maintain the validity of the data during the transfer process. The data on the blockchain can be dynamically adjusted according to the user's needs in order to meet the diverse requirements of each application. The decentralized structure doesn't rely on authentication on single centralized nodes, but rather allows each of the distributed nodes to offer authentication capabilities while enabling more efficient verification via shared governance of the nodes.
This is all achieved thanks to the inherent features of blockchain technology, which include openness, transparency, decentralization, irreversibility and smart contracts.
ID CHAIN Blockchain Network
The blockchain network allows all participants, including information providers, information buyers and smart contract operators, to form their own blockchain nodes and ledgers, while assuring the information is interoperable so that no one can deceive or defraud another party on the nodes. The platform also protects participants' assets on the blockchain and copies data on dispersed nodes to ensure the flexible and healthy development of ID Chain.
Build a professional team and create a healthy ecosystem
At the beginning of the designing phase of the project, the ID Chain team took every aspect of the construction of the ecosystem into consideration. Members of the project team have extensive background and experience in the construction of industrial ecosystems as well as in the blockchain industry. In 2014, they started developing Bitcoin mining chips based on their understanding of the underlying protocol while having in their possession a massive amount of big data. In 2016, they were commissioned by the Hong Kong Monetary Authority to draft a white paper on the use of digital IDs in the banking sector, with the top five banks in Hong Kong, including HSBC and Standard Chartered Bank, participating in the discussions. The team got the ID Chain project off to a hot start by providing ongoing authentication services to telecom operators, banks, financial services and credit users in the Asia Pacific region.
At the same time, the project team plans to gradually expand into new markets and applications: identity authentication and credit reporting in the financial sector as represented by banks; security authentication and recognition for online usage scenarios including websites and apps; availability of documents of proof, including driver's licenses, insurance policies, diplomas, marriage certificates and property certificates, on the blockchain; next-generation digital passports or identity cards; and recognition and authentication during IoT interactions (for instance, when renting a car, as the driver approaches the vehicle, automatic authentication and authorization take place in real time without needing to first go to a check-in desk, fill out forms, or show any documents such as an identity card and driver's license).
As more and more people are finding it difficult to prove their identity, the blockchain technology-based ID Chain comes at an opportune time. ID Chain has established the ID Chain Foundation in Singapore, which will operate the non-profit ID Chain in an open, fair and transparent manner, while gradually building out the functionality of the platform.
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