IDChain: Set up an Environment friendly Verification Methodology with the Identification Authentication of Blockchain Know-how

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Because the world is anxious by the latest Fb scandal, which hit 87 million customers, individuals ask how secure their private info is within the digital age.

Properly, not a lot.

What’s even worse is – identification fraud is on the rise.  Based on statistics of Javelin Technique & Analysis, a research-based advisory group, “In 2017, there have been 16.7 million victims of identification fraud, a file excessive that adopted a earlier file the yr earlier than,” within the U.S.

There’s excellent news although.  

Many large gamers within the digital age resembling Microsoft and IBM are all engaged on their options.  And, the population-condensed Asia, which houses greater than half of the world’s 7.6 billion individuals – is taking the lead.  

Tencent is working with China’s Ministry of Public Safety to launch its eID challenge.  It’s a system based mostly on Chinese language citizen’s ID numbers, one thing much like the social safety numbers within the U.S., and related to the Public Safety Ministry’s database.  And, Jack Ma has his Ali Identification of the Professional up and working.

Whereas main media resembling Xinhua Information Company and the Folks’s Day by day applaud that above digital ID (DID) purposes allow individuals to approve “I’m whom I’m” anytime and wherever, smaller gamers have provide you with “higher options.”

“We name it higher as a result of our resolution is decentralized,” mentioned Rita Chao, co-founder of ID Chain, a DID verification system.  “Everybody is aware of there are hackers someplace on this universe. When one assaults, your centralized system can get collapsed. Our decentralized construction is way harder in that sense.  Hackers must assault each node on the chain to cease it from functioning.”  

ID chain develops a blockchain system for banking account onboarding operations. The blockchain is designed to securely confirm buyer info amongst banks and facilitate synchronized updates of knowledge.

Blockchain is the know-how behind Bitcoin.  Although the Chinese language authority had ticked the Coin out of its territory, China embraces the know-how.  

Sheng Songcheng, counselor to the Folks’s Financial institution of China in contrast the brand new blockchain know-how with the start of the Web on the latest Boao Discussion board feightor Asia.  Sheng mentioned if Web had been killed at its child stage, we’d be nonetheless hand writing letters to one another as we speak.

One factor makes blockchain stand out is its distributed ledger mechanism, which data each transaction on every node of the community.  Data tampering is nearly unimaginable with such a design.

On ID Chain blockchain, a first-time onboard consumer inputs his private info resembling title, date of beginning and ID quantity, and so on. into his personal cellular digital pockets.  The consumer brings the digital pockets to a financial institution and goes by means of preliminary identification setup and verification.  The verified info is saved in ID Chain and confirmed. When the consumer opens accounts at different banks inside the community, he can submit the digital info to the opposite banks instantly and authorize them to make use of the blockchain for verification.  The ID Chain cellular software reveals who will get entry to the consumer info on actual time.       

ID Chain collaborates with the Hong Kong Utilized Science and Know-how Analysis Institute (ASTRI) within the blockchain improvement. Previously, ASTRI has efficiently developed a Proof-of-concept Blockchain system for checking account onboarding with Hong Kong Financial Authority and 5 main banks in Hong Kong. ID Chain want to leverage the success and additional improve such a system with ASTRI.   The staff is envisioning a strong unique nationwide and worldwide banking and credit score system.    

“ID Chain obtained in contrast so much to GXS,” a decentralized digital private info change platform.  Chao clarifies: “We admire GXS, and its CEO Huang Minqiang’s efforts on knowledge change, however there’s no knowledge buying and selling on ID Chain.  We concentrate on verification.”

Irrespective of the best way to deal with the problem, Chao and Huang each agree that “Now could be solely the start of blockchain; there are super alternatives on the market.”

“We’re prepared and excited to extend waves,” mentioned Chao.  

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