If you have followed the space of the block chain for a period of time, you have probably heard a little about digital identities. Although progress is being made in almost all technological areas, the way in which people control confidential data and digital assets, that is, their identity, remains rooted in the past.
People still do the paperwork and entrust their information to centralized databases of highly respectable third parties, and more than a billion people live in places where current identity systems represent an obstacle to accessing health services, financial services and education. All this is not to mention the cost and the headache that companies face when they follow the KYC and AML regulations.
The problem is that we do not own our identities, and this fact is clamoring for a change.
WHAT IS SELFKEY?
SelfKey is a self-proclaimed identity management platform that allows people and organizations to maintain full control of their identity. The creators have introduced a concept known as the identity of their own sovereignty (SSID).
The SelfKey Foundation manages the project and plans to govern it based on the principles of sovereign identity. In other words, the central issue for network users is to limit the risk by storing and managing confidential data.
The Internet has made the world a smaller place. With a few words and the click of a button, you can send messages to tens of thousands of miles in just a few seconds. While this obviously means an easier life in many aspects, it also presents a new set of problems for the modern person.
Identity theft is a growing problem throughout the world. The results of the Federal Trade Commission and the private consulting group Javelin reveal that victims of fraud in the United States increased by 8% in 2017 alone. Recent leaks of data from Facebook and Google, considered by many to be the favorites of the technological revolution, they have not helped either.
The block chain could be the solution here and, fortunately, several new companies have emerged that are competing to deal with the problem.
SelfKey raised US $ 21,780,000 in an ICO earlier this year and launched a beta version of its flagship wallet product, so we thought that now would be a good time to review this project once again.
THE SELFKEY SOLUTION
A successful identity system achieves a series of things: security, privacy, ownership, access and, ideally, interoperability.
SelfKey intends to offer all of the above with the implementation of its SSID system built in the block chain. The SSID is a solution that puts users back in control of their data and aims to make identity theft a thing of the past. To take it directly from the whitepaper :
“SelfKey is designed to be censorship-proof, fair, inclusive, agile and tilted through a well-designed open source technology stack, and transparent government and legal infrastructure.”
The most relevant point of this whole scheme is the digital SelfKey wallet, which allows users to maintain control and ownership of their identity documents and do things like opening bank accounts or requesting visas.