Credits and LeewayHertz introduce a Social.ID platform
Credits and LeewayHertz has built a Social.ID platform - the first result of the recent partnership agreement. Social.ID, a decentralized blockchain social identity solution designed to make identity management secure and more efficient, is developed by LeewayHertz and built on Credits blockchain platform.
Social.ID platform allows users to establish/authorize their identity and businesses to validate the customer. It can be integrated with any decentralized application that requires KYC and solves the challenges associated with identity management, such as identity theft, lack of control and fake users. The platform allows individuals to create a self-sovereign identity that does not rely on any centralized authority. Since the transaction records are saved on the blockchain, users can trace back the purposes identifiable information has been used for. User can anytime pull the identity shared with an authority and disallow access for any future references.
Social.ID platform can enable any transaction, whether it is to share information, login or complete a financial transaction for various industries such as e-commerce, travel and immigration, lending, hospitals and hotels, utility services. “To give a few examples Social.ID platform will help e-commerce companies overcome the problem of fake user accounts, reduce the cost of maintaining databases full of usernames and passwords and eliminate the risk of frauds.
For the individuals, it will help overcome the hassle of taking along too many documents by validating with a decentralized identity, which will speed up loan applications, hotel and airline check-ins and even immigration procedures”, tells Credits CEO & Founder Igor Chugunov.
“Identifying a user is an important building block of any blockchain application. Our platform provides a universal authentication & authorization platform for startup, enterprises and governments. It will help ease the dApps development” says LeewayHertz CTO Deepak Shokeen.
Credits is a decentralized open-sourced blockchain platform designed for dApps and smart contract development with its own internal cryptocurrency. Unique features such as: high network capacity (more than 1 million transactions per second), low fees (from 0.001 USD) and fast transaction speed (from 0.01 second) lead to great potential in the field of blockchain adoption. Advanced smart contracts features such as schedules and cycles create an opportunity for businesses to reduce their operational need and optimize business processes.