At the moment, there is no universal service to guarantee reliable user identification for access to fair voting, health care and the global economy.
According to the World Bank, more than 1.5 billion people have no digital verification. Many businesses, companies and entire governments have to deal with an unreliable identification system.
According to the recent Markets and Markets’ report, the market for blockchain technologies will total 2.3 billion by 2021 with a compound annual growth rate (CAGR) of 61.5 percent.
It is expected that the market for blockchain use in digital authentication will continue to grow at the highest rate, especially as blockchain-based digital identity becomes safer and more efficient. This will ensure a smooth identification process while reducing the risk of identity fraud.
It is projected that the total value of the users’ identity management market will be about of 14.82 billio dollars n by 2021 compared to 8.09 billion dollars in 2016.
According to KYC.LEGAL research, 100,000 blockchain users are KYC tested each day.
A blockchain-based digital identity system offers more effective tools for personal data management. It makes it possible to detect who owns and has access to this data.
CREDITS platform lets companies quickly and easily create reliable blockchains to solve tasks relating to origin establishment, authentication and approval, in different industries.
The platform can create encrypted digital identities that can replace dozens of pairs of user names and passwords, and yet offer advanced security mechanisms. All of these save companies, institutions, authorities and customers time, money and effort.
CREDITS can create a “single version of truth” or the so-called “golden record” of identity, which will work not only in banking but also in any part of the world with any electronic media.
All data is encrypted with the supplied password and then transferred to the blockchain. After this, the user is issued a unique identification number. It is actually a link to information in the blockchain and can be stored on virtually any data media, from magnetic strips to QR codes.
How it works:
The identification system simplifies the KYC process (Know Your Customers). Having passed the identification once, a person can provide their ID to prove their identity anywhere. There is no need to fill in data again or rescan documents.
The company that receives the data can be confident about their authenticity, as it is almost impossible to change the data inside the blockchain.
Owners of digital IDs are the only ones who can control access to their data. Therefore, the user knows exactly who they have given personal data access, and they can amend or restrict access as necessary.
The cryptography used in a blockchain gives the highest level of security and data integrity. The immutability of distributed registries gives privacy and proof of the user’s identity.
Company employees forget their passwords; their accounts are blocked or worse exposed to hacker attacks every day.
In addition, company employees cooperate with hundreds of contractors and partners, who also need access to shared databases. This means keeping a huge database credentials: accounts, passwords, access levels etc.
A blockchain-based authentication of a reliable corporate identity solves these problems. Employee’s identification is completely stored on their own device and in a distributed registry. The use of a multi-factor authentication, such as biometrics, gives the highest level of protection for this most-valuable information.
There are some key advantages verification of users: