Create a trusted digital ID with blockchain technology and reclaim our data potential.
Digital ID is an essential key to everyone living in this digital world. It shows people who we are and changes the way we communicate and work. So what is happening to our ID in real life and how to create a digital ID for someone? Let’s find out.
Information Leakage Scandals
In our daily lives, we are continuously witnessing more and more massive user data leakages from major social media platforms and big companies.
Back in March 2018, CEO Facebook Mark Zuckerberg had to testify before the United States House Committee on Energy and Commerce when data of more than 50 million users of this biggest social network had been illegally stolen and used by a British data analysis company – Cambridge Analytica. According to The Guardian, Facebook had to pay $5 billion fine for this scandal and Cambridge Analytica had to shut down following those related allegations and public pressure.
This scandal is just one among thousands of other data leakage scandals that have happened so far. The consequences of these scandals are that companies have to pay huge fines, lose their user’s trust and even go bankrupt. Users are most affected when they lose their information.
Why did this happen?
There are some reasons for these data-security scandals such as:
- Cybercriminals, mainly hackers, try to spread malicious viruses or hack the system to take identity data and sell them for personal purposes.
- Carelessness: Many people didn’t realize that some of their simple actions can cause damage to their companies like click on a link (that might contain malicious virus).
- Employees are willing to sell company data for money.
But the root of the problem is that all user data is submitted and stored by one centralized server. All data is managed and controlled by a single organization (like a bank, a social media platform, etc) here.
The solution to this problem is using a decentralized database, based on blockchain technology, where users have the “key” to their data.
Create Digital ID with blockchain
As we know, digital ID is everything (information) about you that remains in a digital database, including two main categories: digital attributes and digital activities. It could be your birthday, your buying history, or what you “like” on Facebook, etc.
To get a digital ID, users sign up and register for their digital ID by entering their information like name, gender, date of birth, email address, etc. When setting a password, with non-blockchain technology, they will choose a password for their own accounts, which is easier to be hacked. But with blockchain technology, users then will be issued with a pair of public-key cryptography: Public key and Private key.
- Public key: available to everyone in the system. It is used to encrypt user data, mutate it into a digital form that only computers can read.
- Private key: It is stored in the user’s device only and used to decrypt data, convert it into a normal form that humans can read.
What makes your digital ID safe with public-key cryptography is that the way they work together: only the corresponding private key can decrypt the data encrypted with the public key and vice versa.
In real life, this pair of keys are applied in creating a digital signature. For example, if A signs his document with his private key, then sends it to B, B can’t verify his signature because only A knows his private key. In contrast, if A encrypts a message with B’s public key, then only B can decrypt this message with his own private key. The data is now kept credential.
Digital ID benefits a wide range of individuals, from those who lack ID to those who have ID but cannot use it effectively in the digital world. Digital ID can unlock great potential with inclusion, formalization, and digitalization.
At AKC, we are reinventing how the Digital ID is created, rewarded, scored and managed.
Using AI, blockchain and smart contract technology, our platform brings a host of benefits to a highly fragmented Industry/EcoSystem and offers brands an innovative way to unlock the billions of dollars in value held captive in legacy digital-id programs today.
Contact us for more information:
Phone: +84 962 516 915
Addresses: FLC Twin Towers, 265 Cau Giay street, Dich Vong Hau ward, Cau Giay district, Hanoi, Vietnam.