Blockchain has been mentioned a multiple times as a great way for managing user identities. Perhaps the most notable decentralized solution comes from the public-private partnership ID2020 Alliance that has the backing of Accenture, Microsoft, Mercy Corps, Hyperledger and the UN International Computing Center. That project, however, is focused on refugees; today we want to talk about a solution that is catered toward the general public, helping users avoid online fraud during internet transactions.
Storing user data in the blockchain
Called Blockpass, it aims to help users with repetitive task of constantly entering proof of identity across different platforms, such as new bank accounts and travel document applications.
The service lets customers store their data via the blockchain-powered app, after which that data can be quickly verified by “trusted compliance platforms.” Blockpass uses an “anonymous cryptographic code” representing user data on the blockchain to ensure that no personal information is stored on the Blockpass system. Then, for any future purchase or authentication, customers can scan their unique Blockpass QR code on the merchant’s website to verify their identity.
The company’s white paper describes the process as creating “a user centric self-sovereign identity application for regulated industries and the Internet of everything.” This model, Blockpass believes, is essential in the next generation of blockchain-based Internet, which is also dubbed “Web 3.0.”
In order to get started, customers first create a three-factor authenticated profile, provide proof of names and addresses, as well as a photo of themselves holding their identification documents for further fraud prevention.
Great team and partnerships
Adam Vaziri, which is described as a “Bitcoin pioneer” by Bitcoin magazine, is the CEO of Blockpass. He is a blockchain lawyer who has spent several years in the business and has co-founded successful crypto businesses such as Diacle and Bitlegal.io.
The CMO, Hans Lombardo, is also well versed in the world of decentralized computing having co-founded successful startups like Chain of Things.
As part of its efforts, the company has started forging partnership; one of its partners, AgeChecked, will help protect children online by making it easy for website visitors to prove their age. Also, there are partnerships with the Myki Password Manager, Holdex ICO platform, as well as the collaboration with Edinburgh Napier University. Said University has created the Blockpass Identity Lab to research new methods of protecting data from online fraud, scams and hacking attempts.
Blockpass has its own token
Managing multiple nodes in a blockchain comes with the cost. And so Blockpass will have its own cryptocurrency, which is naturally marked as PASS. It is an ERC20-based token running on the Ethereum blockchain, and can be used for gaining discounts for Blockpass services.
The company’s Initial Coin Offering (ICO) has started on May 31st and will last through November 30, 2018, or until all tokens have been distributed. There will be two further token sale events in 2019 and 2020. As it stands, the exchange rate is 1 PASS = €0.10.
Blockpass has already released its Android and iOS apps and now it is working on Blockpass ID keys for access to DApps and to update those apps. Going forward, the company aims to have involvement of third-party DApps, mobile application white-labelling services, and to open-source the platform.
Sounds like a plan, don’t you think?