This is a great summary about blockchain technology and why it is much more than just Bitcoin. It’s a helpful read as you strategize about the impact blockchain will have on your business.
Here is our vision for Identity Trust related to the blockchain.
All transactions involve some degree of trust and reputation which are dynamic and contextual.
This fundamental principle exists both on and off the blockchain and can be illustrated by the Identity Trust Flywheel. The value, reliability, and completeness of a transaction are based upon the level and authenticity of trust. Government and industry cooperatives such as FIDO in the U.S. and others internationally are developing consensus methods, standards, and qualifications for automated processes to allow reliable nonhuman trusted systems. These qualified automated trusted systems will quickly act as the flywheel to drive the AuthenticID automated identity paradigm.
While the blockchain provides for a decentralized trusted approach to all its transactions, its ability to interact with off chain systems, as well as real people or identities is limited in today’s iteration. The notion of identities of people, businesses, and machines is absent from the blockchain in any meaningful way beyond the use of private/ public keys. There are many use cases that require additional authoritative information (e.g., Smart Oracle data sources) or authenticated confirmation from a person that is party to a transaction.
Today, we have first-mile technology to verify a person’s real-world identity and determine if that person is present in the context of a particular transaction/interaction. Our machine learning algorithms compare a person’s ID against a global library of government-issued ID documents from 192 countries – including over 3,400 identity document types, as summarized below:
Checkout our white paper at https://tokens.authenticid.co for more details.
We are accepting pre-sale orders for our tokens – for information, please email email@example.com.