Blockchain ID verification is new idea that is breaking all the barriers of this new age technology. Indeed, blockchain has been pretty much hyped over the last few years about how revolutionary it is and what millennial changes it is likely to bring in our lives. Certainly, it wouldn’t be incorrect to say that this has begun with the finance industry where it is earning huge respect for its advantageous features. The next big segment which will get impacted with this emerging technology is the security sector, to be precise, identity verification.
ID verification has been there for many decades now that have helped in securing personal data, banking information, transactions and payment related processes. An Iceland base identity verification platform Authenteq that runs on two emerging technologies blockchain and Artificial Intelligence (AI) has caught the attention of blockchain industry. This company has been successful in raising about 5 million from investors. This was done with the help of an American technology firm Capital300 and Draper Associates.
Authenteq is said to be working on blockchain ID verification platform which will be used by the government officials that will identify facial features in about 60 seconds. The most unique feature of this platform is that it stores only a string of hashes in its blockchain network which does not store any personal information. Therefore, the users have complete control over the information in the system of Authenteq as mentioned by Venture Beat.
Authenteq CEO Kari Thor Runarsson stated that their company has already conducted two series of fundings which have raised a substantial amount for them. He further added that everything until now has gone pretty much smoothly within diligence and legal process.
Blockchain Creates Self-Sovereign ID
According to Computer World, this future technology can help in laying the foundation of self-sovereign identities which would no more require usernames and unique passwords for accessing websites and networks. In fact, there would be the generation which will run sans OTP and no need to enter personally identifiable information. Blockchain ID verification undoubtedly is the new age of security and access.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]