Data shared digitally offers many benefits that the digitization of data has become a consistent and growing trend. Alongside the advantages of cost and convenience, a new set of concerns has developed with the new Data protection regulation. There has been countless high-profile hacks and leaks of personal information, as well as cases where unencrypted data merely has been lost or left vulnerable to theft. Some services are slow, especially where data is particularly sensitive, such as in government, online merchants, healthcare, and many more. The GDPR directive aims to protect data processing of natural persons and allow free flow data history within EU. The security risk in how organizations collect and process data of individuals is higher, and the consequences for both individuals and organizations is severe. Individuals whose data is compromised can be a victim of cybercrime and physical grievous body injury, and for the organizations, they have to deal with the legal and financial obligations.
Dverisign intends to be the first European Tech company to build a Dutch trust identity ecosystem that will be designed to facilitate on-demand, secure and low-cost access to identity verification services, consensual data processing through a trusted via IBM blockchain server for individuals and business. Records can be held securely, using end-to-end encryption, opened bio-metric authentication and authorization, our solution is a combination of modern cryptographic techniques supported by IBM blockchain technology and smart contracts. The ecosystem will solve the problems of countless creation of username and passwords, the vulnerable risk for individuals to share highly sensitive data from unverified callers, issues of authentication and authorization, time cost for know your customer services, data protection monitoring against black market and identity theft.
There are both significant overheads and security risks to this approach, Dverisign will provide a trusted attestation in the identity verification industry, we intend to leverage the above-described innovations in blockchain and smart contracts technologies with biometric authentication to build and introduce a 21st-century Dutch trust identity ecosystem. The critical innovation enabled by this blockchain-based approach is the efficient and secure verification of previously audited personal identification by third parties without the need to share the underlying personal identification between those parties, retaining user control over the data.