In this modern world, where information is easily accessible within seconds, it is clear that people want to protect their information. When it comes to financial services, most of them ask for user verification to prevent money laundering; this identity information is usually stored in big databases which are often a point of cyber-attacks. The Selfkey Identity Ecosystem brings a solution to this issue.
What is Selfkey
Selfkey or Self-Sovereign Digital Identity Ecosystem is a blockchain-based identity system that allows identity owners to truly own, control and manage their digital identity.
It is also possible thanks to a blockchain, which allows Selfkey to build a more private, secure, and transparent identity system that respects everybody’s individual freedom despite this, blockchain is just a partial solution.
KEY will be critical to running the ecosystem as all products and services are available through some nominal payment in KEY, which will be used to power the identity ecosystem through a variety of actions. For instance, KEY can be used to receive identity claims, to pay for marketplace listings; and generally, to exchange value, incentivize use and adoption and allow access as a token.
Selfkey identity wallet
All users can download the Selfkey identity wallet application from the website. All user’s private information is stored securely, directly on the user’s device. After registration, you can manage all your ERC20 tokens in one location. In your wallet, you can also see the real-time value of your coins in USD.
This Marketplace is a hub of companies, which are in a partnership with the Selfkey Foundation and one can open a business with them and pay for their services with KEY tokens.
The services of the partnered companies include incorporation services, cryptocurrency exchanges, bank accounts and more from over 12 offshore jurisdictions.
All the ID documents needed to open a business can be reused from your identity wallet within seconds.
An additional feature of Selfkey is the one-click login which means that users can register and log with just one click using their Selfkey account.
How the Selfkey identity verification works
Users’ Identity data is stored on a device and then, when the user wants, he can give approval to a third party to collect a specific type of data. It can be done by confirming a notification on the user’s device.
The SelfKey Foundation is a non-profit. There is no monetization by way of advertising or sale of user data.
Minimizing the amount of data that needs to be shared is safer for both the identity provider and the relying party. The identity owner does not share the information that might be unnecessary or sensitive – and the recipient doesn’t need to store it.
The difference between traditional identity management and Selfkey identity management is explained in the image below.
For example, by using a Selfkey identity verification a user could prove that their residence is in a certain country. Or a person might be able to prove they are over 18 years without revealing anything else about their identity.
Selfkey has created a great ecosystem where users can really protect their private and sensitive data and decide which snippets of information will be shared with companies during the identification process.
More information about this project, you can find on the Selfkey Foundation website.