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A secure and privacy-preserving digital identity solution which streamlines the customer onboarding experiences. Imagine your KYC process only take a few seconds!
About
Digital services in many sectors such as banking, education and government services need online identity verification. The current process is lengthy and repetitive, for example to open accounts at different banks, users need to repeat the e-KYC process multiple times. Therefore, 30% of the onboardings get abandoned by the users midway through. Fragmented identity systems also prohibit the advancement of financial inclusion, as data is needed to offer suitable services to underserved groups. The subpar user experience on government services is also partly due to the difficult onboarding process. Our solution is a privacy-preserving digital identity solution that can be verified deterministically. By storing the digital ID in the phone, it is reusable across different services, providing convenience yet maintaining security.
Key Benefits
The most common digital identity providers are Google and Facebook, where on many websites users can “Login with Google” or “Login with Facebook”. This provides convenience to the users at the expense of their privacy, which explains why such identity systems will not be adopted in privacy-critical services like financial, healthcare and government services. Our solution is a decentralised model of digital identity which is privacy-preserving, yet still provides the single sign-on convenience. The digital ID is a cryptographic ID stored in a mobile phone. It can be verified deterministically, meaning 0% error rate. During verification, users only need to scan a QR code, and the verifier could verify the identity without going through any centralised server. Thus, it improves users’ privacy and their onboarding experiences, increasing customer retention rate for the service providers.
Applications
1. Simplify the current expensive KYC process for financial service providers and fintech companies 2. Simplify the identity verification process in sharing economy platform such as car sharing platform 3. Streamline the identity and access management (IAM) system of enterprise