DeFi

Selfkey Secures Data With Self-Sovereign Identity

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In a well-coordinated Cyberattack on Wednesday, hackers took over the Twitter accounts of prominent US politicians, business people and top entertainers and used it for a Bitcoin scam. Some of the victims include Barack Obama, Joe Biden, Elon Musk, Bill Gates, Kanye West and a dozen others.

Statistics have it that, there are four billion social media users whose data are tracked and sold without their knowledge. Sadly, the phenomenon has been referred to as compromised and abhorrently becoming acceptable to society. 

 No one will ever forget the infamous data hack in 2018 when cyber miscreants stole over 330 million customers’ data from the Marriott Hotel. The world seems to have come to terms that data breaches are part of us, and we have to live with it. The stolen information included login details, passports, car details, and nights spent at the hotel. A recent study claims that there is a new victim of identity theft every 2 seconds in the United States alone.

Alain Falys, Co-founder at Yoyo Wallet, in 2019 at the Malta A.I. and Blockchain Summit predicted that, in the coming years, it would be negligent and unlawful to store data in a centralized form. Falys perceives data security as a pretty substantial problem, though there are ways to solve it.

Enters Selfkey

Cleary, timely intervention has to be in place to revert these unpleasant and dehumanizing situations, which are tormenting the world because of the methods of storing data. It is time to take control of your information so that you can prevent malicious actors from gaining control over it. Selfkey describes itself as a self-declared identification administration platform that empowers everyone and institutions to maintain total control of their identity. The builders are pioneering a new theory called the Self-Sovereign Identity (SSID) in pursuant of ensuring an inherent right, that is flagrantly abused and taken for granted. 

It emerged out of the KYC-Chain, a conglomerate of startups fostering Know Your Customer principles in the digital assets domain. They are fine-tuning KYC processes for both individuals and businesses. We have become vulnerable to security breaches as the world is digitalizing, yet the system is still running on obsolete centralized data and paper-based administration. Selfkey is prudently utilizing Blockchain technology to deliver the fundamental right of every individual to privacy and security.

SelfKey has already gained significant adoption both in the Blockchain space and even in the mainstream market, especially their remarkable partnership with Standard Chartered Bank of Singapore. Successful projects like Kyber Network and Polymath are all using the SSID application in their ecosystem.  

How It Works

Applying cryptography the platform empowers everyone to build a firm identity with ownership over private keys. Subsequently, data becomes immutable with its owners exercising full control over it as they deserve.  

Before others can use your data, you have to share your private and public keys with them. Eventually, the use of usernames and password as a key to identity proof unrequired, hence enhancing smooth KYC. 

The SelfKey claims protocol hardly shares other information with 3rd parties except for vital statistics like age, nationality, or gender. Purposefully, the intention is to avoid excess information going around at the risk of exposure.

Identity and Mobile Wallets

With your identity wallet, it is time to securely share KYC details and access financial services in the SelfKey Marketplace in just a click. The wallet enables you to manage your identification documents, at one place as well as opening a business abroad. 

Moreover, the same application has a window for storing all your ERC-20 digital asset in a non-custodial manner. Hence, no one controls your funds but yourself with unlimited access. 

Marketplace

Other features of the SSID makes it a full package for an individual in search of personal sovereignty. The Marketplace offers a whole new world of financial, corporate, immigration, and cryptocurrency-related services opportunities.

The native utility token known as KEY is your gas to access various services provided in the market. They range from opening an offshore bank account, incorporating a business in the best destination in the world, getting a second passport and verifying a document.

Translation services, notary and Cryptocurrency exchange with one time KYC are all in one place. It is all about digitalizing your legal and personal information safely, fashion. 

Learn More About KEY

SelfKey holds tremendous potential to change the way we manage and handle data in the coming years. Learn more about the project by joining their social media platforms: Facebook, Twitter, Telegram, Youtube, LinkedIn. Check out their Github here for the technical details and the source code.