Importance of Blockchain based Digital Identity Verification Platform
HashCash’s blockchain based Identity Verification Platform, helps individuals to establish, verify and secure their identity and data online without interference from any third party intermediary.
The privacy and security of an individual’s digital identity is a major concern in this Digital Era and blockchain technology might just be the solution to fortify your identification details. Keeping that in mind, HashCash Consultants presents its blockchain-based Digital Identity Verification platform. The company is helping clients to establish their digital identity by blockchain technology.
The details essential to one’s identity and other data are valuable assets, which in the wrong hands can be catastrophic. Any breach in data security can lead to fraudulent financial activities and identity thefts. Then there is also the question of data privacy. While availing certain online services, the user is required to input valuable information and identity details to the concerned organization, giving them access to such information even if they don’t want to. Here’s where blockchain comes to the rescue. It helps in creating a system that can be instrumental in creating, proving, and verifying and managing one’s identity on digital platforms. Such a system safeguards your online identity and data and also keeps control of that data in the hand of the user. With blockchain, you don’t have to rely on an intermediary identity provider.
Salient Features of HashCash’s Digital Identity Verification Platform:
HashCash provides the user with a wide variety of features such as:
- Admin Console
- System for KYC/Verification
- Wallet Management System
- Customer Management System
- Document Management
- Block Confirmation Tracking
- UI/UX Branding
- Security: 3-point architecture and DB encryption
- Product availability in Android, IOS and other Web versions
How the HashID works:
- The first step is creating an identity
- All necessary personal details of the user are collected from these IDs
- The user provides an image from a valid ID issued by a government body
- After that, the user can create an ID by making use of the HC App
- The data is then confirmed and self-certified by the user
- The app allows the user to create a password to secure the identity. The app for scanning fingerprints in the mobile phone can be used as well
- This encrypted information is saved in the phone
- The information is only available to the third party is if and when it is made available by the user
- Hashed or signed data is written into the HashCash ID blockchain which is further protected by the apps using other methods
- The user can choose whether he/she wants to make the data available to a third party or not
- Verification of identity or “handshake” is initiated with the third party by the user
- The intended recipients can access the data stored in the encrypted data envelop
- Identities of both the participants are confirmed
- The transaction taking place between the enterprise and the user is verified and guaranteed
The HashCash digital identity platform has great use in the Finance, Healthcare and Government sectors:
Blockchain-powered digital identity system can help governments to work in sync with insurance companies and car dealerships by allowing the drivers to prove and verify their identity, ownership of vehicles and insurance proof.
In the finance sector, the customers who are using IDs issued by the government and proof of their employment can get assistance from the bank in case they are applying for a loan all the while staying at par with the federal KYC regulations.
Identity verification is very important in the healthcare sector to maintain patient records. The blockchain-based system offers unified coordination and connection among multiple parties such as the patient and the doctor’s office, any third party clinic, and an insurance company. When all of that falls in a straight line it makes receiving and providing medical assistance easy and hassle-free.
About HashCash Consultants
HashCash products enable enterprises to move assets and settle payments across borders in real-time using the HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins.
HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.