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With the impending arrival of the era of the Internet of Things (IoT), defined as the moment when the number of internet connected devices worldwide reaches 50 billion, “connection and authentication” is bound to become a fundamental part of a society driven by IoT and artificial intelligence (AI). In light of this, reshaping the authentication industry is of great significance to the greater society while forecasts show that it can be expected to open up market opportunities worth more than one trillion US dollars.
In our daily lives, property ownership, skill qualifications, and even our educational degrees and identity authentication cannot be validated without related documents of proof provided by a multiplicity of third-party organizations.
People are often overwhelmed by the tedious and decentralized efforts in separately validating their own identities by providing multiple documents of proof to each and every agency, a process that, with each step up in heightened security, seems to take longer and longer each time, involving ever escalating commission fees.
ID Chain aims to address all issues related to authentication via the highly efficient, low-cost and reliable confirmation of identity and credit data, whether it be person-to-person, person-to-device or device-to-device.
ID Chain offers a solution that records key user identity data on the blockchain by way of an encryption algorithm. These records cannot be altered and are irreversible once generated. On the ID Chain platform, rapid authentication is achieved via streamlined authorization and scanning.
Chain enables rapid and reliable data authentication while ensuring end-to-end data security. In addition, the platform is capable of handling of a massive amount of authentication requests, due to the extensive scalability, vastly reducing the overlapping investment in authentication.
This is all achieved thanks to the inherent features of blockchain technology, which include openness, transparency, decentralization, irreversibility and smart contracts.
Members of the project team have extensive background and experience in the construction of industrial ecosystems as well as in the blockchain industry.
In 2014, they started developing Bitcoin mining chips based on their understanding of the underlying protocol while having in their possession a massive amount of big data.
In 2016, they were commissioned by the Hong Kong Monetary Authority to draft a white paper on the use of digital IDs in the banking sector, with the top five banks in Hong Kong, including HSBC and Standard Chartered Bank, participating in the discussions. The team got the ID Chain project off to a hot start by providing ongoing authentication services to telecom operators, banks, financial services and credit users in the Asia Pacific region.
At the same time, the project team plans to gradually expand into new markets and applications.
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