Blockchain Platform to Offer Effective Identity Management and Enhance KYC Procedures

Blockchain technology has enabled the possibility of data control and proper identity management by their real owners. It is this technology that Persona, a start-up, has employed in order to ensure that users achieve hassle-free identity management, signing-on for all websites through its single channel.

Hosting individual data using the Persona platform could offer individual owners the ability to have total control of their data in a granulated manner. This implies that unlike what is currently obtained, identity owners will be able to determine the level of information that they share per time with any given network.

Conquering existing limitations

Data governs the digital world and every day millions of individuals share their personal details in order to gain access to essential services, especially over the Internet. With the current arrangement, once users upload their data unto platforms, they automatically lose control of such. In most cases, the owners and administrators of such platforms employ such data for commercial and other benefits without the consent of their original owners. Beyond commercial reasons, the security risk that arises from the lack of privacy through these systems represents a problem.

The current setup of most data-centric platforms does not ensure privacy rights. Hence users are exposed to various risks of improper identity management. According to the company’s website, the use of private keys enables users on Persona to prove their identities without necessarily giving out private details. This emanates from the ability to manage such data in a fragmented form. By handing over the control of their data to the individual, Persona is aligned with the General Data Protection Regulation, the newest data protection legislation in the European Union.The flexibility therein enhances control and allows individuals to determine the extent of information they give out with respect to specific platforms. With the private key, the interaction between third parties are easily adaptable, enabling seamless interactions between networks.

Fake news is another growing concern within the media industry. This is largely because existing systems do not guarantee the proof of originality. Blockchain is a transparent and an immutable data storage platform. Hence it could become the perfect tool to fight piracy and unsubstantiated claims of content ownership.

Adapting Blockchain properties

The Blockchain features of peer-to-peer transaction, decentralization and immutability as implemented by Persona allows companies to offer effective KYC services. Third parties can benefit from each other by allowing the permitted sharing of information. One of the most important benefits of this is that the level of information shared is fully under the control of their real owners. Individuals determine what extent of personal information shared, with whom it is shared and for what time duration.

Becoming Persona verified

To be verified on the Persona platform, the individual’s data can be confirmed by other peers within the community. This process involves different levels of verification which is determined by the number of peers involved. The verifiers are rewarded PRS, the platform’s underlying token. However, community verification only guarantees a maximum of 90 percent verification level. The final 10 percent can only be achieved when a private partner guarantees the validity of the data.

Alternatively, any individual who goes through a partner that is already verified on the Persona platform becomes 100 percent verified as long as the partner confirms such data.