Blockchain Technology is driving the future of digital identity management, and Face Recognition is leading the way.
In recent years the news of major breaches in security with regard to the exposure of our identities to misuse, has sadly, become common place. And while identity vulnerability is not a new phenomenon, it is becoming increasingly apparent that hundreds of millions of consumer data profiles are in a constant state of compromise— every minute, of everyday.
The digital revolution has created a veritable identity buffet for tech savvy thieves, who have evolved from old school, one dimensional identity theft to advanced identity piracy including the creation of fraudulent accounts and synthetic identity fraud— whereby stolen data is attached to fabricated accounts and identities.
Cryptocurrency transactions are at risk
This digital fraud is particularly dangerous as the use of digital currency, or cryptocurrency, gains popularity as a means of conducting monetary transactions. Digital currency is outside the restriction and rules of any centralized system such as banks or government-- which also leaves it outside the identification verification processes required to transact in those systems. This economic evolution absolutely requires solutions including innovation in digital identity verification.
USE CASES THAT MATTER
- Investor/Consumer KYC (Know Your Customer)
- Digital Wallet Registration & Authentication
- Digital Currency/Token Transaction Verification
Digital identity theft is not limited to fraud
As we engage with social media platforms, sharing our photos, birthdates, likes, dislikes, and creating a clear connection between ourselves and the people in our social networks— closed source software is busy at work building comprehensive data profiles complete with our personal information, from our purchase habits to our political views and everything between.
This information which we so freely share, is being sold, outside of our permission, for profit, to data analysis firms who in turn sell their insights to marketing agencies, who then sell the information to a multitude of interested parties including retailers, political analysts and healthcare providers.
Everything we share on social media is effectively the private property of the platform we are using— to the tune of nearly 2 Billion user profiles being effectively harvested and sold, by Facebook alone. Accessibility to personal information is at an all time high, and everyone is looking to profit from it.
Face Recognition + Blockchain Technology is the answer
At Kairos, we believe everyone has the right to an Anonymous Digital Identity, because businesses do not need to know exactly who you are, in order to verify that it’s you. We are building the future of digital identity verification, powered by state-of-the-art face biometrics and blockchain technology- to give users the power to control access to identity by securing it on our Blockchain.
WHY CHOOSE FACE BIOMETRICS?
- Protection from presentation --spoofing-- attacks [image, video, masks]
- Perfect blend of high accuracy and ease of integration
- Enables friction-free customer experiences
- Hardware/camera agnostic
- It’s the ‘natural authority’ on human identity
Enabling a 'Biometric Blockchain' empowers Users to leverage their digital identity in a way which protects their privacy by giving them the power to verify important transactions or interactions.
Enabling digital identities that are secure and versatile
Beginning with Face Recognition, we establish feature landmarks (identifiers) and compare them to those in the image enrolled by the user, to determine a match. When a match is established, rather than linking back to a person’s actual identity, our algorithms will create a face template -- a digital identity -- by converting these identifiers into a unique and random string of numbers. Once the template is created, the original image can be discarded.
While 1:1 verification with face recognition is not a new concept, by bringing its benefits to a disruptive technology-- that's on the cusp of changing the way we manage information-- it's a significant step towards empowering The Individual. Greater accessibility, equality, and fairness is the beating-heart of this new freedom through technology.