Hacked No More: The Rise of Distributed Identity
In an era where digital identity challenges are more common than finding matching socks in the laundry, Distributed Identity (DIID) is stepping up to the plate. After snagging top honors at the Blockchain Education Network’s (BEN) hackathon back in June 2016, this ambitious company is now flexing its muscles with a fresh partnership with Tong Dun, a renowned anti-fraud powerhouse based in Hangzhou, China. Tong Dun specializes in risk control, and together they’re ready to revolutionize how we manage identity.
What’s Cooking? The $200k R&D Deal
Fast forward to June 29, 2017, and we find DIID celebrating a significant milestone: they’ve landed a $200,000 research and development contract with Tong Dun. But wait! This isn’t about dollar bills; it’s about data. The duo aims to establish a network of interacting nodes that will transfer identity information securely and efficiently—not your typical bank transaction. Who knew nodes could be so colorful?
The Need for Change in Identity Management
Right now, identity management resembles a game of Jenga, with companies precariously balancing a massive stack of identity data. Without a standard protocol for handling and storing this information, organizations are hemorrhaging huge sums—anywhere from $60 million to $500 million annually—just to create their own systems. Plus, keeping everything in a centralized database is like handing hackers a buffet ticket; it’s just too easy to feast on our personal data.
The Vision: A Secure Digital Identity Standard
Merrick Read, DIID’s CTO and Co-Founder, passionately argues that digital identity needs a standard, akin to the reliable online credit card payments we’ve come to trust. He’s spot-on, noting that recent data breaches have turned consumers into skeptical creatures. Read emphasizes that “Identities should be a powerful and secure tool, instead of the security threat we see today.” Sounds like a bold mission statement!
Innovations That Could Change the Game
In pursuit of this mission, DIID has rolled out an API they hope will set the bar for industry standards regarding identity data management. Coupled with a decentralized network, the likelihood of hackers crashing the party shrinks significantly as no centralized database exists to target. Here’s a quick peek at their three innovative solutions:
- Real-time alternative credit rating based on mobile spending behavior—goodbye paper trails!
- Passive multi-factor authentication protocols that provide top-notch security without the user feeling like they’re deciphering a secret code every time they log in.
- A secure data co-modelling environment for non-trusting parties to collaborate on user segment and identity models. Think of it as a trust-building workshop, but for data.
The Practical Side of Things
According to Duncan Brown, CEO and Co-Founder of DIID, the system can be a game-changer. Imagine two retail giants pooling their user bases together to enhance marketing strategies while still keeping each individual’s data private. It’s not just smart; it’s downright ingenious!
Looking Ahead: What’s Next for DIID?
If DIID successfully navigates this project, the company could be valued at a whopping $20 million—talk about a glow-up! With their innovative approach and partnerships, DIID is on track to make digital identity management not just safer, but also smarter.
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