With the advent of computers in the 80s and the dotcom revolution in 90s, digitalization of data has become an inevitable option for every organization. While digital data revolutionized the way organizations store and manage data, it came with a price. As the data moved online, hackers found ways to steal the identity of a person and perform fraud transactions. To mitigate identity frauds, the government has imposed financial regulations in the form of Know-your-customer (KYC) and Customer-Identification Program (CIP). To conform to government regulations and secure customer data, organizations are turning to identity verification services.
The current Identity Verification (IDV) solutions come with multiple challenges. Focus on authentication, the potential risk of centralized storage and less financial return are a few of them. The blockchain-based OFID IDV platform offers a revolutionary solution to current IDV challenges.
The block chain technology was originally designed for Bitcoin. However, looking at the amazing benefits offered by this technology, developers are now extending the functionality of block chain technology to every industry. The IDV segment is not excluded. Leveraging the disruptive block chain technology and augmenting it with Ethereum smart contracts, OFID platform brings an IDV eco system that makes it easy for end-users to share personal identity information (PII) data while being rewarded for the same. Similarly, validators can turn their years of hard work in building PII databases into revenue generators by selling the attestations without actually sharing the PII databases. For service providers, IDV comes at reduced costs. The OFID IDV platform improves operational efficiencies, increases security while rewarding the participants of the IDV eco system