Identify compliance is a huge issue for both blockchain projects and real world companies. Whilst on one hand blockchain is aimed at anonymity and privacy, many scammers and spammers have led to identity requirements by most ICOs. Companies in the real world are often legally obliged to follow KYC laws and obtain the identity of their customers.
This leads to a loss of privacy for users not just from companies potentially sharing data, but also the data itself being hacked and sold to criminal organizations. What if there was a way to ascertain someone’s identity from their face using a decentralized medium such as the blockchain, where this data could be protected on a decentralized ledger? Enter Biometrids, the project that aims to do just that.
What is Biometrids?
Biometrids aims to identify people using biometrics, such as a person’s face, and privately store this identity on the blockchain where people are fully in control of who can or cannot access this identity for verification purposes.
Let’s say for example that a company needs to ascertain the uniqueness or identity of an individual. By passing a verification check on the Biometrids platform, the company can be certain the person is who they say they are. Furthermore, the company does not need to store any identity data of the person on their own central servers which are susceptible to hacking or rogue actors.
By storing all information on the blockchain, users no longer need to worry that they’re giving their personal data to potentially hundreds of different companies. Instead, they can choose which companies can verify who they are based upon their biometrics.
The Biometrids platform will use neural networks in order to ascertain the uniqueness of an individual’s biometrics. Neural networks are a type of artificial intelligence that takes in data and processes it through what are called “weights”. Weights act like neurons in training a neural network with data to accurately classify certain things. On the Biometrids platform, this classification would be used to determine which face belongs to which individual.
The main market of Biometrids would be any company or person looking to verify that someone is who they say they are — in other words potentially every company in the world. Companies can benefit from using the Biometrids platform since they don’t have to worry about fake identity documents being submitted, whilst users don’t have to worry about companies accidentally losing their data to hackers — it’s a win-win for both sides.
ICO Details
The Biometrids platform will release the IDS token which will be used as the utility token on the platform.
The ICO will run from 19th Feb — 19th March (one month total). Initial price will be 3000 IDS tokens per 1 ETH (19th Feb — 25th Feb) and final price will be 2000 IDS per 1 ETH (12 Mar — 19th Mar).
The team aims to raise 100,000,000 tokens total. What I like most about this ICO is that the team’s tokens are locked up for 3 years.
ConclusionIdentity verification is becoming a serious issue for both blockchain startups and real world companies. With the multitude of data breaches hitting the mainstream news, consumers should rightly be concerned as to whether a company can be trusted with their personal data.
The Biometrids platform aims to solve all this by storing users biometric data decentrally on the blockchain, allowing users to be in complete control of their biometric data at all times rather than having it stored on company servers. It’s a unique concept and this project does have the potential to disrupt a lot of industries that rely on KYC.
(My BitCoinTalk account: JainaVsUther)
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