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    OriginalMy and Blockchain ID solutions for emerging countries

    by Edilson Osorio Junior 01/11/2018 03:51 PM GMT

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      Since 2015 OriginalMy has been developing a global platform in which we provide new blockchain applications focused on generating registers and strong proofs of authenticity in a decentralized manner.
      Having been the 1st regtech that uses blockchain for real-world cases, our applications, which are already available to Brazilian users, promote a new way for registering identities, cost reduction for signing documents (e.g., paper dematerialisation, transport and manual authenticity recognition in traditional institutions) besides the exponential increase in efficiency and render obsolete any centralized institutions responsible for registering and certifying the authenticity of contents.
      Economic Freedom Index places Brazil 140th[1] in the bureaucracy ranking, having gained a worldwide reputation for big bureaucracy that significantly prevents business development. The formal procedural bureaucracy is a profitable business in all countries with Civil Law system, which includes Latin America and much of Europe. However, the centralization of information is a global issue and allows asymmetries of information that might make people and organizations susceptible to fraud.
      The key to reduce these asymmetries is the decentralized authenticity, which can be achieved by means of decentralized networks that use public blockchains to provide full transparency, access, and trust.
      Blockchain ID was created towards formalization of legal business by means of electronic signature of contracts and documents, without weaknesses of current Electronic Signature systems which can not assess authorship.
      The method of registration and identity management developed and made available through Blockchain ID has proved to be incredibly effective, and although there are important improvements to be developed and implemented (as explained below). It is used too as a form of digital KYC, avoiding the need for passwords to access websites or to fill in registrations (sign up).
      Among many differentials features regarding the proposing identity systems and KYC mechanisms based on blockchain existent so far in the market, we can list the following:

      1. No cost is expected for registering identities. We believe access to the network should be free to all users who desire to have a Blockchain ID;

      2. Recovery of Blockchain ID will not rely on the consent of third parties. We understand identity is a human right and, thus, its granting or recovery should not be subject to the power or interference of any third party;

      3. Biometric use in order to access or perform sensitive actions ensures that the identity stored in the device may only be used by the owner of the device;

      4. At no time user information are publicly exposed;

      5. The solution presented by OriginalMy is the only one that provides (complex and automated) validation of the data provided by the user at the time of registration.

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      identity,blockchain id,decentralizarion,personal data,privacy,zero knowledge proofs,blockchain


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        Task Assigned to Due Date Status
        Approval 03/07/2018 Completed
        on 01/21/2018
        Judge review 01/24/2018 Completed
        on 03/11/2018
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