Blockchain In Identification Administration Use Case #1: BlockID by 1Kosmos
This interview is a part of our new Blockchain In Identification Administration Collection, the place we interview the world’s main thought leaders on the entrance traces of the intersections between blockchain and id administration.
On this interview we converse with Rohan Pinto, founder and CTO of 1Kosmos, to know how his firm is utilizing blockchain to remodel id administration, and what the way forward for the business holds.
1. What is the story behind 1Kosmos? Why and the way did you start?
RP: Identification is a core part of any digital transaction. Sadly, legacy methods that handle identities endure from a scarcity of consumer safety, privateness, and a painful consumer expertise. A single consumer has a number of digital identities (on a median of 250), and these are captured and saved throughout a number of completely different databases serving as honeypots for hackers. Customers don’t have any visibility into what knowledge is being utilized by the service supplier. Customers are additionally usually subjected to “repeated verification” by having to e mail or fax a replica of their credentials to open new accounts.
A brand new strategy to id administration was wanted, and BlockID by 1Kosmos was designed to deal with these issues.
2. Please describe your use case and the way 1Kosmos makes use of blockchain:
RP: Blockchain supplies immutability, transparency, and safety to digital transactions. Our answer BlockID makes use of the blockchain to create an “id protected” the place a person has the power to seize and retailer their credentials. These credentials are encrypted by utilizing a personal key that resides on every particular person’s app. Legacy id administration methods have been failing as a result of all credentials are housed in a centralized ledger with a single grasp credential. Compromising a single credential results in the credentials of all customers being compromised. With the blockchain’s decentralized ledger, every consumer’s credential is saved on varied nodes on the blockchain with entry to that knowledge residing solely with the consumer.
three. May you share a selected buyer/consumer that advantages from what you provide? What has your service completed for them?
RP: We provide our answer BlockID to enterprises to resolve a number of use circumstances. These embrace:
– The removing of username and password for his or her workers in addition to their prospects.
– Offering biometrics-based authentication and eradicating third-party gadgets.
– Verifying consumer registration.
– Decreasing the time and effort in a KYC course of.
four. What different blockchain use circumstances in id administration are you enthusiastic about?
RP: Identification administration is evolving, and with BlockID, we see a change in two important areas. The primary is eradicating the credential in consumer transactions. By using biometrics (comparable to a fingerprint, face, or voice), the time has come to retire the username and password and permit customers to authenticate securely and effectively.
The second is the concept of proving a digital credential i.e. if it belongs to an actual consumer or a fictitious account. The id proofing and verification capabilities by BlockID permit an assurance stage to be related to a consumer’s digital id.
5. The place will 1Kosmos be in 5 years?
RP: Our imaginative and prescient is to revolutionize the way in which a consumer manages their digital id and alter how they authenticate.
With the adoption of our blockchain-based id administration platform, we are going to see lowered cases of safety hacks whereas enabling easy authentication. To allow this imaginative and prescient, we offer an SDK that may be embedded into present apps and providers.
In 5 years, the id verification ideas and authentication strategies launched by 1Kosmos will likely be widespread follow and the brand new customary in Identification Administration.
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