Crypto News & ICO Reviews
On April 10, Vinny Lingham, the co-founder of Civic, tweeted about his company’s novel way to leverage the Bitcoin blockchain to prove and verify unique identification information.
— Vinny Lingham (@VinnyLingham) April 11, 2017
Civic purports that using their technology will help prevent identity theft, fraud, and other nefarious activities that are accompanied by using physical identification or unsafe online ID storage.
Civic also mentions that its architecture is constructed on top of the Bitcoin blockchain, which is based on a distributed ledger technology. This means that the company employs real-time, time-stamped verification for its identity product. Civic describes this activity as a firewall between civic and the user’s identity.
A tech crunch article provided further information on how the network functions, saying, “This system is made possible through Civic’s Identity Protection Network, which will be a network of businesses who collect users’ personal data, including their SSN. This network could include members like banks, financial services, healthcare organizations or any other company that asks for your SSN. Consumers will be alerted when their SSN is used by a Civic partner.”
Evolving ID Authentication
They refer to their type of blockchain-based ID security on their Identity Protection Network as “evolving authentication.”
When users sign up to the platform, they are allowed to authenticate their identification and use different signatory defenses to prevent nefarious actors from accessing personal credentials.
The Civic Website says:
“Authenticate without the need for traditional physical IDs, knowledge based authentication, username/password, and two-factor hardware tokens.
Civic wants people to use their service so they can secure their personal identification on the blockchain and protect themselves from hackers and other criminal activity.
Civic Partners with Intel to Provide More Protection
According to Civic’s website, they are also teaming up with Intel in order to provide extra security.
The startup believes this is an exciting innovation using blockchain technology and Software Guard Extensions together. According to Intel, SGX is a codex of new instructions that can be used by applications to segregate private sets of data. This denotes credentials that can be stored and authenticated without having them loosely floating around in physical form or unprotected on the internet.
Lingham’s company further states that they offer (SPS) secure private sign up and (SPL) secure private logon via the civic application.
Do you believe Civic’s blockchain-based fraud prevention and protection is useful? Let us know in the comments below.
Images courtesy of Shutterstock and Civic.com
Need to calculate your bitcoin holdings? Check our tools section.