Greetings Communities, in this new post I would like to introduce about Diro's project, and for more details let's just go to the following discussion:
The digital world today does not have a credible identity system that can be consumed universally and reliably by parties in various industries. Furthermore, resource-based solutions do not have the credibility and verification required to meet regulatory requirements. Getting, all industries, governments and consumers in hundreds of jurisdictions to agree on the framework is a challenge. Much has been written about the challenge of creating a universal identity (Vinay Gupta, 2017). The problem has become a technical and partly political part.
- Having the identity itself is difficult for the individual
- Verifying real identity requires consensus and mass adoption
- Centralized systems are not reliable in long-term security and political risk
- Identity should always be validated and updated
- The limitations of mass adoption by different stakeholders
Because we are rapidly adopting digital technology with smartphone penetration estimated at 4 billion by 2022 and new technologies like IOT, blockchain, AR / VR and digital currencies are ready for general adoption, the need for cybersecurity is never greater. The loss of identity theft reaches $ 16b1 per year in the United States alone.
The cost of KYC & AML is $ 15bn in the financial industry only. Recent estimates from Gartner Inc. said worldwide information security (part of a wider cybersecurity market) will grow 7 percent to $ 86.4 billion (USD) by 2017 and will rise to $ 93 billion by 2018. Global spending on cybersecurity will surpass $ 1 trillion cumulatively over the next five years, according to Cybersecurity Ventures.
Cybercrime attacks are estimated to cost $ 6 trillion annually by 2021. Within a year, cyber terrorism could cost three times as much of the entire US housing and real estate industry as now worth. The IBM chairman called it "the greatest threat to any profession, every industry, every company in the world". Cisco cited reports as saying it would be more profitable than the global trade of all the major illegal drugs combined. ATT calls it the largest transfer of economic wealth in history.
Today's identity data, divided and owned by various companies, has conflicting goals of monetization. These are often secured by vulnerable passwords or rely on one-time passwords for easily hacked recovery with commonly available tools. With the explosion of web content and services, it becomes difficult to keep track of logins, profiles, and passwords. One time MSISDN-based passwords still offer temporary help but the system is very vulnerable to hacking, has no identity attributes and has no identity verification.
On the other hand, social networks are limited by the number of people who join, stay central and commit to conflicting incentives to monetize the identity data they trust. They often subject users to unwanted noise and social comparisons. This positioned them in opposition to volunteer consumer data to build a strong profile.
Furthermore, the social footprint created on the network still depends on the user to update the social profile without any real external validation. This has enabled the prevalence and spread of false identities. Government and Industry are desperately seeking solutions.
"More than 100 developing countries lacked functional civil registration and vital statistics. Some countries like Malawi and Ethiopia have a single digit enrollment rate. Experts estimate that there are 1.5 billion people without legal identity. That is equivalent to all of China that is not traced.
Contact directories offer a rapid method to validate digital identities using SPKI to do social KYC. It further offers a possibility of strong identity authentication through live interactions with human confirmations over voice and video calls. Voice and video conversations offer a continuous stream of strong authentication to digital identities.
Further, a decentralized identity platform requires a safe public & private key management and recovery process to make owning identities possible. The DPKI and uPort based architectures also require social proof for key management and recovery.
Therefore, social KYC is a critical factor for authentication across different aspects of creating a decentralized identity structure including key management, identifying nonsynthetic identities and generating proof-of-life authentication from other devices.
Contact directories based on MSDINs open up a new realm of decentralized identity and access management infrastructure across multiple domains like web, apps, blockchain, AR/VR & all other industries as user directories for context and security (LDAP). Crowd sourced contact data containing MSDINs offer a rapid source of building a universal decentralized identity system that is a holy grail for delivering public benefits.
Scaling trust with block chain
Identity and security for establishing trust are critical building blocks on blockchain. Contact directories or social graphs are a central component in decentralizing the identity and access management. Without using social confirmation building a reliable decentralized identity and security architecture is not possible.
For more information and join social media Diro please follow some sources for the following references:
The bitcointalk name: Aray80