Today, we have first-mile technology to verify a person’s real-world identity and determine if that person is present in the context of a particular transaction/interaction. Our machine learning algorithms compare a person’s ID against a global library of government-issued ID documents from 192 countries – including over 3,400 identity document types.
In 10 seconds or less, we can conduct an identity authentication using our platform:
1. Detect if an ID document is genuine or has been tampered with. Fraudsters can’t simply grab an ID off the Internet, swap headshot photos and pretend to be someone else. We can detect paper substitutes or digital images captured on a monitor. For us, the actual physical ID document must be used to pass an identity authentication.
2. Use biometrics and device-related factors to determine if the person whose picture is on the ID document is actually present. Facial recognition, liveness detection and other methods are key components.
3. Combine these factors as a trusted party to generate an Identity Trust Score to compare with business logic that automatically executes as a smart contract to ensure cryptographic compliance.
This capability already exists and is available today as a centralized off chain API and will be the basis for AuthenticID’s Smart Identity Platform. As blockchains become more widespread, and doing business with strangers in the sharing economy becomes more prevalent, identity authentication needs to not just be automated – it needs to be driven by situationspecific business rules with specific business logic (smart contracts in the blockchain world). Rules for whether someone is old enough for a transaction, or whether they can be trusted to rent a room for the night need to be automated and affordable. That is where the AuthenticID vision is aligned with where the market and the needs are going.
Attention. There is a risk that unverified members are not actually members of the team
AuthenticID is a blockchain-based identity verification platform. The blockchain agnostic platform collects data from government-verified sources, then uses biometric data to verify someone’s identity during a transaction.
AuthenticID looks like a good idea to me and an ICO that could be a good investment. Will I be investing? Not at this stage. I would prefer to wait until after the ICO to see how this coin develops and then potentially I would invest, but for now I will be watching from the sidelines.
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