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Identity theft is one of the biggest crimes afflicting countries like the United States and Britain. According to a recent report, in 2016 alone, American citizens lost about USD 16 Billion due this misdemeanour. This figure increases to a staggering USD 106 Billion if we considered a ten year period up to 2016. In the United Kingdom, home to one of the financial capitals of the world, identity theft has doubled over an eight year period ending 2016. Clearly, investors are at risk while transacting money online.
Thankfully, there is a way out of this mess and Biometrids leads the way to minimizing identity theft.
Biometrids – What do they do?
This company specialises in the creation of anonymous and decentralised ID’s and is revolutionizing the blockchain ecosystem. Using Machine Learning, the Biometrids platform uses facial recognition to verify people as per their credentials.
There are two key terms that are used here, ‘anonymous’, and ‘decentralised’.
How do they do it?
ID’s are anonymous because the usage of the blockchain platform ensures that everyone remains invisible. Their identities are never revealed and therefore the users are safe from any fraudulent dealings.
The entire process is decentralized too because the process of authentication of online identities can be vetted by any user on the platform.
Organizations looking to avoid online identity theft can connect with Biometrids through an API.
Adopting the Biometrids platform, it is possible to execute the following;
1. Ensure that the concerned parties are genuine
2. Identify impostors and avoid identity fraud
3. Use this technology to identify people from other countries where it is not in use currently
4. The decentralized nature of the whole process makes people the masters of their own identities
5. Eliminates the middleman from the scene and makes the entire process easy and less complicated
6. Payments are more secure and online transactions carry more trust
7. Finally, this technology is a boon for all the companies that are involved in an identity related muddle.
Problems with Centralization
Centralization of identity verification techniques has its own share of problems. Hackers know the location of the central server that contains all the critical information. All they have to do is hack that central database and steal the financial records. Unfortunately for many users as well as financial institutions, their central databases contain millions of records which are open for cyber-poaching. Needless to say, cyber-hacking has not just financial but social costs as well.
Compounding the problem is the fact that more than 1 billion people in the world are unable to cross-verify their identities. In Africa alone, there are more than 502 million people who do not have driver licenses or passports to authenticate their identities. This problem also exists in the developed countries.
The Biometrids Solution
While facial recognition technology has been around for quite some time, it faces certain challenges as well. Most face recognition softwares depend upon the 2-D image of the user. This image can be gained by hackers by using remote cameras, who can use the image to hack into the user’s account(s). Biometrids uses a 3-D based software that makes it impossible to be replicated.
To conclude, Biometrids uses facial recognition technology in a way that maintains the anonymity of the users. This platform lets every user cross-verify identities and hence is decentralized too.
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