Identity fraud has come to the point where thousands of social security numbers are sold in bundles of hundreds for less the price of an dinner. Bad actors can get their hands on this information easily because that which gives us a sense of safety also is the cause of a lot of our fears.
What it does
We tackle encryption by breaking it down into 3 main steps and the 4th step for when that data needs to be checked by government agencies.
- Retrieval & Authentication
- Hash Checks
After they have been added to the datastore, they can approach any vendor, and authenticate via their public key. Vendor side app would send them a secret encrypted with the public key, user decrypts it with their private key to prove ownership of the public key. The vendor records the hash and the hash only.
In our system, the ability to be you is tied to the owner of the public/private key pair, of which only the user is allowed access. Their private key is never exposed to the public or to the government's (there’s no use for the government to know this information to identify them). So since only the user can sign their transactions, only the owner of the private key can authenticate to be the owner of that public key.
Accomplishments that we're proud of
We all came came in knowing very little about developing on the blockchain, but were able a solution to global problem that is elegant in design and keeps to the core philosophy of the blockchain.
What we learned
We learned to develop distributed apps and how to think about applications with a focus on security and privacy.
What's next for Distributed ID
Contacting local St Louis restaurants and breweries as market research for our product, we saw huge buy in from the business side for a product like that would be government compliant. We definitely want to move forward some way, as our approach appears to be the foremost innovative solution to tackle a multitude of these challenges and provide a platform for further development.