There were 1100 data breaches suffered by US companies and government agencies in 2016, a 40% increase from 2015. That means, on average, every 8 hours a security breach is going to happen, plus many more that never get disclosed. Hundreds of millions of records over the course of a year, and millions of users. Worldwide spending on security-related hardware and software services was $73.7b in 2016, and that number is expected to hit $90b by 2018, growing at a rate of 20%.
As technology grows and evolves, we've seen people not only having to manage many different identities (their social media presence, their financials, and health and medical records), but also having to the same credentials over and over again. Today we expect financial transactions to happen instantaneously, but we also want to ensure that our security is maintained.
The answer lies in being able to verify identities without having to disclose personal data.
What it does
TRINITY is a decentralized identity management agent that acts on your behalf, providing verification to requesting parties (Hilton, health and auto insurance). Thus your PII never leaves the system but at the same time get the services needed by the user.
How it works
1.) User creates default ID tokes like "ID/DL", "Credit Worthiness", "Ontime Payment", "Smoker", "Criminal History" and so on.
2.A) During purchase of health insurance, Anthem interacts with TRINITY asking if User X is;
ontime with payments (Token: OntimePayments), is a smoker (Token: Smoker), and is a resident of state (Token: ID)
TRINITY looks at the state of the data and provides a YES/NO response. If all are YES, Anthem issues a insurance product to TRINITY
2.B) During hotel reservation, Hilton asks user to provide ID, Credit Worthiness and Criminal history. At which point user triggers TRINITY to send these "Yes/Yes/No tokens. Hilton provides user with electronic code or bluetooth key to open the door to the room
How I built it
TRINITY utilizes MultiChain, Hyperledger, Node.js, and Swift.
Challenges I ran into
Getting consensus on which features to be built or scaled down given the twenty-four hour time constraint proved to be quite difficult. Team members were not familiar with the technology stack and there was a steep learning curve. As we started coding, we identified gaps in our product model that we were unaware of when starting.
Accomplishments that I'm proud of
What I learned
What's next for TRINITY - Decentralized Identity Management
With secure, verified identities, the application of Trinity is limitless. Trinity can be used for insurance, healthcare, financial derivatives and securities. It goes beyond banks, companies, and industries. Think peer-to-peer lending, asset exchanges, and local commerce. It's going to be revolutionary.