Identify Theft: Persona’s Blockchain Solution Offers Solution to Cyber Crime
Identity Theft: Persona Gives Control of Digital identity Back to Individuals
Persona: Zero-Knowledge Digital Identities For a Secure Digital Life Has Arrived
Persona Blockchain Secures Digital Identities and Blocks Out Cyber Thieves and Third Party Data Providers
Credit card theft, tax fraud, insurance and medical identity theft—in less than a minute, John reams off a dozen identity theft crimes he has committed.
“It is very easy to steal an identity,” brags John, whose true identity is concealed.
John is one of a growing number of cyber thieves who lurk on the dark web, a private network where personal identity information obtained through hacking and other illegal activities is exchanged. Their activities in this murky world have helped propel cyber identity theft to one of the top crimes and consumer complaints.
Whether your identity was snatched in the offline or online world, pieces of your life will likely end up on the dark web and traded among cybercriminals. Identity theft is the biggest risk to digital citizens who must provide personal information in all facets of their lives—from using social media or uploading a photo to conducting banking online.
Can you protect your digital life online?
The solution is never to have to hand over personal identification information to third parties. Regulators, however, are requiring more information be handed over more often as part of know your customer (KYC) requirements in an effort to deter cyber theft. By providing zero knowledge digital identity management solutions, Blockchain technology can uniquely protect consumers and businesses.
Identity management on the Blockchain empowers each individual to decide whether to share their identity and what private identity information they share with whom, explains Persona, a provider of a Blockchain-secured single identity management system.
This empowerment is possible because the Blockchain can authenticate a personal identity on an immutable, tamper-proof ledger system. Each identity is associated with an encrypted code, for which only the underlying individual controls the private key. To lock out cyber thieves from stage one, Persona uses a cross-verification process across multiple digital and a face-to-face procedure facilitated by notaries.
How to profit from a secure identity
Cyber thieves are not the only threat to your personal identity. Third-party data providers make billions of dollars a year selling private data. With the Persona identity management system, since individuals control their data they are the ones who can profit from it. They have the option of revealing selected information to trusted third parties. This information exchange will increasingly be provided as a service. A user could provide their email account in exchange for an air travel discount, premium account benefits, or other rewards and incentives.
While a Persona identity allows you to interact and transact anonymously, the Blockchain is not a dark web, but quite the opposite. All transactions are immutable and traceable. The source behind the formation of a new account, false news or insurance claim can be traced. The cyber-thief who tries to steal a Persona identity will soon discover that he can no longer erase his digital footprints.
A single sign-on digital identity
Once a Persona identity is verified, it serves as a single, sign-on identity across all facets of digital life. Whether writing a document, uploading a photo, chatting on social media or banking, all these actions require opening an account and supplying private data. The Persona identity is updated in one central place, negating the need to update dozens of accounts when your address or other personal information changes. Your credit rating, for example, could update automatically, triggering the provision of rewards and new services, such as a premium credit card with advanced benefits or a better mortgage rate. On the other hand, if one’s credit standing declines, this will be immediately apparent to those providing credit.
In addition to serving as a basic account profile, information can be attached to an identity to allow the same anonymity and security across diverse services, including credit rating profiles, medical records and reputation management systems. IoT devices used to remotely such as to track a shipment or provide home security could be more securely controlled through a Blockchain-secured identity.
Individuals can choose between two KYC verification services, community or private.
Each community verification brings you five percent closer to complete verification. A private verification must meet the final 20 percent requirement.
Freedom is coming with PRS tokens
To leave your hackable digital life behind and assume a more secure Persona ID you will require the PRS token. With PRS tokens, digital citizens can obtain the verification services of their Blockchain identity. Although community verification is performed at no charge as a peer-to-peer service, the PRS token is required to initiate the service as well.
With their identities secure and controlled with their own private key, netizens are now free to chat, interact and transact safely across the digital world.