The African fintech market has been booming in recent years and Mauritius, the tropical island off the eastern coast of Africa, is one nation making blockchain headlines. Now, less than a year after being dubbed “Ethereum Island” by Consensys, Mauritius has birthed its first homegrown blockchain startup, IAME.
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The startup’s core focus is on developing its proprietary data and identity verification system for the cryptocurrency ecosystem through its novel Decentralized Fragmented Identification technology
What is Decentralized Fragmented Identification?
Decentralized Fragmented Identification is the antithesis of conventional identification processes that require the wholesome data to be transferred from one party to another for identification to be conducted.
Long story, short, the system fragments the data being shared within blockchain transactions into unintelligible pieces of data that are verified by a multitude independent third-party validators. The identification process is hashed onto a designated blockchain and made accessible on a public repository where the identification status linked to specific blockchain addresses can be consulted, without compromising the identification data.
Why change the way Identification has been conducted for years?
Organisations usually seem to overlook one key point about data systems – nothing is hack-proof! Hackers will always find a way to gain access to systems, steal information, and do whatever they want with it. It doesn’t matter how much money you spend on preventing data breaches – the only thing you’ll be doing is postponing the inevitable. The only real way to fight hacks is to reduce the impact a breach will have on the victims – ordinary people who get their information stolen – by making data “hack-worthless”.
With more businesses expected to adopt blockchain technology in the near future, the potential for data breaches is expected to increase. The IAME method is the ideal solution to this problem because it comprises an approach that renders all the personal information shared across blockchain transactions worthless. It’s with this idea of “hack-worthless” data in mind that IAME, will be revolutionising the way identity verification on blockchain transactions takes place.
What is Third Party Validation?
IAME’s third-party validation system is built on the idea that the identification process can be fragmented and crowdsourced in a for profit P2P methodology. The rationale being that identity verification conducted by a network of third-party validators is far more dependable and less susceptible to the risk of fraud than an identification validation conducted by a single institution or party.
To prevent validators from the gaming the system, the IAME identification network deploys a symmetric game model that uses a method of “tribunal validation”, where “majority rules” determines validation. If consensus is not reached, an appeal will be conducted via a secondary tribunal. With this process in place, no single individual or party will have control over the validation process. Think of it as an identity validation democracy!
How does IAME stand out?
Other than the obvious fact that the company is using an unconventional approach, the IAME system goes well beyond traditional data security and data breach mechanisms by deploying a technology that focuses on providing a solution in the event that the worst possible scenario does occur. While data breaches are inevitable, the IAME Decentralized Fragmented Identification network would render any breaches on a system that deploys the technology, irrelevant.
If IAME’s technology is adopted by a large portion of companies operating in the blockchain realm, data breaches and hackers may have finally met their match. In short, think of the IAME system like this – a thief might be able to gain access to a bank’s safe, but would it matter if all they could steal was cut up pieces of paper with no practical value?
Details of the ICO
You can join IAME and be a part of its journey towards making vital personal data “hack-worthless”.
Still not convinced?
The IAME team have already launched their Identification Prototype and their Validation Prototype with the alpha on its way – it will be released prior to the launch of the ICO.
For more information on IAME, please have a look at their website and their white paper. Any feedback, comments, or questions can be asked directly to the IAME team by visiting their Telegram Channel. For updates on IAME, you can follow them on Linkedin, Facebook or Twitter.
