PHAETON IDENTITY

With improvements in digital technology, there has been a significant increase in “identity theft”. According to the Breach Level Index, there are 4,861,553 records stolen every day. Besides identity theft, COVID-19 has made the need for health identity an urgent issue. When signing up on multiple online platforms, users have to create a unique username and password each time. Maintaining various authentication profiles is quite a challenging task. Furthermore, it is currently impossible for users to have control over personally identifiable data (PID). They do not know how often their PID has been shared without their consent and where their data has been stored.

As a result, the existing identity management process requires an innovative change. Blockchain is a solution that uses an efficient and effective way to address a wide range of personal identity security risks. Using blockchain for identity management allows individuals to own their identity by creating a universal identity to serve multiple purposes. Blockchain offers a solution by providing users with a sense of security. No third party can share their PID without their consent. A blockchain platform can be designed to protect individuals’ identities from breaches and thefts. People can be free to create self-sovereign and encrypted digital identities. The need for making multiple usernames and passwords can be removed.

A PHAETON BLOCKCHAIN IDENTITY SOLUTION

Phaeton Blockchain Identity offers a decentralised and secure solution that gives users total control through a distributed trust model. Our blockchain technology benefits several industries with transparency, security, and trust, adding value to our clients. We have the ideal technology to transform the current working of identity management in a highly secure manner.

The existing identity management system is neither secure nor reliable. At every point, users are asked to identify themselves through multiple government-authorised IDs such as drivers’ licence, passport, proof of address and more. By sharing multiple IDs with others can lead to privacy concerns and data breaches. Therefore, Phaeton Identity can pave the way to self-controlled identity through a decentralised network, offering privacy, trust, security, verification, and participants endorse identity documents.

THREE PILLARS OF PHAETON IDENTITY

a. Verifiable Credentials: These are statements made by an issuer privately. In essence verifiable credentials, in essence, allow for the digital watermarking of claims with a combination of public-key cryptography and privacy. As a result, not only physical certificates can safely be digitised, but holders of these credentials can also selectively disclose specific information without exposing the actual data. Furthermore, third parties can verify this data without having to call upon the issuer.

b. Decentralised Identifiers: These are global, unique, and persistent identifiers. The identity owner controls them. They are independent of centralised registries, authorities, or identity providers. When an organisation issues a Verifiable Credential, they attach their Public DID to that credential. The same Public DID is also stored on the blockchain. So, when someone wants to verify the authenticity or validity of the certificate, they can check the DID on the blockchain to who issued it.

c. Distributed Ledger: The Blockchain acts as a verifiable data registry. It is like a phonebook where anyone can consult to verify the Public DID and its specific organisation. In identity management, a distributed ledger enables everyone in the network to have the exact source of verification. It ensures that the credentials are valid and who attested to the validity of the data without revealing the actual data.

NO PERSONAL DATA IS REQUIRED ON PHAETON IDENTITY

When using Phaeton Identity, there should only be references and the associated attestation of a user’s verified credentials recorded on the ledger. For verification, instead of storing actual private information, the only things stored on the ledger are:

1. Public Decentralised Identifiers (PDI). PDIs are unique identifiers for verifying digital identities and are entirely controlled by the identity owner. Thus, PDIs are independent of centralised registries, authorities, or identity providers.

2. Credential definitions. The tangible proofs of identity or qualification issued by authorities include drivers’ licenses, passports, identification cards, credit cards, etc. Hence, credential definitions are merely the definitions of these different credentials to be stored on the ledger.

3. Proofs of consent. These are consent receipts to prove consent saying the data has been received and checks have been executed.

4. Revocation registries. It is an option for issuers to be able to revoke the claim. The revocation registry tells third parties how the issuer will publish the revocation information.

WHERE CAN PHAETON IDENTITY BE USED?

There are many cases where Phaeton Identity can be used. Below are several examples.

• Opening a bank account. When opening a bank account or applying for a loan, you have to submit multiple identity documents. To complete the manual verification process, it could weeks for the bank to process. With Phaeton Identity, the process can be quick, saving both time and costs for the user and the bank.
• International traveller. Apart from carrying a passport, travellers require additional documents for clearance and security checks. An individual can present a universal blockchain-based identity from booking a ticket to passing security checks, boarding a flight, or immigrating to a new country. Phaeton Identity streamlines the process for both travellers and authorities.
• Legal processes. While undergoing any legal process, a user may have to submit different identity documents such as proof of age, occupation, and address. With the help of Phaeton Identity, users do not have to carry multiple documents. In addition, legal entities and government bodies can verify an individual from a Phaeton Identity. Therefore, a comprehensive background check is no more required.
• E-commerce checkout. Whenever buyers place an online order, they are asked to complete information like name, email, phone number, address, etc. The process is repeated whenever they sign up on different e-commerce sites, making the whole process time-consuming and cumbersome. Hence, signing up at multiple e-commerce sites with Phaeton Identity can save users time and effort.
• Previous employment verification. Presently, there is no fixed system to do a background check of employees and their qualifications. Validation of the information reported in employee’s resumes can be requested directly through Phaeton Identity.
• Health records. COVID-19 has made the need for health identity a critical issue. When a patient is placed in a hospital or visits a new doctor, multiple forms must be completed. It includes the patients’ health history, current medication, health insurance provider, and more. The same information is again required when visiting another doctor or hospital. With Phaeton Identity, there will be significant time saved, especially in a case of emergency.

More information, head to https://phaeton.technology