Keep your own Personal Data Private in the Cyber world
Written by: Ms. Florence Ip
Identity validation is very common
Background checks are necessary before opening a bank account for new customers. Passport identities are required for airline company validation when buying air tickets. Hotels also copy visitors’ passports before providing accommodation.
The business opportunity
Global identity verification market size is projected to reach USD 17.8 billion by 2026, rising at a CAGR 13.4% from 2020 according to KBV research [1]. The major factors driving this market are the accelerating growth of digitalization in the commercial world during the pandemic and the increasing fraudulent activities in the cyber world. Furthermore, governments force enterprises to comply with KYC and AML regulations, providing a great opportunity in identity verification development. Following the EU targets, 80% of citizens should have a digital ID solution by 2030, accounting for USD 4.1 billion market opportunity. Among the globe, Asia Pacific is expected to contribute the fastest growth together with the rapid adoption of advanced technologies.
COVID-19 changes the way we work
Pandemic changes not only how we live but also how companies serve their customers. Nowadays, many countries require their citizens to provide their vaccination records. When they go to their appointments at hair salons, cinemas or restaurants, they need to present their vaccination passports for Corona compliance entrance. Some people carry their paper certificates at all days. Anyway, technology provides us convenience. Some take photos of their paper certificates, convert them into digital formats and store the images in their mobile devices.
Smart city works smarter
Smart city solutions require smart access. Workers may be required to show their identity to enter an office building, a company entrance or even a restricted floor. Citizens are also required to present their identity cards to buy train tickets and library cards to enter libraries. Different cards have different purposes. Is there a tool to help us maintain our identities effectively and go through those entry gates quickly?
A Disruptive secure identity system
helix id is a German development. It is a decentralized secure identity platform empowered by blockchain technology for individual users to manage their own personal data, including passport, driving license, birth certificate, health certificates and legal documents. Data is individually encrypted and protected by this innovative digital system. Customers and companies can utilize helix application to share personal information and sell products under a comfortable and secure condition.
Shareholder Identity checking at Annual General Meeting
This smart access feature can also be enhanced into a shareholder meeting. Shareholders using this identification tool to prove themselves at the entrance of a shareholder meeting event. Security officers of the listing company will scan the QR code for checking. When the company can match the shareholder information in the mobile app at the gate, the shareholder will be allowed to join the meeting. The security check process is quick and simple. Manual work is reduced. Human error can be eliminated. This procedure can be easily extended into the virtual world to undergo remote annual general meetings.
This identification tool can also be used in the Due Diligence process. Legal documents of users can be uploaded into the system, including real estate purchase agreement, company registration certificate, company shares ownership agreement. The potential buyers or counterparts may request access to retrieve information. The user will grant permission to the counterpart to read the relevant documents.
For instance, in a real estate property transaction, the real estate agent may utilize this tool to verify the ownership of the property before proceeding any transaction. Simple due diligence can prevent scams.
In a car rental shop, customer needs to fill in a long registration form and provide a driving license before driving the car away. Cumbersome registration process must be repeated when we go to rent a car again. This requirement discourages customers. With helix id, the car rental company can just request access from its customer in order to read his/her personal identity, driving license and credit card only. Customer does not need to fill in tedious registration form. The system eliminates administrative work and simplifies manual process, providing a user-friendly application for users and a cost-effective system for companies.
Control your private data
Users need full control of their own personal data. After users upload their personal information onto the platform, the data will be encrypted and kept in users’ mobile devices. All personal information is stored in a decentralized network with a tamper-proof and secure manner. There is no centralized system to maintain any data. No central provider can access the data or tamper the data. No one can reveal the data without the owner’s consent. Users will enjoy data privacy. Only the users are able to share their own information with others by granting access permission. A digital identity of a user will be equivalent to a real identity. Users have full management of their personal information, which is known as Self-sovereign identity ‘SSI’.
helix id offers an open and transparent application system of data management with the concept of SSI. In addition, helix id complies to the European General πData Protection Regulation ‘GDPR’ to protect the data for the users. Companies and organizations can subscribe to helix id services to request access from users and to retrieve data which users agree to share.
Advantage of blockchain
Personal user data is verified for over 10,000 legal documents worldwide and transformed into verifiable credentials. Any data hashed into a blockchain network is recorded tamper-proof, without any third-party authenticator. Users manage their own information and transactions with their mobile devices. However, users are allowed to delete their own data irrevocably. Companies do not require additional worker to support the system. Workers just need to submit a request for permission to retrieve data. No extra work. So, companies can eliminate paperwork, reduce workloads and lower operating expenses.
In the registration for helix id, all users in the platform verify their own digital identity and go through the known your customer ‘KYC’ as well as the anti-money laundering ‘AML’ checks. Counterpart of any payment transaction in the system is validated and secured in advance. A trustworthy network is automatically created. In fact, this ecosystem has established trust and confidence for users to interact with each other.
helix id is also a smart wallet to connect to digital currencies. It builds a marketplace for companies to sell tickets, products and services in its ecosystem. All transactions will occur in the crypto world. Each transaction will be recorded and transparent. Since trading history can be traced and all users have provided identity, its marketplace gives more confidence to users. So, consumers are willing to purchase products and services at helix id marketplace. Good experience makes customers happy and loyal.
Being a pioneer, helix id has already set the course for the future of the various digital worlds in the metaverse. NFT collectors can connect their identity in the helix id wallets to buy regulated NFTs and display them on their mobiles. helix id can be linked to NFT marketplaces and galleries in the crypto world.
Does helix id make validation process efficient and friendly? Will you adopt this innovative system?
Please contact ACH Worldwide Limited for more information :
contact@ach-worldwide.com
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