Identity is central to the broader financial services industry, enabling delivery of basic financial products ands services. Personal data is inspiring companies to bring innovative products into the market. For example, new products are now customized to suit specific requirements of the individuals. News and content websites also personalize the feed influenced from every individual’s interests and preferences.

As mentioned above, service providers need a more accurate and comprehensive identity verification and data authentication systems. Furthermore note that improper data protection and privacy results in a data breach and data leakage. This can cause huge losses to financial and non-financial organizations and the data users as well. Therefore an effective identity verification system needs both data verification by a third party and data security as well.

OFID, a Blockchain-based identification verification system, can change the identity verification game in a better way. OFID is built on the belief that freedom comes from social trust and it is the starting point for business freedom. Being the safest and most accurate identity verification platform, OFID allows its users to exercise superior control over their personal information, online privacy, and digital identity.

The security of the data storage

It’s apparent that there is a potential risk of centralized storage with the existing identity verification systems. OFID allows users to access the IDV services via a mobile app. Their personal information is stored on the mobile device and a highly secure cloud storage. The platform has adopted a secret sharing scheme that splits the data into different pieces and stores it in different locations. Thus, even if a hacker collects pieces of this data, provided the collected data is less than the given threshold, he or she can’t get any specific information.

It’s worth mentioning that the personal data is returned from the data validator with a bi-directional signature. At the same time, a hash value is created based on that data. And finally, this data gets written on the Blockchain. It is the processing of an identity query through Blockchain that makes OFID the safest and most reliable identity verification system.

The security of the verification process

When the User submits the signed personal data, a certificated validator signs the data again to verify the validity of the data. Bi-directional Signature is a confirmative proof that both parties have approved the signed content.

OFID features Whitelist, a positive security model that allows only the trusted requests to get processed. It’s a standard that defines the type of requests that can qualify the execution process. That means anything not recorded in the whitelist can’t be executed.

Benefits of using the OFID

Individuals can enjoy the secure and convenient identity verification services. The OFID ecosystem rewards all the stakeholders of the platform for their time and efforts. The more you use these tokens, the more valuable they become.

The users get compensated for granting access to their private information. Validators have the opportunity to turn their many years of hard work in building personal data system into revenue generating activity by selling the verification service. And Service providers can benefit from the low-cost IDV services, and that means increased profits for their businesses.