The internet has evolved greatly over the years. One can hardly believe how much the internet has changed since winning the struggle for acceptance. Lately, so many companies have taken full advantage of the power of the internet and created an online presence in the form of websites. These companies also understand the importance of a customer database which is why KYC (Know Your Customer) processes are implemented.

This KYC allow users to complete a mini-registration process in which they divulge important and sensitive information about themselves in other for the companies to be able to further market their commodities to them.

The only problem with this process is the fact that despite its enormous success, the internet is not safe, neither is it free from malicious attacks. Hackers have found ways to exploit every possible loophole that these websites might have in other to gain unsolicited access to their database for their own selfish benefits. These have, in turn, caused great grieve and loss to so many as the theft of their sensitive information has made it possible for them to lose so many things that are dear to them.

Blockchain

The blockchain is the next big innovation after the internet, it is a decentralized, trustless and immutable technology that gave birth to Bitcoin and subsequent digital currencies. The blockchain totally eliminated the need for middlemen in transactions involving two or more people (Peer 2 Peer) and its immutable nature makes it immune to hackers as any transaction recorded on it can never be altered.

Persona.im

Persona is an identity management decentralized application with no single point of failure, that keeps all record encrypted using the blockchain technology. It gives individuals absolute control over how their data is being shared, with whom they share it, and how long they want to share it.

Persona prioritizes security by offering two types of KYC process; Community and Professional KYC.

The Community KYC sees identities checked by peers. It is a process where people are incentivized to validate each other’s identity. They get rewarded with PRSN and will be displayed on the official website for confirming the authenticity of the documents and identity of the people applying to be checked.

The Professional KYC, on the other hand, is a process which an individual goes through when they involve an entity that requires that requires an identity verification process. This entity will update or double verify an individual’s identity bringing their verification level to 100% when they (The Entity) enroll in the Persona blockchain.

All documents uploaded by the users are encrypted using their private key before uploaded and distributed through the IPFS. When documents are shared between members for notarization, the file will be decrypted by the owner and shared directly with his counterpart.

Persona is composed of three segments:

The blockchain which holds the transaction data and IPFS for storage

A web app and dashboard for the individual to use

A mobile app which helps data management

The mobile application’s security is based upon:

PIN-based login

Optional fingerprint scan

The Web application’s security:

2FA Authentication

For more information on Persona, do visit the following links:

Medium

WebSite

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Slack

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Github

Reddit