Distributed ledger technology has the potential to change transactions and operating systems in every industry: financial services as well as healthcare, government, education, insurance and commerce. The question is: What about identity? There’s a lot of discussion about how to ‘know’ the parties to a transaction in a distributed ledger, but the solutions being proposed are based on the same flawed approaches that have left companies and systems open to fraud, crime and synthetic identities.
Legacy solutions verify and authenticate individuals based on information that is easily stolen, forged, purchased and fabricated. Applying antiquated solutions to this new technology will mean that individuals will be trusted, but not known. A ‘trusted, but not known’ strategy leaves companies using blockchain and permissioned ledgers at risk, facing difficult regulatory and compliance challenges. Concern over security and criminality will continue to mar the promise of distributed ledgers to lower costs and create efficiencies, and ledgers and operating systems built on this technology will become contaminated by synthetic identities.
TASCET’s Identity Infrastructure™ and Super ID™ software provide the crucial technology layer needed to bring identity integrity to blockchain and distributed ledgers.
Through its unique identification process, parties to a transaction are granted a Super Token™ – a Private Blockchain Number (PBN) – that precludes the use of multiple and synthetic identities and enables the real-time confirmation of individuals, without compromising anonymity and privacy. Identities are trusted and known.
PBNs bring legitimacy and confidence to distributed ledger systems. Identity integrity enables the technology to fully achieve its promise to reduce risk, improve efficiency and ultimately provide better customer service.