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A Project To Verify Identity Using Blockchain
Blockchain is the world's
leading software platform for digital assets. Offering the largest production
block chain platform in the world, we are using new technology to build a
radically better financial system. A decentralized identification system
that would allow parties performing blockchain transactions to verify, on a
primary level, the identity of each other without having to disclose
non-essential sensitive personal information to the counterparties; and on a
secondary level the source of the Cryptocurrencies in the transaction.
IAME
IAME is a project that proposing solution to change the
way the identification process is conducted to the point that a person’s data
is fragmented prior to confirmation by a series of independent third parties,
who are not affiliated to any parties within the transaction.
The IAME Identification Network
The proposed IAME Identification Network would have a
core that consists of:
- a client,
- an allocation server,
- a validation server,
- a writeable blockchain, and
- an identity server.
Each component would carry out specific functions that
can be demonstrated in 2 processes - a validation process, and an
identification process.
- The validation process would be the operation through which the client would have her/his information validated by third-party validators. The process is as shown below:
- Upon request, statements and their corresponding supporting information would be fragmented at the client level and encrypted into validation packets to be sent to the allocation server.
- The allocation server would control the random allocation of validation packets to third-party validators, who would return the result of their validations to the validation server.
- Once the above is completed, the validation server would evaluate the validations from the third-party validators, and hash numeric or boolean confirmations paired to specific statements on a designated writeable blockchain.
For a counterparty to transact with a client, an
identification process has to be completed. This process is based on the
counterparty’s own specific requirements.
- Assuming that the counterparty requires Data 1,2,.. n to be validated for a specific transaction with a party, the counterparty sends a request to the Identity Server for the validation status of Data 1,2,.. n.
- The Identity Server reads the blockchain for validation status of Data 1,2,..n for the party, and returns the validation data to the counterparty, and from thereon the counterparty can complete the transaction.
While the IAME Identification Network would not be a
bypass for data sharing between transactional counterparties, it would serve to
segregate the distribution and validation of non-essential sensitive personal
information.
Third Party Validation
Pursuant to the concept of the IAME fragmented
identification system, there is a requirement for a system of decentralised
third-party validators under the rational that an identification validation
conducted by a multitude of third-party validators is more dependable and less
susceptible to the risk of fraud than an identification validation conducted by
a single institution or party.
The solution we propose is a symmetric game model that
will encourage truthful validation that is analogous to the Byzantine Fault
Tolerance - the Trial Algorithm.
Aspects of the Trial Algorithm:
- Each statement and their corresponding supporting information are processed as fragments ( “Evidence” );
- Evidence is validated not by single third-party validators ( “Jury” ), but by a Jury (a “Tribunal” );
- Each jury validates in a designated method on whether the Evidence matches the statements
- The Tribunal validations are counted and a majority rule consensus is reached
- If there is a non-majority consensus on an evidence, the evidence is sent through a second tribunal ( “Appeal” )
- If the appeal jury votes to a majority consensus identical to the initial tribunal,the decision is upheld, or else the initial tribunal decision is rejected
An Identification System for Blockchain P2P Transaction
With a functional IAME Identification Network, the
primary application would be the facilitation of blockchain P2P transaction,
such as online merchant transactions. Taking into consideration a simple online
purchase where a customer purchases a physical good from an online merchant
with Cryptocurrencies, the amount of personal data that is communicated from
the customer to the merchant can be segregated into two categories: essential
to the transaction and non-essential to the transaction.
Essential
information would be a name and an address without which the transaction and
the delivery of the good cannot occur
Non-essential information would include, for example, an
identity document to prove the name of the customer, a utility bill to prove
that the address belongs to the customer, and the specific date of birth of the
customer
The IAM Token
To operate the IAME Identification Network, a functional
token will be issued, known as the IAM Token, which would operate as a
validation token to initiate confirmation requests for validation packets on
the IAME Identification Network.
The value of the IAM Token would be, in essence,
determined by 2 factors:
The cost of
validation, which would be proportional to the financial cost of hashing the
requested amount of data on the designated blockchain, setting a price floor
for the token
Market demand,
which would be proportional to the demand for blockchain identification based
on the IAME Identification Network
IAME Cap
Minimum Cap1,000,000
USD
Maximum
Cap25,000,000 USD
IAME Team
IAME Advisors
Really a very
interesting project, you can join in this project!!
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Author : ririsw
Hello, my name is Jack Sparrow. I'm a 50 year old self-employed Pirate from the Caribbean.