How Blockchain Technology can Help Protect Your Identity
Blockchain technology seems to be the ideal solution for Identity management issues. Blockchain excels at identity authentication and authorization. It helps us ensure the user is who he or she says they are, and then authorizes them to perform a predefined set of actions, such as, transactions.
Blockchain technology is both advanced and straightforward. By utilizing public key/private key cryptography, a blockchain can be deployed to create identification systems that are revolutionary in their simplicity. Using this immense opportunity offered by blockchain technology and converging it with cognitive neuroscience, an innovative solution was delivered by Bright Nation Limited.
The Ydentity Project
Ydentity is the world’s first risk identity blockchain token based on cognitive neuroscience to evaluate risk and provide a predictive model for customer onboarding and risk underwriting. The underlying blockchain platform is token-driven. It is cryptographically protected by defense-grade standards and is regulated by a smart contract.
Ydentity is a utility token in limited supply. It is closed source, unique, non-transferable, and non-recyclable, which tokenises the risk profile to be voluntarily used for authentication, risk assessment, compatibility, and self-protection. The Ydentity risk profile token could provide a new underwriting instrument for several markets, including but not limited to insurance, investment, social networking, dating, and gaming.
Ydentity is built on cognitive neuroscience theory that has been validated by extensive research, including nonclinical population studies and human brain mapping using functional Magnetic Resonance Imaging (fMRI). Individual user risk profiling is based on a psychometric test that measures an individual’s cognitive abilities and classifies each user's profile into one of three categories.
• Risk Averse — refers to Harm Avoidance (HA)
• Risk Dependent — relates to Reward Dependency (RD)
• Risk Taker — refers to Novelty Seeking (NS)
Ydentity integrates blockchain technology to create a risk-identity token that is located as a confluence of psychological testing and government identification. It also meets with defence-grade KYC and cybersecurity standards. Get more information about this revolutionary project here:
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