Overview of Selfkey
What’s your daily routine like? For me, one of the first things I do when I wake up is to check my email, I proceed to read recent news on cryptocurrencies and my local community, before proceeding to do anything else. For some people, they have formed the habits of taking selfies and posting on Instagram, regularly login into Facebook or posting a tweet. The bottom line is that we live in a digital age. While you may think that your conversations, identity, and data as a person is secured and private, you are at the mercy of centralized servers.
Selfkey is a decentralized SSID (self-sovereign identification) system that gives individuals full and total control of owning and managing their identities. Selfkey has been built to solve some of the limitations of traditional centralized identity systems. Some of these limitations include:
Security Breaches: Centralized servers are honeypots for hackers and are prone to hacks and data breaches. There have been many cases of hackers stealing user information, such as the very popular Equifax hack.
Regulatory Laws: Data protection laws vary from one jurisdiction to another. Such differences often create additional costs for small business and users on their part, do not have full control of their identity rights.
Inefficient KYC Processes: KYC has become mandatory for user onboarding processes. Sadly, the KYC process is time-consuming and costly. Beyond the fact that users have to upload sensitive information repeatedly, there is the risk of data breaches, and being rejected at the end of the KYC process. As a matter of fact, I have been trying to get my KYC done on a particular exchange for over 3 months (same documents that other sites have accepted in the past and recently, are being rejected by this exchange).
Selfkey allows users to store their identities and documents in a single location. With Selfkey, you don’t have to fill out a new set of information every time you need to register on a site or perform KYC verification. The platform also has an integrated financial services marketplace which grants users access to a wide range of products and services, using their universal digital ID.
Fun fact: SelfKey is a product of KYC Chain, a company that has been providing KYC solutions to global banks, immigration, and law firms since 2013.
Selfkey’s network comprises of 2 core components; the Selfkey Wallet and the Selfkey Marketplace.
The wallet is open-source and users can manage and securely access their identity attributes and documents from their personal devices. You can think of it like your mailbox, but only this time, it is decentralized, stores your important information, and accessible only to you. The wallet assigns a universal digital ID to users which can be used anywhere in the world.
In addition to a universal ID, a marketplace has been added to enable users to access a wide range of products which may require KYC processing; from opening a bank account to incorporating a new business, and even participating in token sales. This will eliminate the time spent on repetitive KYC processes.