SelfKey is an all-new blockchain-based identity management platform that makes use of a concept known as Self-Sovereign Identity (SSID). Through the use of an SSID protocol, users are no longer bound to traditional legacy systems which still make use of paper documents.
Not only is SelfKey a completely digitized system, but it also makes use of certain modules that deliver a higher level of:
SelfKey consists of certain key components including:
- SelfKey Foundation: a non-profit foundation whose charter and governance enshrines the principles of self-sovereign identity
- Technology stack: this includes a free and open source identity wallet for the identity owner
- Native marketplace: a decentralized trading avenue where people can buy/sell real products and services
- JSON-LD: a machine-readable protocol that helps establish a connection between the platform and other third party identity microservices which comply with KYC laws and regulations
- Native currency: all transactions taking place within the SelfKey ecosystem are driven via a token called KEY. This currency allows users to exchange value and information in an efficient, digital, and self-sovereign manner.
SelfKey makes the entire KYC verification process simple, easy, and streamlined. To be more specific, it allows certifiers and identity owners to process transactions containing sensitive data in a highly secure, private and decentralized manner.
The platform comes with an Identity Wallet that provides users with secure access to their ID attributes and documents. Not only that, the wallet also allows for the verification and notarization of personal documents via qualified certifiers. Other key attributes of this storage module include:
HOW SELFKEY WORKS
To use this platform, all one has to do is simply download the SelfKey Wallet application on his or her personal device.
Once the installation is complete, users then have the option to store their identity data locally on their smartphone, tablet, etc. Not only that, all of this data can be backed up on another device so that in the case of an emergency, users always have access to their personal documents.
In terms of the security of this platform, the core privacy module makes use of a public/private key pair— also known as the SelfKey. This SelfKey serves as a user’s digital “pen” that can be used to apply an identity owner’s unique digital signature to documents.