How Does The Matrix Bio-Wallet Empower Users In Different Everyday Scenarios? (1/2)
Credible Digital Identification
To understand how this will be used we first need to learn more about credible digital identification.
In today’s world there is an ever growing need to move from paper-based documentation to digital documentation. Although this has been adopted by nearly all spheres of our everyday life our most important personal documents (ID, driver’s license and passport to name a few) are rarely converted into digital ones due to counterfeiting concerns.
International transportation is the most obvious real life example of where digital ID documentation would make life a lot simpler. The author of this article has on several occasions forgotten to bring his ID card when travelling with the train and although you can get a temporary ID card made for you at the station, the queue is long and could lead you to missing the train. Oh how much easier life would be if this was no longer a problem.
So why do people/governments not use digital IDs? There may be various reasons but the most obvious is how does one prove you are you?
Since IDs are correlated with one’s personal biometric information, the current common practice is to use face or fingerprint recognition, which of course has its flaws. For instance, the face recognition on our smartphones is incapable of telling someone from his twin. While fingerprint readers are even easier to fool using fake fingerprints.
Therefore, when it comes to people’s important personal data, finger vein recognition is currently the logical way to go. Since this recognition method requires input from a living organism, it is impossible to fake, and not even twins have identical finger veins.
Hopefully in the not-too-distant future credible digital ID (based on finger vein recognition) will become a reality and we will no longer have to take our physical ID along when taking the train, visiting Internet cafes or travelling abroad.
The constant worry about having your ID card stolen and the subsequent hassle that is involved in obtaining a new one will become worries of the past.
Decentralized ID (DID)
Essentially, a decentralized ID is a digital identification document that is not issued by centralized authorities.
In this day and age, managing one’s digital identity can be quite a challenge with many people having different accounts on different platforms, each with its own complicated authentication process. The author for one has no less than a hundred such accounts and often forgets the password to the accounts seldom used like his social security card or residence card.
By creating a single digital identification system that is reliable enough to be used across all platforms, we would then be able to do away with the need to register a new account every time we access new platforms.
Decentralized ID has a number of advantages and if the above is not motivation enough to switch to a DID system the following should provide further support.
Privacy: With the help of mechanisms such as smart contracts, targeted authorization, etc., access can be specifically granted to certain services.
Efficiency: If one single identification method can be used across platforms, no one has to be bothered by the intricate registration requirements each company has.
DID goes beyond this still. A decentralized identification system will let the service provider know whether the user’s ID information is genuine without giving away his/her personal information.
For instance, if an exchange needs to verify your ID, the DID system can do the verification job and report back to the exchange without letting it have your ID card/passport number.
As crypto investors, we all receive scam calls from time to time. You may ask how the scammer was able to get a hold of your information? They know our names and phone numbers, even the fact the we have invested in cryptocurrency. It goes without saying that we have been betrayed by the cryptocurrency exchanges we have registered on.
With DID, one would no longer have to worry about one’s privacy.
However, with all its clear advantages, one thing DID cannot do is to authenticate the truth of someone’s identity, and if the ID information entered into the system is false in the first place, the rest then becomes pointless. For this reason, centralized identification is still indispensable, although it is inefficient, as the authorities behind it lend credibility to its results.
Therefore, credibility is still the biggest hurdle to DID, while the Matrix Bio-Wallet is created to be the perfect solution. The Bio-Wallet uses finger vein recognition to verify the users’ identity. It is both credible and decentralized. Since each Bio-Wallet is a vessel that contains a user’s DID information, a system of these can provide accurate identification while guaranteeing privacy and ease of use.
DID will be the foundation of tomorrow’s Internet, and the Matrix Bio-Wallet is the missing piece of this puzzle!