PERSONA — Blockchain scope is to empower
Each day, millions of individuals share personal data with various parties, starting from using cloud providers or smartphones with the localization option active and going forward to the relation each has with their respective service providers.
Each individual is the de facto owner of their data. Therefore, in order to have access to a service or device, they need to explicitly agree to share it. The party entrusted with this kind of data is supposed to take all the necessary actions in order to protect it. In the past year there have been numerous issues when large corporations collecting data about individuals, failed to handle them correctly. Often, this data ended up in the hands of hackers. For example, in 2017, Equifax, a large consumer credit reporting agency in the US was hacked, and over 143 million social security
numbers were compromised.
In the European Union, data protection is taken very seriously and there are regulations in place that are enforcing data protection policies over personal data. The scope of these regulations is to keep the individual in the driver’s seat, to offer the means so the individuals can decide what he/she is sharing with whom and what is the reason for granting access to those private details.
Persona represents the solution for identity management, aligned with the latest data protection regulations. Its scope is to empower the individual and grant them the control over their personal data as well as the means to secure access to their private details.
Persona is designed as a decentralized application with no single point of failure, keeping all records encrypted. The individuals have the control over the granularity of the details they want to share, with whom they are sharing it and for how long. With the launch of Bitcoin in late 2009, Satoshi Nakamoto offered a glimpse of the underlying technology that powers its decentralized network, the blockchain .
The main strong points which the blockchain technology offers are:
1. Replace the middleman: There is no need anymore of a trustful side, one that can be and is trusted by both sides involved in a transaction;
2. Decentralization: there is no single point of failure, while attacking the network is virtually impossible;
3. Immutability: a record written on the blockchain is there forever, unalterable;
Persona leverages the blockchain features, allowing a company to offer KYC services to third party as well as benefiting from each other’s services. The verification process has two levels: Community and Professional KYC.
Persona Use Cases and Industries
Persona blockchain scope is to empower individuals claim and own their personal details in relation with different 3rd parties. Once an individual has claim their identity they can require community verification. The higher the percentage of
verification is, the higher the trust for that person is.
The GDPR Persona use case
The GDPR represents an European Regulation (), whose intent is 9 to strengthen, to unify and to act as an equalizer on data protection for all individuals at European level. It was voted and adopted in April 2016 with a 2-year transition period,
becoming enforceable starting the 25th May 2018.
The GDPR directive protects basic identity information (such as name, address and ID numbers), web data (such as location, IP address, cookie data and RFID tags), health and genetic records, biometric data, racial or ethnic data, political opinions and sexual orientation.
The regulatory pressure enforced by the GDPR empowers the individual as well as minimises the control held by data operators when it comes to using personal data. However, if companies act upon accordingly, their relation with their customers will strengthen.
The KYC Persona use case
The Know Your Customer (KYC) process represents the request of companies to verify and acknowledge one’s identity when developing business relations with
In addition, the companies are required to verify that the person with whom they willengage is who they declare they are. They can perform this action by requiring a set of documents, government or third party issued, such as ID, proof of residence, utility bills issued to the same address present on the ID and any document that can proof that a person is who they claim to be.
The Know Your Customer process can be very thorough when it comes, for example, to opening a bank account or can be lighter when signing for a new mobile carrier plan. Also, KYC comes with great costs. Only in 2014 the KYC/AML costs were 10 billion USD, not to mention the fines regulators world wide impose if a faulty KYC process is discovered.
As of today, the KYC represents a requirement for each entity, even if it is performed every time a person decides to acquire a specific service (usually KYC is required in transactions that imply revolving payments). This means that a person who decides to open a bank account and also to get a mobile plan with a mobile carrier, will need to provide the same set of personal details twice because their systems are not
communicating each other.