Identity verification has come a long way in the past decade managing to distinguish various identities in a business setting. However one company in South Africa aims to change traditional forms of verification for a blockchain solution The project is aimed to be put into operation by 2017 by the ThisIsMe company which is aimed at identity verification.
The South African blockchain scene has been erupting over the past year, including the integration of blockchain technology into various sectors of finance including remittances etc. Identity verification processes would not normally be associated with cryptocurrencies like Bitcoin as they are considered to protect user identities. However with the TIM project, the company aims to advance current techniques to reduce chances for fraud while protecting user identities.
While often associated with the virtual currency, Bitcoin, block chain technology is now being considered as an additional layer of security to ensure anonymity in order to protect yourself online, thereafter enabling your trusted ID to vouch for your participation in the transaction.
Mark Chirnside ThisIsMe CEO
To conclude the use of blockchain solutions in identity verification have long been viewed as futuristic. Considering the Blockchain is fairly impenetrable, the infrastructure provides a credible and safe source of verification for those either looking to verify customers and view origins of large amounts of money. Money laundering has become a huge problem in recent memory with the advent of payment processers keeping users identities completely anonymous.