lifeID is putting digital identity back into the hands of users, increasing privacy and reducing risks for both businesses and users. And it eliminates the need for passwords. Who doesn’t want that?
In this talk from RCon3, lifeID founder Chris Boscolo discussed the problems with how personal identity data is handled today, the benefits of a self-sovereign identity solution for users and businesses, and the use of RChain for scalability and platform governance.
Below the video is a summary of the talk.
lifeID is building a tokenized protocol that allows users to control personal identity data and who gets access to it. Users share only the credentials needed for a specific purpose, online or in the real world. Access can be granted and revoked at any time.
What’s wrong with digital identity?
- Identity theft and fraud are costing billions a year in the U.S. alone
- Centralized data makes companies targets for hackers
- GDPR require businesses to deal with data in a way that users prefer
- The problem is passwords
- Average user has 130 accounts and 27 passwords
- 50% dropoff rate when people have to create a password for a new site
A new paradigm for digital identity
- Uses Decentralized Identifiers (DIDs) standards, making it interoperable with other sovereign id solutions
- Bridge layer to work with Web 2.0
- Tokenized smart contract layer for storing the digital identifiers
Benefits of lifeID
- Faster, cheaper, more trusted onboarding
- Drastically reduces fraud prevention costs
- Eases GDPR compliance for identity
- Eliminates passwords
- Send just the verified credentials needed
- User can revoke access to their credentials at any time
- Use on a biometrics-capable smartphone with optional PIN protection
- Pay for onchain identity services (creating digital identifiers, issuing revocations, etc.)
- Participate in token-assisted platform governance
- Stake tokens for access to web services (instead of interacting directly with the blockchain)