Hong Kong, Hong Kong, 9th March, 2023, Chainwire
Self-sovereign identity service, SelfKey, has released a new whitepaper detailing KYC solutions with features enabled by artificial intelligence and Zero-knowledge verifications. The AI-based solution and the zk-based features, built using KYC-Chain technology, will be rolled out to vendors, allowing them to authenticate users safely without exposing them to identity theft.
Zk (zero knowledge) verifications provide a means of verifying that information is correct without disclosing it. They are popularly used in blockchain systems to enable entities to transact without revealing sensitive financial information such as account balances. SelfKey’s zero knowledge KYC system uses this same technology for identification purposes.
One of the advantages of SelfKey’s zk solution is that it empowers vendors to perform mandatory KYC checks without being burdened with storing user data. This frees platforms from the burden of holding sensitive information, such as customer selfies and identity document scans, with the security risk this entails. Users will be reassured that their data is not stored in centralized databases for each platform.
Developing a zero-knowledge KYC solution has occurred in tandem with further enhancements to SelfKey’s digital identity service. This has included incorporating artificial intelligence to improve accuracy and clamp down on fraud. Integrated into SelfKey’s Proof of Individuality (POI) solution, the technology can combat fake personas using AI models, which can pass as humans in many digital identity checks.
SelfKey’s enhanced KYC solution was developed in response to industry-wide complaints from vendors who have struggled with user verification in the age of AI. Artificial intelligence has reached a stage where it is relatively simple to pass KYC checks using computer-generated selfies derived from individuals who don’t exist. This opens the door to fraudsters perpetrating financial crimes while hiding behind a cloak of anonymity.
SelkKey’s solution will fight AI using the same technology to combat the rise of AI utilization for nefarious purposes. Integrated into SelfKey’s POI system, the technology will use AI to ensure that network users are the same individuals who were initially onboarded. This will thwart wallet reselling, a traditionally tricky practice for platforms to stop.
SelfKey’s AI has been trained to spot differences in facial composition between the initial KYC of the user and the image they are using to re-authenticate. Research by SelfKey has shown the technology also has broader applications within the field of digital identity. A future upgrade of SelfKey’s POI system will enable AI to be utilized for behavior detection, increasing its efficacy in combating identity fraud.
Further products scheduled to be released by SelfKey include a customizable NFT collection with built-in rarity appreciation. The more users who join a SelfKey project, the greater the rarity of the customizations becomes. Users can also merge these customizations to create higher-tier NFTs that attract even greater demand due to scarcity.
SelfKey has also revealed that it is creating a new mechanism for its DAO. This will address future features integrated into the DAO, providing grants issued by the DAO.
SelfKey is a fast-growing blockchain startup developing digital identity solutions. Its technology empowers individuals and corporations to reclaim ownership of their identity data. SelfKey’s blockchain-based identity system allows identity owners to own, control, and manage digital identities, creating a safer world where personal data and privacy are protected.
Learn more: https://selfkey.org/
SelfKey Marketing Team