There is a growing demand for safe, efficient, and secure authentication systems, given the rise of online financial products and startup companies providing innovative digital services.
Services like cashless payment systems provide convenience and ease of transactions. Banks and fintechs are already exploring or implementing biometrics as a way to authenticate users.
Biometric technologies, however, do not give an assurance of secure and safe authentication on their own. User data can easily be compromised or misused with improper handling.
Users are therefore concerned about how businesses are using their data -- fintechs and online services may be collecting, using, and selling personal data for their own profit.
More than half of e-commerce cart abandonment is due to forgotten passwords(49%) or forgotten debit/credit card details (59%) underscoring the need to improve authentication measures.
49% of the users in the US are concerned about their biometric data being compromised, while 35% are worried about their bank having access to the information.
Facial recognition in surveillance is legal in Russia and other countries, but is considered a major privacy threat, especially if the security of the system is compromised.
In Shanghai and Beijing in China, facial recognition is being used not only by state security and surveillance, but also by private companies. Example: Fintech provider ANT Financial is utilizing biometric scanning even in public places like the subway.
The combination of blockchain and biometric technologies will enable businesses to improve authentication through biometrics and eventually build and market their own applications on the iTrue platform and ecosystem. Reducing transactional friction through biometric authentication helps improve the user experience and enhance platform security at the same time.
With iTrue, users have complete control over their confidential personal data, and biometric authentication enables secure and seamless access to digital assets and even physical facilities, like a car or house. Since iTrue gives notifications where users’ data is being used, enterprises are able to integrate such privacy controls into their applications, thus helping businesses comply with the European GDPR regulations.
By implementing a blockchain approach, users and businesses are assured of a robust and scalable infrastructure wherein their records are secure and safe from data theft or misappropriation. Our solution is designed for high speed and capacity — overcoming the limitations of current blockchain tech.
iTrue’s blockchain-as-a-service platform enables applications to integrate authentication independent of passwords, gadgets and plastic cards — all through microservices as building blocks. But that is just one part of iTrue.
The ITU token brings together individual and business users into a single ecosystem with unlimited opportunities for scalability, under a decentralized platform for identification and data storage.
The platform itself does not sell user data. Rather, it enables users, clients, and developers to benefit from sharing and utilizing data on the platform.
Developers can build applications that take advantage of microservices, such as identity verification and authentication. Users are informed about each request for their data, and they are rewarded when they participate in data-sharing activities.
Our primary service for authentication with biometrics can be the basis of projects by third-party developers who will be able to integrate their own features and solutions into the iTrue platform
Users have full ownership of their data, and have full control over where their data is shared
User data is stored on a decentralized platform and never on local devices, thus ensuring better protection against failures or data theft
Biometric access means never having to memorize a password again, and never having to rely on a gadget like a smartphone or credit card
Individual users can get benefits when they willingly provide data to clients and businesses that require it, in the form of tokens or other rewards
Blockchain-as-a-service comes with authentication platform and reduces the need to build one from scratch, particularly the ID verification
Tokenized data sharing mechanism informs users and seeks authorization before any data is exchanged, thus complying with regulatory frameworks like GDPR
Contractors who traditionally collect and process data can exchange existing data with other contractors who may hold their own data. To ensure privacy, such data sharing will still require user permission
Business gain access to both turnkey solutions and developer-customized applications right within the iTrue platform
Access to iTrue microservices enables developers to build their enterprise or consumer apps on top of the iTrue platform. Such apps can be listed on the iTrue Marketplace for businesses and users. iTrue’s new type of storage also ensures speed, security, and accessibility.
Microservice developers get token rewards whenever other developers build upon their existing microservices; Application developers get token rewards when their solutions are utilized by other enterprises or users in the marketplace or when they are requested to customize or fine-tune iTrue applications for enterprise end-users
iTrue microservices are building blocks that enable developers to more quickly design and deploy enterprise or consumer applications. Developers can also build their own microservices into the platform, which other app developers can also utilize in building their own services and apps
Tokens issued to the team are on hold by a smart-contract for a period of 1 year. Tokens issued to advisors are tranched: 25% can be immediately used upon issue, while the rest will be put on hold by a smart-contract for a period of 1 year.
The iTrue foundation is aimed at motivating and rewarding developers to come onboard the iTrue platform, thus helping in enhancing scalability in terms of expansion to new markets. Tokens of the iTrue Foundation given to developers will be put on hold by a smart-contract for a period of 6 months.