For most of history, one’s physical identity has been a pretty solid indicator of who they were. Of course fakers existed, but the potential for them to commit fraud at scale was basically nonexistent. Now that digital identity is central to our lives, fraudsters have a serious advantage.
Cybercriminals are now supercharged with the unlimited potential of online identity theft. Much like other developments of the digital age, countermeasures simply can’t keep up with the unlimited scalability of the internet.
What if you could be as unique as you are in the real world, except online? That’s exactly what we’ve built with Unum ID. It ties a user to a single device, finally bridging the gap between you and the digital world. The blockchain is the key to making this work, by storing the information proving that you’re really you in a decentralized manner. This is the breakthrough we’ve all been waiting for to finally reel in the untamable nature of the internet.
Why is Identity So Important?
Think of all the things you have to do to prove your identity everyday. From bank accounts, to insurance, to even ordering food, there are so many reasons to prove who you are out of 7 billion other people. In some cases, the consequences of misidentifying someone can be quite severe. And believe it or not, this happens enough to give companies major headaches, especially when it comes in the form of losses to fraud. A whopping 5% of annual revenue is lost on average by financial services every year.
On top of this, the internet has permeated into more areas of our lives than we could’ve ever imagined. In a few years who knows how much our online identities will account for? Schools? Passports? The sky's the limit!
This is precisely why it is so important to get the issue of identity under control before essentially every aspect of our lives is digital. Furthermore, the dozens of identities one accumulates throughout their life can be ungainly and hard to remember. We want to make sure that you’re never locked out of an account again.
The Power of Sharified Identity:
How much easier would things be if you only had to sign in once for a service? To take that even further, how about once for all of your services? That’s exactly what we’re offering with Unum ID. Better yet, this makes all your accounts more secure in the process.
When the process of using personal information to sign into a service is eliminated, so is the potential for this info to be stolen and used by another person to sign into one of your many services.
In a broader sense, sharing your identity across all the platforms you use makes things immensely easier for the services as well. Onboarding new customers can cost companies millions of dollars per year, especially when sensitive checks are done such as KYC. Having one identity that all of these services can rely on removes an immense amount of friction from the credential ecosystem.
Perhaps the best part of all this is that the identity is controlled by the individual and not the service. Thus the term “data sharing” loses its negative stigma. We are creating a form of sharing which is totally transparent, and in which all participants win. Identities are securely verified once, for customers to use anywhere. That’s why we’re coining a new term for this revolutionary concept. “Sharified identity” is your shared, verified identity for all services.
How this Stands to Change Things
With a single online identity for each offline human, every industry stands to gain a better identity solution. The redundancy of verifying individuals the same way over and over again will be eliminated. This will in turn save millions for companies everywhere.
The uniqueness of our blockchain identity solution will create massive disruptions. One of the biggest hassles for services across the board will be consolidated and free up commerce on a massive scale. We believe in a more open economy in which valuable information can be shared instantly and securely. Such a paradigm shift will be a major catalyst in the way companies and individuals interact with each other.
Our highly connected world has become so by largely digital means, so it would be fitting for a breakthrough in digital identity to streamline this even further. We are excited about ushering in this promising future, one industry at a time.