Founders believe in their vision because they envision a different future and stand apart from competitors. Similarly, we at Unum ID believe in our mission, because we believe it’s different and it’s better.
There are four core components that set Unum ID apart from its competitors.
- No crypto. No company wants to depend on another company's cryptocurrency. Unum ID involves no cryptocurrency and never will. Even as a blockchain based solution, no cryptocurrency is needed for customers to fully benefit from our product. Banks are terrified of cryptocurrency, as it signifies potential technical difficulties and unchartered territory. One reason that has kept blockchain and cryptocurrency away from widespread consumer use is its high friction nature. Therefore, by eliminating the need for cryptocurrency completely from our ecosystem, we make our interface much more user friendly and trustworthy.
- Blockchain agnostic. Just as how we prefer to choose our cell phone service providers, our companies prefer to choose their blockchain providers. Choice is liberating, and being locked into one blockchain provider leaves you in headaches when the blockchain provider goes south. Or, God forbid, the blockchain provider makes a design choice that makes your company no longer GDPR-compliant. In recognition of this, Unum ID allows our customers to freely choose the blockchain provider of their choice, and switch at any time.
- No 3rd party app needed. Many of today’s authentication and identity verification services require users to download a 3rd party app. This makes the user experience extremely high friction, ultimately making companies lose on customer acquisition or retention. To counteract this issue, Unum ID’s technology is embedded in a mobile SDK -- like Stripe for identity -- that can be installed into any company’s native mobile app. This makes the verification process strikingly fast for users.
How Unum ID is Better Than Our Current Reality
With sharified identity, we can achieve network effects at scale. Every verification purchased can be shared an infinite number of times, meaning that verifications will be a LOT cheaper for your company than what it used to cost.
Cost of verification for an individual company = cost of verification / number of companies sharing
Thus, the more companies join the network, the less the cost of verification for an individual company would be.
In the end, identity verifications become much cheaper than what you pay today.
Unum ID’s unique ecosystem connecting cryptography to a singular device guarded by biometrics prevents against the most common types of fraud and data breaches.
With the need to use a physical device to unlock an account, SIM swapping is avoided. Unum ID’s two-way QR code authentication system also eliminates the possibility of phishing attacks. Finally, in contrast to a centralized database of sensitive user data, a decentralized network of locally stored data on mobile devices is virtually impossible to breach.
Finally, we believe in Unum ID because it’s possible. With a sound analysis of market economics, we know that there is enough incentive for the first identity verification company to partner with us. This partnership will help blockchain identity companies enter the market, and eventually lead to blockchain identity technology completely revolutionizing identity verification as we know it.
From financial services, to healthcare, to government, Unum ID provides boundless value. The possibility and impact of blockchain identity technology creates the basis for why we believe in Unum ID. Think for yourself, let us know your thoughts, and I hope you will also believe in the potential of Unum ID.