Uncontrollable Global Fraud
The fear of fraudulent activity is one of the grave concerns people of our world deal with today. The fraudulent use of information presents a threat to the security of countries and their citizens, the economy, and global commerce. For large multinational corporations, having thousands of stakeholders in their supply chain makes it more difficult to manage their exposure to fraud. As globalization increases, many international businesses will become more susceptible to various forms of fraud. In fact, according to the Kroll Global Fraud Report, 75% of companies have fallen victim to a fraud incident within the past year. Supplier or procurement fraud, theft of physical assets, information fraud, management conflict of interest, regulatory or compliance breach, corruption and bribery, internal financial fraud, IP theft, and market collusion all fall under the category of different types of fraud we see today. Now, an increased awareness level has led to a growth in the number of companies proactively looking to better their security positions.
Innovating to Find a Solution
Fortunately, the recent partnerships of DigiByte Global Blockchain with V-ID and AntumID aims to end various forms of fraud with advanced validation methods. V-ID is leveraging DigiByte’s blockchain technology to allow people and organizations to validate the identity of their documents in a careful, detailed, and distributed database. Secondly, AntumID is a decentralized platform that sets users up with a personal and unique internet code to prove authenticity as a person. Simply put, individuals and organizations can now safely distribute stuff over the internet without having to worry about fraudsters, hackers, or manipulators.
The High-Powered Engine that Could
Before a record can even be published, community participants must agree the information is valid. If there is any doubt about the legitimacy of the IDs in question, then there will not be a validation. On the other hand, if the majority of users happen to prove the authenticity of a record, then it will be published to the network and become permanent.
A real-world example of how a person could verify records through V-ID or AntumID is to append identity documents to the Digibyte Blockchain.
For example: India has made considerable progress, documenting 99 percent of adults. The Indian government created a unique twelve-digit ID for every resident. Government agents went out to collect demographic and biometric data and uploaded them to a central repository designed to verify ID instantaneously. Indian citizens could use this ID to complete any transaction, conduct peer-to-peer commerce, and receive government benefits. The Indian government marketed this as a fully safe and secure system, but it turned out to be the exact opposite. The government had all this data stored in one central location. As a result, hackers had unrestricted access to the data behind more than one billion people’s personal details such as photo, name, address, phone number, and e-mail. Furthermore, these hackers could create an official looking, fraudulent account by stealing the identity of all these innocent people. This proves that a government-sourced identity is a big problem, because the government is incapable to have secure control over all these important personal documents.
An Empowering Shift
It is time for citizens to re-establish our identities, and with Digibyte Global Blockchain, V-ID, and AntumID we are accomplishing this. These partnerships move away from system-centralism, vulnerable to cancellation, forgery, and theft. Furthermore, this abolishes the need for a system administrator who can freeze access, alter terms of usage, or lose our essential identifications. All the personal data and documents we create associated with identification such as biometrics, academic transcripts, medical history, credit card numbers, passports, etc., will be controlled by the individual. In short, we hold the keys to our coveted information. We are continuously working to create cybersecurity measures that will prevent the distribution of wrongfully manipulated content. People will soon have the privacy they deserve by having their own validated documents and information at their fingertips. These collaborations mark a restoration of hope for the evolving world we live in.
Written By: Ben Fagin