In this episode, we want to talk about the Digital Identity and our approach to it.
I will briefly talk about the secure data exchange, which is the key component of the Monetha’s Reputational Identity. Data privacy and security becomes more and more relevant topic these days. We hear about lots of use-cases where corporations, advertisers and other centralized bodies are leveraging our personal information for their benefit, and this makes our digital fingerprint scattered across multiple vendors without clear transparency of how exactly it’s being used.
So, what is a secure data exchange? While this term seems to be self-explanatory, but there is much more behind the concept of data exchange in our implementation. In our case, we leverage cryptography to ensure the data protection, and enable you to securely exchange this information with a third party only upon your approval. In this way, you are always aware of whom you granted access to your data, would it be an online merchant, or online service provider. And also, later on it enables you to monetize your trustworthiness.
And another important aspect of our implementation, that by leveraging cryptography and the distributed ledger we are aiming, at least significantly reduce the chance of a centralized data breaches, identity theft and other type of fraud. Because, if you don’t intend to exchange your information with a third party – it will not leave your device, and it will only be available for those with whom you shared it with.
That’s it for quick introduction to our Reputational Identity and secure data exchange.
I hope you are keeping safe and well. Until next time!