Blockchain-based digital identity service SelfKey is rolling out its artificial intelligence (AI) solution and zero knowledge (zk) verifications to vendors, allowing them to safely authenticate users without exposing them to identity theft.
Ahead of the launch, SelfKey has released a new whitepaper detailing its Know Your Customer (KYC) chain technology.
Zk verifications provide a means to verify the information is correct without disclosing the information itself. They enable blockchain users to complete transactions without revealing sensitive financial information such as account balances.
SelfKey’s technology empowers individuals and corporations to take ownership of their identity data. It empowers vendors to perform mandatory KYC checks without having to store user data in centralized databases. This frees them from the security risk of holding sensitive information, such as customer photos and identity document scans.
SelfKey has developed its zero-knowledge KYC solution alongside further enhancements to its digital identity service. This includes the incorporation of AI to improve accuracy and clamp down on fraud.
SelfKey’s AI has been trained to spot differences in facial composition between a user’s initial KYC and the image they use to re-authenticate their identity. SelfKey’s research has shown the technology also has wider applications within the field of digital identity.
The technology is Integrated into SelfKey’s Proof of Individuality (POI) solution to combat fake personas made using AI models, which can pass as human in many digital identity checks. This will thwart the use of wallet reselling, which has been difficult for platforms to prevent. A future upgrade of the POI system will use AI for behavior detection, increasing its efficacy in combating identity fraud.
In the future SelfKey plans to launch a customizable collection of non-fungible tokens (NFTs) with built-in rarity appreciation. The more users who join a SelfKey project, the greater the rarity of the customizations becomes. Users will also be able to merge these customizations to create higher-tier NFTs that will attract even higher demand because of their scarcity.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2023/03/selfkey-to-release-ai-and-zk-based-digital-verification-solutions