Digital identification: the pros and cons of not anonymity

In the modern world, digital personalities are common. Even such conservative structures as national governments join the trend of digital identification. Some countries, such as Estonia, Japan and even India, are already attempting to introduce a digital ID for all their citizens.

For example, the Estonian ID smart card has been issued since 2002 and serves as a tool for identifying individuals throughout the European Union, and AADHAR is a 12-digit unique identification number assigned to all citizens of India based on their biometric and demographic data. However, at the beginning of this year, the desire of state structures to follow innovations has already led to a local catastrophe, once again confirming the fact that storing critical citizens' data by state institutions is a bad idea. In May of this year, the Indian Center for Internet and Society Studies warned that 135 million AADHAAR numbers had flowed from the state base to the network. This database is considered the largest biometric database in the world, as it contains data of more than a billion people.

According to the report, the leak did not occur as a result of the attack or because of any vulnerability in the system. The blame for the incident lies with the government departments that manage this vast array of data. The result of the leak was massive cases of financial fraud using fake digital IDs.

On the one hand, digital identification of individuals and organizations quite naturally fits into the concept of digital economy and digital jurisdiction. At the same time, the darknet is already a booming private information market, where compromised critical data of all kinds can be acquired for a couple of Satoshi. According to Forbes, the market for compromised data by 2019 will grow into an industry worth $ 2 trillion.

2017 began with a round-up of the Commission of the People’s Bank of China on the country's largest cryptocurrency exchanges. In the course of a long, meticulous inspection, the exchanges were forced to significantly limit their activities, triggering a short-term decline in the rate of Bitcoin. A month later, the People’s Bank of China allowed the exchanges to resume work, subject to the introduction of mandatory user identification, in accordance with the standards of KYC and AML. Almost all US cryptocurrency exchanges require users to undergo a mandatory identification procedure, at least when it comes to large amounts.

Not being able to control powerful streams of cryptocurrency, governments of different countries, quite predictably, resort to the only possible measure of impact, trying to take control of the points of entry and exit of money from the cryptocurrency space, i.e. exchange, exchange services, bank accounts.

These restrictions, which only recently seemed so illusory against the background of the heyday of cryptocurrencies, suddenly became very real.

In the digital jurisdiction of the future, digital identifiers will definitely be present, both for individuals and legal entities, and this trend has its positive and negative sides. In order to give legal status to legal relations, to approve digital rights and ways to protect them, a binding to identifying data is necessary.

In this situation, again we can resort to the unique properties of the blockchain in order to develop a transparent and secure solution that will ensure the safety and immutability of the critical user data.

Using the innovative qualities of the blockchain, the Jincor project, which is building a platform for b2b-protected interactions, will provide digital identification services to companies and individual entrepreneurs. These digital IDs will become the basic elements for the full functioning of corporate players in the digital jurisdiction of the future.

Companies seeking to use the advantages of the blockchain technology, such as cryptocurrency and smart contracts, are in dire need of a legal legal framework, and hence in the identification procedure.

Digital identification is a key element for building trust in a decentralized environment, so decentralized solutions for identifying users have become a popular area of ​​development for the blockchain recently. One of the most striking solutions in this field is the Civic project , launched by the founder of Gyft, venture investor and blockchain star Vinni Lingham.

The Civic app looks and works like an electronic wallet, but instead of money, it stores personal data, allowing the user to selectively share them.

“Civic verifies personal data and stores it on your mobile in such a way that only you can use or view this information,” explains Lingham.

The decentralized approach to storing identifying data provides a link between the real world and cyber documents, the project website says.

The blockchain project Jincor appreciates such an innovative approach and at this stage is considering the possibility of integrating the Civic solution with the platform's functionality, so that the ID of a specific user can be associated with the ID of the organization he represents.

Digital IDs within the Jincor blockchain ecosystem will also be the guarantor of the responsible behavior of participants in the event of disputes. In one of our previous articles, we described how the decentralized system of arbitral proceedings in the Jincor ecosystem will be arranged . In the event that companies use a smart contract to enter into a transaction, it would be reasonable for each party to provide ways to resolve disputes in the event of a dispute. Regardless of the type of contract, disputes can arise both in the digital world and in the real world, and blockchain contracts are no exception. Within the blockchain ecosystem of Jincor, smart contracts will be available only to verified participants.

The digital identification service has the potential to accelerate the implementation of block-based solutions in the corporate world, at the same time ensuring the safety of important data. Considering all these reasons, Jincor is able to become an ideal platform for adapting corporate players to the realities of cryptoeconomics.

Ico jincor

Jincor , a decentralized platform for intercorporate interactions, is currently conducting a pre-ICO campaign to raise funds for further development and globalization.

At the stage of presale, investors have the opportunity to purchase custom coins of the platform, JCR, at a discount of 50% of the value that they will represent at the time of the launch of ICO, on November 1.

JCR tokens will be needed in the future to make full use of the platform. Despite the fact that the basic functionality of the Jincor ecosystem will be free, some options, including opening enterprise cryptocurrency accounts, entering into smart contracts, financial instruments (letters of credit, collections, overdrafts, factoring), as well as arbitration, will be available to participants for tokens JCR.

The key to future growth in the value of JCR tokens is their limited
Proposals: we release 35,000,000 JCR tokens in a one-time and not
we plan to conduct an additional issue. At the same time demand for JCR tokens
will constantly grow, as they are a means of payment for the use
essential platform functions. Thus, according to the basic law of demand
and offers, the cost of tokens will grow, as the demand for them will
increase, and the proposal - to remain unchanged. JCR Token Growth Forecast
regarding the number of companies on the platform can be seen in the figure:

When calculating the JCR equilibrium price, the following inputs were used.

The equilibrium price is the price, the volume of demand at which is equal to the volume
Thus, the equilibrium price for JCR tokens will be equal to:

20,000 (companies) * $ 750 * 3 / 35,000,000 JCR * 25% = $ 5.14

These calculations are valid for data and after 4 years. Balanced price
Token: $ 12.86.

If you have any questions or suggestions, be sure to contact us in our group on Facebook , Twitter , or on the Jincor community channel in Telegram.


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