SILC will provide the first-ever turnkey digital ID system for consumers, including registration, authentication, verification and personal monitoring. The platform will provide individuals with a unique digital token that enables them to prove their identity to third parties. And unlike other Blockchain solutions that operate on a Proof-of-Stake or Proof-of-Work basis, SILC operates through a Verified Existence Algorithm(sm) in which both parties can exchange and confirm information through the SILC dashboard without it being recorded. SILC’s One Digital ID is cryptographically secure, unalterable and legitimate.
“While governments and businesses have been driving development of blockchain technologies, consumers are poised to be the biggest users and winners of the blockchain,” said Danny Lee, co-founder and board member of SILC. “With One Digital ID on My Secure Ledger, people can take back control of their online identity and protect themselves from the increasing number of breaches and attacks.”
Since the dawn of the personal computer age (1980s) and increasingly during the Internet age (1990s), consumers have given up control over their personal information. Our online identities today are comprised of a swath of personal data and scattered across the Internet under multiple usernames and passwords. Banks, online shopping destinations, social networks and hackers, among others, are in control of our ID. And as the physical and digital worlds merge – from online grocery shopping to virtual doctor’s visits – it’s more important than ever that users take back control.
“SILC aims to revolutionise the way personal information is managed, building trust among consumers and businesses in the Blockchain Age(sm),” said Quang Trinh, co-founder and board member. “SILC will provide One Digital ID for every person, so they can confidently and securely access healthcare, social assistance, academic certifications, voting and more. The time for One Digital ID is now.”
Consumers who create their digital IDs now will be among the first to benefit from the Blockchain Age. They will receive one, encrypted digital ID in sync with the blockchain, not stored on a phone or computer that can be easily lost, stolen or broken. One Digital ID is stored in pieces that when used in a transaction come together to form each individual’s own, unique pattern to validate their identity and complete an exchange or operation.
By building its own blockchain platform, My Secure Ledger, SILC is removing roadblocks such as miners dictating fees or forking the chain. Consumers can be confident the My Secure Ledger blockchain will always be accessible and supported and the impending bloat of the existing blockchains won’t impact their accounts.