Creating Decentralized Identity with FlexfinTx - Algorand's Use Case.
More than a mere cryptocurrency, Algorand is a safe harbor for smart contracts - a top blockchain project with enormous utility. If you ever confused of what you can build on Algorand or what kind of businesses or projects can be suitable with the protocol, you're at the right place as, for the next weeks, I will be walking you through Algorand's use cases (project examples, what they do and why they should or have chosen Algorand Blockchain).
Decentralized Identity (KYC/AML)
Freedom - users can switch providers anytime which also satisfies decentralization policy.
Fully self-sovereign - giving the user full control over who they share their data with.
Manages users identity through a guided whatsapp chat or USSD (no internet access is required).
Registration Made Easy
Use whatsapp chatbot or USSD to register flexID.
Get authenticated flexID credentials from the network partner e.g Bank.
Use digital flexID to quickly and easily create a bank account to request a loan via mobile phone.
What Is Decentralized Identifier
Decentralized identifier (DID) is a type of identifier to provide verifiable decentralized digital identity.
They enable the controller of a DID to prove control over it independent of any centralized entity.
They relate a DID subject to a DID document.
A DID document contains information about public keys which can be used to authenticate the controller of the DID or access other services.
Verifiable credentials can represent the same information as physical information.
They are more tamper-resistant than physical credentials due to cryptographic mechanisms like digital signatures.
Holders of verifiable credentials can generate verifiable presentations to share with organizations to prove they possess VCs with certain information.
What Is Algorand