At Facenote we strongly believe that user data should always remain safe and private, ensuring complete sovereignty over their identity.
Following this philosophy, we’ve built the first platform that enables organizations to create outstanding identity validation experiences in a completely secure way.
One of the key components to achieve this is decentralization: user consent is minted in an NFT and stored in the Blockchain, giving the users total ownership of their digital identity as an asset, while guaranteeing organizations operate fully compliant according to GDPR.
As the backbone of this philosophy, we recognize three main aspects in which Blockchain technology has the potential to improve identity validation for people:
One of the key benefits of blockchain technology is its decentralized nature, which can help prevent identity theft and fraud. A blockchain-based system can store encrypted identity information, and only authorized parties can access it with the user’s consent, while Facenote can provide zero-knowledge proof of identity and user validation
Blockchains also provide an immutable record of all transactions, which means that once data is entered onto the blockchain, it cannot be altered or deleted. This can help prevent fraudulent or inaccurate information from being added to a person’s identity record, ensuring the accuracy and reliability of the information.
Blockchain technology can also enable self-sovereign identity, which means that individuals have full control over their identity information and can choose when and where to share it. This can be achieved by creating a digital identity on the blockchain, where the user holds the private keys to access and share their information.