There are a lot of ways to implement blockchain technology. Civic is planning to do things especially differently with its ID Codes venture. This project will establish blockchain-powered verified relationships. It’s an important step toward ending scams in the blockchain and cryptocurrency world, although it may not be the end-all, be-all solution.
EXPLAINING ID CODES
As the name somewhat suggests, Civic’s ID codes are designed to offer decentralized identity verification which both consumers and corporations can use with relative ease. This is a positive step toward proving business relationships in a transparent and immutable manner. No longer will there be any scams or fake projects in this industry, assuming this technology is adopted by everyone in the coming months and years.
HOW DOES IT WORK?
With ID Codes, Civic is looking for ways to address the misleading aspects of some cryptocurrency and blockchain projects. Companies such as BitConnect, Onecoin, and any of the recent scam ICOs would have been flushed out pretty quickly if ID Codes had been available at the time. Even so, it is time to look toward the future, which is what cryptocurrency and blockchain tech are all about.
Civic’s new solution will let individuals verify their relationships by signing up for this project through an invite link. Account creation will occur through the Civic App, which was released some time ago. Using blockchain technology, users will be able to verify their identities accordingly. Providing verified organizational relationships alongside individual relationships will be the main objective moving forward.
These ID codes will also reduce the number of fake advisors listed on various ICO websites. Last year, Vitalik Buterin was allegedly associated with a fair few ICO projects, even though he hadn’t even heard of most of them. With ID Codes, websites cannot list one’s personal information without permission. Verified users can reuse the same attestation for all the relationships they need to verify.
WILL THIS CONCEPT SUCCEED?
That’s difficult to answer at this stage. It is certainly true that ID Codes offer a lot of benefits to all cryptocurrency and blockchain users and enthusiasts. There needs to be a way to establish secure and verified relationships and remove fraud from both of these industries. Whether or not this means ID Codes will succeed is unclear.