SelfKey Releases AI and zk-Based Solutions for Safer Digital Verification

chainwire

SelfKey releases whitepaper detailing AI and Zero Knowledge KYC solutions to combat identity theft and fraud in the age of AI.

 

Hong Kong, Hong Kong, 9th March, 2023, Chainwire

Self-sovereign identity service, SelfKey, has released a new whitepaper detailing KYC solutions with features enabled by artificial intelligence and Zero knowledge verifications. The AI based solution and the zk-based features, built using KYC-Chain technology, will be rolled out to vendors, allowing them to safely authenticate users without exposing them to identity theft.

Zk verifications provide a means of verifying that a piece of information is correct without disclosing the information itself. They are popularly used in blockchain systems to enable entities to transact without revealing sensitive financial information such as account balances. SelfKey’s zero knowledge KYC system makes use of this same technology for identification purposes.

One of the advantages of SelfKey’s zk solution is that it empowers vendors to perform mandatory KYC checks without being burdened with storing user data. This frees platforms from the burden of holding sensitive information, such as customer selfies and identity document scans, complete with the security risk this entails. Users will receive reassurance that their data is not being stored in centralized databases for each platform they engage with.

The development of a zero-knowledge KYC solution has occurred in tandem with further enhancements to SelfKey’s digital identity service. This has included the incorporation of artificial intelligence to improve accuracy and clamp down on fraud. Integrated into SelfKey’s Proof of Individuality (POI) solution, the technology can combat fake personas made using AI models, which can pass as human in many digital identity checks.

SelfKey’s enhanced KYC solution was developed in response to industry-wide complaints from vendors who have struggled with user verification in the age of AI. Artificial intelligence has reached a stage where it is relatively simple to pass KYC checks using computer-generated selfies derived from individuals who don’t exist. This opens the door to fraudsters perpetrating financial crimes while hiding behind a cloak of anonymity.

To combat the rise of AI utilization for nefarious purposes, SelkKey’s solution will fight AI using the same technology. Integrated into SelfKey’s POI system, the technology will make use of AI to ensure that network users are the same individuals who initially onboarded. This will thwart the use of wallet reselling, a practice that has traditionally been difficult for platforms to stop.

SelfKey’s AI has been trained to spot differences in facial composition between the initial KYC of the user and the image they are using to re-authenticate. Research by SelfKey has shown the technology also has wider applications within the field of digital identity. A future upgrade of SelfKey’s POI system will enable AI to be utilized for behavior detection, increasing its efficacy in combating identity fraud.

Further products scheduled to be released by SelfKey include a customizable NFT collection with built-in rarity appreciation. The more users who join a SelfKey project, the greater the rarity of the customizations becomes. Users can also merge these customizations to create higher tier NFTs that will attract even greater demand due to their scarcity.

SelfKey has also revealed that it is creating a new mechanism for its DAO. This will address future features that are integrated into the DAO, providing grants issued by the DAO.

About SelfKey

SelfKey is a fast-growing blockchain startup developing digital identity solutions. Its technology empowers individuals and corporations to take back ownership of their identity data. SelfKey’s blockchain-based identity system allows identity owners to truly own, control and manage their digital identity, creating a safer world where personal data and privacy is protected.

Learn more: https://selfkey.org/

Contact

SelfKey Marketing Team
[email protected]

Read this next

Digital Assets

French influencers face two years in jail for promoting crypto products

France’s National Assembly’s Economics Committee voted in favor of a law that bans social media influencers from touting risky financial services, including cryptocurrencies.

Interviews

Exberry’s Guy Melamed on paradigm shift with cloud-native exchanges at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Guy Melamed about Exberry’s cloud-native exchange SaaS platform certified by AWS to bring about a paradigm shift in the industry at a time of cybersecurity concerns.

Retail FX

Playtech revenue grows to €1.60 billion in 2022

Playtech plc (LSE: PTEC) reported solid financial results for the fiscal year 2022 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue and net profit.

Digital Assets

Terra founder Do Kwon arrested in Montenegro

Terra (LUNA) co-founder Do Kwon, the South Korean entrepreneur facing charges over the $40 billion wipeout of the stablecoins he created, was reportedly arrested in the region of Podgorica, Montenegro.

Metaverse Gaming NFT

Orbs Ecosystem Developers Launch TON Access To The Public

The TON Access service provides reliable and decentralized RPC nodes to decentralized applications (dApps).

Digital Assets

Bybit celebrates listing of Arbitrum (ARB) token with $400K prize pool

“At Bybit, we recognize our responsibility to provide forward-thinking opportunities for our users and lead the way in supporting the proliferation of cryptocurrency and blockchain technology.”

Digital Assets

StormGain launches StormGain DEX, a non-custodial alternative to its centralized exchange

StormGain DEX becomes accessible once a user connects their own non-custodial wallet and trades directly, with all orders settled on-chain.

Retail FX

OANDA launches CFDs on UK and US stocks for retail clients in emerging markets

“Interest in CFDs has been surging globally as they offer traders and investors the opportunity to profit from price changes without owning the underlying assets. CFDs give exposure to markets that are trending downward as well as upward, allowing traders to take positions even when volatility is high.”

Institutional FX

Bitpanda’s stocks, commodities, crypto now available to banks partnered with Visa

“We are excited to welcome Bitpanda to Visa’s Fintech Partner Connect Program. The partnership will assist banks to integrate an asset trading platform for crypto and other assets within their banking app.”

<