Singapore-based blockchain company, Usechain, is working on a decentralised system that would create identity blocks to ensure that every link can be verified when the need arises.
“Usechain, the self-sovereign identity Blockchain, is aiming to solve the trust issue in this society. Also, our Mirror Identity Technology solves the problem of privacy and technical performance,” said Usechain CEO and Cheung Kong Graduate School of Business professor Huining Cao.
While 99% of Blockchain projects are anonymous, Usechain aims to create a more transparent blockchain built on real identities, which makes the revolutionary identity consensus technology come true with high security, Cao added.
“Know Your Customer is important to the financial industry. We have come up with a new concept that maps every person, every business and every asset to the Blockchain,” professor Cao said. “Every person and every business will have a real account. We then transfer these assets through smart contracts to build deeper trust.”
According to a 2014 study from CTRL-Shift, the cost of identity assurance processes exceeds £3.3 billion per annum in the UK alone. “This signals that reputation is very costly in the current financial industry and any other place that requires identity assurance,” he said.
“By identity mapping, Usechain will be able to meet the critical KYC standards of traditional financial institutions, shifting the focus on ‘who you are’ and ‘what can you do’, making it more compliant to applications outside of its own ecosystem. It will greatly reduce the cost of identity assurance and reform the financial industry.”
Cao also said that Usechain follows a technology quite different to Ethereum and Bitcoin public blockchains. The founder of PinFu Fund and former managing director of Morgan Stanley Feng Zhang, former chief economist of Asian Development Bank Shang-Jin Wei, and Cybermiles founder Lucas Lu act as Usechain’s advisors.