Usechain planning to be the first-ever Blockchain Ecosystem to achieve self-sovereign identity for individuals and institutions.
The new Blockchain project aims to fuse innovative technologies with off-chain identities to create a public Blockchain ecosystem based on real identity. It aims to address the issue of distrust due to anonymity in current Blockchain projects, while maintaining uncompromised security.
Usechain is a Singapore-based company developing a self-sovereign identity Blockchain community alternative to the well-known Bitcoin and Ethereum Blockchains.
It incorporates technologies such as RPOW (Randomized Proof of Work), a multi-tiered shared network, integration with government identities, and a social network-based credit making/lending/securitising system on which many real-life applications may be built. The potential applications include finance, IOT, supply chain, social network, and games.
“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,” says Usechain CEO and Cheung Kong Graduate School of Business (CKGSB) Professor Huining Cao.
While 99% of Blockchain projects are anonymous, Usechain aims to create a more ‘transparent Blockchain’ built on real identities. It uses Mirror Identity Technology to protect privacy in Usechain public chain system.
It claims to achieve a balance between scalability and security by fusing its unique ‘Randomized Proof of Work’ (RPOW) consensus-building mechanism built on identity with a multi-tiered, sharded network to make transactions safe and efficient.
Real identity information will be encrypted for privacy, but mapped for legal assurance and only made available to governments for investigations against criminal actions.
“KYC 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,” says Cao. “Every person and every business will have a real account. We then transfer these assets through smart contracts to build deeper trust.”
By identity mapping, it will allow Usechain to meet the critical Know Your Customer (KYC) standards of traditional financial institutions, shifting the focus on “Who you are” to “What can you do”, making it more compliant to applications outside of its own ecosystem. The Usechain project is currently at the alpha stage with the beta version set to be launched soon.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
