New York – A new landmark in digital identification systems is now launching, thanks to an upcoming new project that is spearheaded by New York-based Kevin Watroba. The project is aimed to make the verification of digital identity across a number of use cases from shopping to asset custody faster and more accurate.
The project, according to a source, is focused on the use of zero-knowledge proofs, which can be used to authenticate identities and other important details for various fields such as sales, ownership, gating, and finances without sharing any information with the verifier.
Why Identity Verification Matters
Identity verification is the process of establishing the validity of someone’s identity to confirm that an individual is indeed who they say they are. Despite being a term and system that has just gained widespread use in recent times, this system is actually very common across many types of physical transactions, such as banks and department stores asking for identification cards from customers to verify that they are indeed the same person in the details.
With the rapid increase in the number of digital wallets and online marketplace users, the demand for a good identity verification system in the digital setting is also increasing. This is also needed because the number of identity theft and online fraud is on the rise, which can negatively affect the productivity, profitability, quality of service, and online safety and security of both the seller and the consumer.
The Future of Identity Verification
Watroba, according to a recent presentation, believes in the importance of having great online security on the part of both businesses and consumers, while also increasing the speed of transactions and authentication across industries.
The body of work he presented in New York showcased the technical framework for a solution focused on custodying financial assets as well as biometric on ramps for verifying a given consumer.