The development of cryptocurrency world with Blockchain technology is increasing. The increase in cryptocurrency users has reached 20 million of Internet users 2.4 billion. The increase will certainly have an impact on companies that use blockchain technology. As one example Pesona which utilizes blockchain technology for solution to personal data management issues that will comply with the latest data protection regulations.
What is Pesona ?
Persona represents the solution for identity management, aligned with the latest data protection regulations. Its scope is to empower the customer and grant him/her the control over their personal data as well as the means to secure access to their private details.By using Persona, the individual spends less time updating their data and service providers can access the latest version of the customer data.
The main goals
1. To leverage on identity management services for the individual based on what the blockchain technology can offer;
2. T o protect individuals personal details . While it is obvious that individuals need to provide their details to various entities(Facebook, Google or any website they visit), they have no control over it after sharing. Persona puts individuals back in the driver seat;
3. To empower each person and to give them the power on what it shares and with whom when it comes about their identity and private details;
4. To allow entrusted third parties which with private details to enrich their services by offering trust as a service;
5. To prevent fake news ,
by providing a decentralized identity management system, Persona will provide the trust level we all need when we rely on news; based on the public Persona profile of any content creator, we can track down news to their source.
6. To streamline onboarding
process since an individual might be already checked by some entity enrolled in the system;
Solution
Overview
Persona is designed as a decentralized application with no single point of failure,keeping all records encrypted. The individuals have the control over the granularity of the details they want to share, with whom they are sharing it and for how long. With the launch of Bitcoin in late 2009, Satoshi Nakamoto offered a glimpse of the underlying technology that powers its decentralized network, the blockchain . The main strong points which the blockchain technology offers are:
1. Replace the middleman: There is no need anymore of a trustful side, one that can be and is trusted by both sides involved in a transaction;
2. Decentralization: there is no single point of failure, while attacking the network is virtually impossible;
3. Immutability: a record written on the blockchain is there forever, unalterable; Persona leverages the blockchain features, allowing a company to offer KYC services to third party as well as benefiting from each other’s services. The verification process has two levels: Community and Professional KYC
Persona KYC Types
The first level is represented by the community where the identity is checked by peers. It represents a common effort, where people are encouraged to validate each other’s identity. They will have to confirm the authenticity of documents and identity of the people applying to be checked.
Technology and Architecture
Blockchain Design
According to the UK Government, the distributed ledger technology is already having a profound impact on how private companies manage data and interact with customers and suppliers. If applied within government it could reduce costs, increase transparency, improve citizens’ financial inclusion and promote innovation and economic growth.4
The Persona Blockchain represents a DPoS5 system with 51 delegates6 which makes use of the Ark technology (Persona is a fork of ARK, following ARK’s vision of point.click.blockchain approach). The number of delegates has been set to 51 in order to support the estimated number of nodes and transactions for the first year. If the number of Pesona users will increase to a value greater than 1,000,000, an update proposal will be published and discussed in the community so the number of delegates can be increased. This approach is taken in order to ensure the necessary scalability for Persona.
Review Token
Let's join Pesona soon ..Thank you for reading the article about Persona, For more information please access the link below :
Website: https://persona.im/
Twitter : https://twitter.com/PersonaIam
Facebook : https://www.facebook.com/personablockchain
Telegram : https://t.me/personablockchain
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Username : Asarab
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