There has been a strong need for a paradigm shift in the way that data is stored on the internet. BaaSid seeks to bring order in this chaos by introducing a novel way through which data can be stored.
Using the blockchain, the process works by splitting an individual’s data into multiple pieces that are distributed within the blockchain. There is no central database that retains a copy of an individual’s data.
As your ID is saved anonymously in multiple sources, no one can lay claim to the whole of it at once. If you would like to verify your ID when making a transaction, the blockchain allows you to get temporary verification. Once verified, no trace of the original ID or data is left behind.
This is a new approach since it does not require the ID owner to constantly fill in new details every time they would like to verify their identity. It also doesn’t expose your details and stores your details on insecure servers that are prone to hacking. All your information is stored on the public ledger by an unspecified number of users within the blockchain.
Some of the core features that stand out on this decentralized ID network:
• It is completely decentralized and so no single entity can lay claim to your ID.
• It uses the latest technology that enables you to save your ID, Passwords and important documents. All these are highly encrypted and distributed to an unknown number of users within the blockchain. This is made possible through Split technology. Data is stored on the Split block and can be temporarily accessed when the need arises.
• Users have access to an Instant Access API that can be used by merchants. This allows for instant verification and saves the users the hassle of having to register so as to access services or buy goods.
Users gain instant access through biometric verification. On the other hand, service providers get to attract more users since they do not have to go through a lengthy verification process before making a purchase.
BaaSid has an ICO that is currently ongoing. Over 3.4 billion BAS tokens are being sold during the ICO, 1 ETH equals 100,000 BAS tokens.