How to Prevent Being Scammed in the Blockchain
There’s no doubt that the blockchain has proved it is indeed a groundbreaking technology, especially in the last couple of years. However, the blockchain, and the crypto sphere, to be more precise, have always been plagued by various types of scams, frauds, hacks, and what not.
Even though ICO scams, Ponzi schemes, fake exchanges, and various wallet vulnerabilities seem to capture the “spotlight” on most occasions, in this article, we will discuss a different type of theft, namely identity theft.
When dealing with cryptocurrencies and blockchains, protecting your identity usually means employing a type of “no amount of security is too much” philosophy, as well as keeping close tabs on the crypto service industry and, ultimately, understanding the underlying technology.
This might sound a bit too theoretical, however, rest assured there are numerous measures you can take to ensure that your identity is not stolen, and you’re not vulnerable to any kind of scam within the crypto sphere.
For example, you can employ the services of specialized platforms such as Civic, a secure identity ecosystem, Okta, a similar service, and even global identification apps such as Biometrids in order to greatly reduce the risk of being scammed.
Ultimately, there’s no perfect method of protection. However, the aforementioned platforms, if used properly can provide three different layers of identifications. Bellow, we will look at what these platforms are, how they work, and how they can actually help you stay as protected as possible in the crypto ecosystem.
What is Civic?
Civic is a blockchain-based platform that provides its users with secure, low-cost, and fast access to identity verification services. In short, it’s a service that aims to prevent people from becoming victims of identity thefts. The best part about Civic is the fact that it allows users to respond to fraud alerts in real time, and effectively prevent any act of identity theft before it actually takes place.
How does it work?
The simple explanation is that Civic works by alerting its users via push notifications directly to their smartphones. The platform comes with its own bespoke mobile applications for both iOS and Android, both available on the official stores.
After the application is installed on the device at hand, users need to enter a passcode and undergo a swift two-factor authentication process. Interestingly, the Civic Partner website requests information only through custom QR codes which can be scanned by the official Civic app.
On a more technical level, the platform categorizes three types of participants, namely users, validators, and service providers. In the case of users, the app allows them to input their personal information and secure it via biometric fingerprint scanning. The validators are the ones whose job is to confirm that the information user puts in is correct. The service providers are either institutions or various businesses that have to be first registered with the CivicApp.
At the end of the day, it’s quite clear that Civic proposes a new authentification paradigm, one that is well above traditional methods employed by various tech giants till this day. By far the most important benefit of Civic is the swiftness at which its users can take action in order to prevent identity theft.
What is Okta?
Similarly to Civic, Okta is on-demand access and identity management platform that relies on blockchain technology to gain an edge on the market. It’s often referred to as an Identity-Management as a Service (IDaaS).
How does it work?
From the Okta Dashboard, which is very user-friendly, users can administer a lot of tasks. For example, the Okta Mobility Management (OMM) gives users the option to specify whether to open an app via the web or a native app. What’s more, users can send 150 character messages to all other users directly from the Notification page.
To conclude, not only does Okta eliminate the typical authentication process (thus improving productivity), but it also automates the user lifecycle and improves collaboration, as well as adds multi-factor authentication.
What is Biometrids?
Biometrids is a new-age security platform that allows users to secure their identity via face recognition services using the hardware already built into modern phones. Just like the services mentioned above, it also uses the blockchain to record data. Each person’s data recorded on the blockchain has a unique ID, which is linked to a face.
How does it work?
The service proves to be extremely useful when it comes to making sure your online business is successful. As mentioned before, the platform relies on the hardware provided by your smartphone to ensure your identity validation. Biometrids uses facial recognition for authentication.
Each identity is uniquely stored in the blockchain and, thanks to the platform’s modern API, almost any system can neatly integrate Biometrids to improve security. The platform is especially good when it comes to reducing e-commerce scans, as well as rental-related scams (on platforms such as Airbnb), as well as ICO participation.
The blockchain is still a relatively new concept but, nevertheless, the way these systems and platforms can use it to protect one’s identity in various conditions is one more proof of its value to the world.
Projects such as Civic, Okta, and Biometrids are slowly but surely change the way we perceive the standard method of identification verification. Each of these projects is disrupting the identification verification industry one day at a time.