Startups

Civic: Securing the Identity Ecosystem Through Blockchain Tech

The digital age has made everything arguably easier. Everything including the good, like connecting people globally, and the bad, say, identity theft. Identity theft has become more common than it ever used to be, which obviously has made the entire process of identity verification all the more integral. However, as advanced as we might be, this particular area is still, rather murky and complex.

In several public and private institutions, in the present system, it is an absolute must to verify the identities of the users, customers, and citizens in order to offer services. This process, however, is inefficient, time-consuming and cumbersome for all the parties that are involved. Moreover, it is more often than not quite heavy on the pockets for the party that is conducting the identity verification process.

That is where the blockchain tech comes with a solution served on a proverbial silver platter, called Civic. The team behind this blockchain-powered project aims to simplify the dynamics of the identity verification process by creating a universal, secure, encrypted IDV solution that uses blockchain encryption and biometric verification to prevent identity theft, reduce costs for businesses and institutions, and further streamline the customer/user experience.

How Does Civic Work?

The entire Civic network facilitates the three core entities that are different yet interconnected: users, validators and service providers. For the users, it helps make the entire process of registering an identity easier and safer. And the platform achieves this through the Secure Identity App.

The Secure Identity App

First and foremost in order to get started with Civic, the Security Identity App needs to be downloaded, either in its or mobile or web form, or both. After that you enter a variety of personal identity information, including your name, address, social security or tax identification number, passport number, driver’s license etc. You know? The works.

The application also encrypts the provided personal information with the use of a private key, which is issued by a third party wallet. Now you must be slightly confused that usually, blockchain eliminates the third party, but Civic isn’t. This, in fact, provides a buffer between Civic and its users, giving users the peace of mind that the platform itself won’t access any personal identity info without consent.

In fact, Civic doesn’t store any personal information on the blockchain directly.  Instead, it chooses to store attestations of this information for the purpose of reference. This serves as an assurance that the users are always in control of sensitive identity information, all the while providing proof that the validators have confirmed the authenticity of the data.

Where the Civic app accommodates users on the front-end validators and providers are responsible for back-end services, including identity attestation and Know Your Customer (KYC) confirmation.

Validators have the responsibility to verify identities for the network, both on the blockchain and for service providers. Under the circumstances of a user wanting to submit the personal identity information to a service provider, the relevant info from the Civic app is submitted to a validation contract. These smart contracts act as escrow services for the transaction and provide the validators with the identity data. After attesting the authenticity of the information, the validators hash it onto the network.

After the identification process is completed by the validators, other service providers can buy access rights to this information on behalf of a user with Civic’s token.  Furthermore, validators can also sell rights to the information, with the user’s consent of course, on the Civic Marketplace.

The Civic Token (CVC)

The Civic token (CVC) is the currency associated with Civic, which thrives on the Ethereum blockchain, primarily exchanged during the identity verification process.

The CVC comes in when a service provider pays for identity information, it is then that the CVCs are placed in the validation contract, and once the validator provides proof of the identity information, both it and the user receive CVC in return.

The Civic Team

Source: https://www.civic.com/company/team/
Source: https://www.civic.com/company/team/
Source: https://www.civic.com/company/team/
Source: https://www.civic.com/company/team/

You can read the whitepaper here. 

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Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Email: abeer@blockpublisher.com or contact the editor at editor.startups@blockpublisher.com

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