In the 21st century, the word “identity” ought to be more commonly associated with “theft.”
Never before has it been such a minor chore to acquire somebody’s key personal details and capitalize on them. If your formal government-issued identity is so far unviolated, count yourself lucky— such unfortunate outcomes are only becoming more common.
But some companies are saying enough’s enough, developing blockchain-powered tools to turn the tables in favor of people protecting their identities. By creating hyper-secure storage lockers of sorts for our identifying information and letting us know who tries to access, they aim to put the bad guys out of business.
KABN is looking to allow users to prove their identities more easily across the web without sacrificing control over sensitive data. This is particularly useful in the financial sector, where FinTech has created an atmosphere where digital transactions are the norm, not the exception. Users choose precisely which information they want to input into their digital ID, as well as who they choose to share it with. Beyond this, KABN wants to alleviate other worries – how is my data being used? Who is it being sold to? Is my personal information ripe for hackers? Etc. In the age of digital banking and general information sharing over poorly-secured portals, such a service will serve a widespread need.
The key is an identity verification tool powered by the blockchain. It incorporates Blockchain-based dynamic multi-dimension identification . to help authenticate that somebody is who they are claiming to be. This level of authentication is in lockstep with what government agencies require. Advantages of this level of security and identity management technology, KABN team states, is lower cost, more reliable results, and better user experience.
KABN is an e-commerce payments and ID platform. It stores your personal and payment data securely in the blockchain, so you never have to share it with anyone – not even KABN . That means no more data breaches – because companies don’t have to store your data. So you can use services and make payments without worrying about your privacy and security.
With KABN, anyone can take back control of their data. Instead of handing over payment and personal information, each individual can choose if and when to share data – and do so only on their own terms.
KABN returns power to the people. And it also liberates companies from the burden of trying to manage and secure huge data silos. By atomising those silos, it can remove the biggest challenge facing companies today: cyber security.
Instead of handing sensitive personal information to companies, to store in vulnerable databases, Nuggets encrypts
personal information in zero knowledge storage in a blockchain.
That zero knowledge storage is essential to KABN. The user is the only person who can access the encrypted data so there is no ‘backdoor’ through which third parties could access users’ information.
Compare this to most modern storage systems, where there is usually a root-level admin access, which could be compromised.
This gives each user a personal cloud of data that no one can access not even Nuggets itself. And the ‘nuggets’ of data
you store take on genuine value through KABN Tokens, which you can accrue for use with product and services.
The user’s KABN Tokens are recorded on a dashboard in the product. KABN Tokens offer both a valuable reward for consumers, and a powerful commercial tool for merchants. Merchants can offer KABN Tokens as an incentive for purchasing products.
As users get KABN Tokens free for various actions, they can effectively get a discount when paying a merchant using
those Nuggets Tokens. Using Nuggets Tokens is also a direct transaction. This massively reduces the merchant’s costs,
which means they can offer discounts for customers paying in KABN Tokens.
For consumers, KABN Tokens offer much more versatility than conventional reward or retailer loyalty points, as KABN
Tokens can be used anywhere in the Nuggets ecosystem. For example, the Tokens you receive for using a service might
go towards clothes from an online store, or a supermarket delivery. That makes the original incentive especially appealing:
imagine using your air miles with any flight company – or even for a new coat.
All Nuggets transactions are encrypted and stored in an immutable ledger with inherent trust principles, which validate
trust in both the consumer and the merchant. Every successful transaction is stored in a transparent manner – without revealing the contents or the context – through the use of a privacy framework. Over time, this builds a trust profile that shows the user is a good actor in the network and that their payment methods are good. The retailer also has to demonstrate that they are a good actor in the network too.
In business terms,KABN will generate revenue from day one, through a small retailer transaction fee (payable in tokens)
and a revenue share (payable as fees) of savings made by merchants. The Token Sale will enable KABN to operate until
it turns a profit. A small percentage of the transaction fee also goes to the retailer’s or consumer’s choice of charity.
KABN’ technology is split into three distinct layers:
Biometrics: confirms user identity (without storing)
Data encryption: keeps data private
Blockchain: stores encrypted data in tamper-proof form
Combining these technologies allows us more control than a central corporate server to the user’s device. Biometrics
allow KABN to verify the user on their device, without retaining the required data outside the device. The KABN
software enables the device to be used in this way, and the encryption itself is done on the user’s device. That means
the user is in sole control of who can decrypt the data.
Finally, blockchain ensures that we are not dependent on any one entity (including KABN itself) for storing or maintaining the integrity of the data – which means they also can’t compromise it.
One of the core principles of KABN is future-proofing. In practical terms, this means that we have designed a solution
that works today, but we are also fully aware that all three areas of Nuggets’ technology (biometrics, encryption and
blockchain) are evolving rapidly, so we are ready to adapt the platform as they do so.
Most merchants require email communications for invoices and communications. But KABN is all about keeping your personal information private. So we create a unique email to use with each merchant, which we then route back to your normal email to keep things simple.
What that means is that if that merchant is hacked, or the email address passed on, it would be blacklisted from any other source other than the specified merchant. So it’s useless to anyone else. And no one steals or sells useless information
KABN will revolutionise the way we pay online, login and verify our identities. It will give people control over their
personal data, and make it easier to use the services they love.
By bringing trust and peace of mind to online transactions, KABN promises to make them quicker and simpler.
And to unlock millions of new transactions currently not made because of security fears, complicated processes
or false positives.
KABN will save companies billions in fraud, false positives and fraudulent charge backs, and will minimise their
regulatory exposure by hugely reducing the currently enormous silos of customer data.
KABN is not simply a new product. It is a fundamental change in the way online consumer transactions work,
worldwide. It’s the future.
Private and Pre-sale rounds are currently available for qualified investors.
For more information :
Website : https://www.kabntoken.com/
Whitepaper : https://www.kabntoken.com/wp-content/uploads/2019/03/KABN-Company-Overview-Summary-V1.2.pdf
Bounty0x username : azisjesika
KABN ID is free to use service for consumers and provides continuous monitoring and proof of identity online and in conventional marketplaces
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