How big is the crisis in identity management today?

The current system of identity management is still very broken, perhaps more than ever, and failing on a daily basis. Over 4 billion records have already been exposed in 2019 and that number may double by the end of the year.

As a result, identity theft has become the fastest growing form of crime in the world, inflicting serious financial and emotional damage on millions of people. Worryingly, more personal types of information are being stolen. In 2019, we saw the first substantial data breach affecting people’s biometric data; the repercussions of which may be devastating. Another core problem still remains, that proper incentives (and disincentives) are not in place to prevent loss of data. In the first paper we referenced the experian hack, since resolved with a fine that equates to $5 per person who had their social security number compromised.

Clearly there has been little improvement in terms of securing user data. We have tracked many of the data breaches in 2019 and the conclusion is clear: our identity data is inadequately protected, and these problems will continue as long as we have a centralised approach. Therefore, SelfKey was born out of this pain, to try and create a better solution, and build the technical platform for a better, more decentralised way of managing personal data with proper incentives.

I just found out about this project on Youtube. I think it’s a promising one especially that they also cater to DeFi. Best of luck to the team. Cheers! :partying_face:

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