This London startup can find user’s true identity in seconds using blockchain

Passbase, a London-based digital identity startup aims to improve the state of security and privacy online by creating a full-stack identity solution. It is reimagining identity verification by providing individuals ownership of their sensitive information and control who can access the same.

Well, Passbase makes it possible as the startup provides businesses with tools that are needed to combat fake accounts, reduce fraud and risk of data breaches and comply with privacy regulations.

Raises €530k pre-seed funding

In a recent development, this digital identity startup has announced that it has closed a pre-seed funding rounding of €530k. This fund has come from angel investors from EY, Kleiner Perkins, Stanford and Alphabet and seed fund investment from Seedcamp and Upheaval.

Founded by Felix Gerlach, Mathias Klenk and Dave McGibbon, Passbase aims to bring about a revolution in the identity verification market worth $10 billion by providing developers with a simple tool ensuring privacy and security of data. Let’s take a look at how

#1 Self-serving identity tool

Passbase is building the future of identity with a unique combination of machine intelligence, biometric authentication and public-key cryptography. The identity verification product from Passbase can be deployed either to a website or a mobile app in less than 3 minutes and involves minimal coding. The system architecture gets ideas from biometric authentication, blockchain and public-private key encryption.

#2 Facial recognition tool

It offers a set of SDKs to developers so that they can integrate facial recognition, ID authentication checks, liveness detection and ID information extraction into the service. It will also offer privacy protection and give them control over their identity data.

A demo video of this tool shows a user being prompted to record a 3D selfie in the FaceID style by tilting the face in front of a webcam. The user is also asked to scan an ID document by holding it up to the webcam. With this facial recognition tool, when a user visits a website or app, the person need not prove how old they are by sharing the complete identity document.

#3 Two variants

Well, Passbase will introduce two variants of its digital identity tool – one for consumers and other for businesses. The consumer product will be launched in a few weeks and will let people track their digital footprint. The business variant of its identity tool is a need of the hour as the digital world is need of a better identify system. Business have a huge responsibility of identifying their users and the Passbase tool will help them do the same in a seamless way.

#4 Passbase Beta Program

The Passbase Beta Program lets companies sign up to try the product. During this trial period, users will get 1,000 free verifications.

#5 Passbase tool to be launched soon

As mentioned above, the team plans to launch the consumer-centric digital identification product within a few weeks. It will let users keep a track of their digital footprint as well as gain control over the data that they shared with services and businesses.

Regarding this tool, “We believe this is the first step towards giving people back control over their personal information online,” said co-founder Mathias Klenk.

Why digital identity tool is necessary?

With the advancement of the internet where everything is going digital, it is important to have a better digital identity system. Of course, Passbase is not the first company to attempt to tap into this space and bring about a transformation in it. But it comes at the right time when people are seeking for an approach that will given them control of their sensitive data.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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https://siliconcanals.com/news/startups/there-are-the-5-most-successful-crowdfunding-campaigns-on-the-most-active-funding-platform-in-uk/