SINGAPORE, May 3, 2018 /PRNewswire/ -- "Identity is the new money." New blockchain project Usechain is becoming the first-ever blockchain ecosystem to achieve self-sovereign identity for individuals and institutions. Usechain aims to fuse innovative technologies with off-chain identities to create a public blockchain ecosystem based on real identities, addressing the issue of distrust due to anonymity in current blockchain projects, while maintaining uncompromised security.
According to a 2014 study from CTRL-Shift, the cost of identity assurance processes exceeds GBP3.3 billion per annum in the UK alone. Signaling reputation is very costly in the current financial industry and any other place that requires identity assurance.
Usechain Empowers Identity
"Usechain, the self-sovereign identity blockchain, is ultimately aiming to solve the trust issue in this society," says Usechain CEO and Cheung Kong Graduate School of Business (CKGSB) Professor Huining Cao.
"KYC(Know Your Customer) is important to the financial industry. We have came up with a new concept that can map every person, every business and every asset to the blockchain," says Professor Cao. "Every person or business will have a real account. We then transfer through smart contracts to build deeper trust." By identity mapping, it will allow Usechain to meet the critical KYC standards of traditional financial institutions, shifting the focus on "who you are" to "what you can do", making it more compliant to applications outside of its own ecosystem. It will also greatly reduce the cost of identity assurance and reform financial industry.
Engineered by a world-class technical team, Usechain will achieve a balance between scalability and security by fusing their unique "Randomized Proof of Work" (RPOW) revolutionized consensus built on identity with a multi-tiered sharding network to make transactions safe and efficient. Real identity information will be encrypted for privacy and mapped for legal assurance so as to be available to governments for investigations against criminal actions.
The solid academic background of team members makes Usechain rigorous in designing and developing a blockchain ecosystem, and the business school resources make a great potential to fully utilize blockchain technologies in business scenarios.
The Usechain project is currently at the alpha stage. The beta version will be launched soon.
For more information:
Facebook: www.facebook.com/UsechainFoundation
Twitter: twitter.com/usechain
Telegram: http:t.me/usechaingroup
