LYNK ED WOR LD “Simplifying Life Through Blockchain”
People are increasingly using digital services to shop online, pay bills, and to interact with different levels of government. However, even though technology has dramatically changed, much of how people prove their identity is still paper based. For instance, paperless bank account holders still have to request paper documents to prove their address (possibly at an additional cost).
In almost all the industries and specially the upcoming ones such as the sharing economy, like house renting, ride sharing , co working, trading, knowledge and talent sharing rely on secure digital identity verification.
Financial industry (especially the emerging fintech sector) will face serious consequences in absence of a trustworthy digital identity validation plantform. There has been a rise in identity fraud, which now represents the majority of all fraud cases.
An inability to verify identity is likely to have contributed to this increase.
© 2018 Lynked.World.All Rights Reserved.
In addition to above, there are problems faced during the existing background validation problem such as:
Lack of common source or platform leads to long and cumbersome process.
Professional verification check cost varies depending on how much is being investigated.
There are cases of mistaken identity and outdated paperwork, defeating the purpose of background validation.