Blockchain-based IM – a Great Ally in Preventing Data Breaches

From retail and restaurants to fitness and the sharing economy, no industry is safe from data breaches. The recent rise of data breaches is not a coincidence, but rather a side effect of the inefficient methods used to store data and share it among individuals and organizations. Blockchain technology, as an immutable ledger, provides a … Continue reading “Blockchain-based IM – a Great Ally in Preventing Data Breaches”

Blockchain-based IM – a Great Ally in Preventing Data Breaches

From retail and restaurants to fitness and the sharing economy, no industry is safe from data breaches. The recent rise of data breaches is not a coincidence, but rather a side effect of the inefficient methods used to store data and share it among individuals and organizations. Blockchain technology, as an immutable ledger, provides a basis for sharing verifications of data, such as names, birthdates, credit information, etc., without storing this information within an organization’s internal databases – making it the natural solution for preventing future breaches.

 

ShoCard uses blockchain technology to invert ownership of identity management, putting users in control of their data. Personally identifiable information (PII) is encrypted and stored on a mobile device, never on a central database that can be breached. When an entity verifies data, those signatures (not the data itself) are stored on the blockchain. As a result, the PII is not susceptible to reverse engineering or manipulations. By storing those signatures on the blockchain, the ShoCard platform allows the verification signatures to become public, meaning other parties can see that the data was verified.

 

 

Outside parties are not the only cause of data breaches. Bad actors from within an organization, such as a disgruntled employee, can use their employee credentials to compromise and share sensitive information. ShoBadge, ShoCard’s enterprise solution, uses blockchain technology to battle against data breaches, by completely eliminating:

 

  • Usernames and passwords for employees, as credentials are stored on their mobile devices and accessed through multifactor authentication
  • A central database that stores the login credentials, which can be an easy target for hackers

 

In addition, ShoBadge helps enterprise IT departments reduce costs by eliminating operations to manage users who forget those login credentials.

 

ShoCoins and ShoCard’s ICO

ICORecently, ShoCard announced an upcoming ICO for its cryptocurrency, ShoCoins, which are tokens exchanged within the ShoCard IM platform that allows for compensation between different entities as users share their identity, credit scores, certifications, verifications, etc.

 

 

For more information on ShoCard and ShoBadge,

 

Armin Ebrahimi is Founder and CEO of ShoCard, a digital identity verification system that protects consumer privacy through patented use of mobile devices and the blockchain. An industry veteran, he brings more than 30 years of experience in scalable platforms, online services, mobile-development and digital advertising to the ShoCard team.

Before founding ShoCard, Armin was the CEO of Advertising.com Dynamic Retargeting, an AOL company. Prior to filling this role, he was Senior Vice President of Platform Engineering at Yahoo, with responsibility for Yahoo’s registration and anti-fraud platform services. He also built Yahoo’s original Display Advertising platform that served more than 20 billion transactions a day. Armin founded and was CEO of TRIicon Solutions, acquired by Tandem Computers.

Author: Armin Ebrahimi

Armin Ebrahimi is Founder and CEO of ShoCard, a digital identity verification system that protects consumer privacy through patented use of mobile devices and the blockchain. An industry veteran, he brings more than 30 years of experience in scalable platforms, online services, mobile-development and digital advertising to the ShoCard team. Before founding ShoCard, Armin was the CEO of Advertising.com Dynamic Retargeting, an AOL company. Prior to filling this role, he was Senior Vice President of Platform Engineering at Yahoo, with responsibility for Yahoo’s registration and anti-fraud platform services. He also built Yahoo’s original Display Advertising platform that served more than 20 billion transactions a day. Armin founded and was CEO of TRIicon Solutions, acquired by Tandem Computers.

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