5 Things You Should Know About Dragon Factor
Dragon Factor is a blockchain-based identity and access solution that allows users to take control of their identity. Delivered as a service, built on top of the Dragonchain platform, Dragon Factor enables authentication, using public key encryption.
Dragon Factor Roadmap Progress
OAuth Vs. Dragon Factor
OAuth is a protocol used by websites and developers to authorize data access from a third party system. This model relies on a central authority (OAuth providers, e.g.: Google, Facebook) which must be fully trusted to not give out data (inaccurate or otherwise), without your consent.
Dragon Factor allows users to own their data by providing an additional layer of abstraction between your personal information and the system requesting it.
We call this abstraction a Factor, and it’s stored on an immutable blockchain in a way that is still verifiable, yet obfuscates your data. Dragonchain does not own your information. You do. No one can have access to your data until you explicitly give it to them.
Dragon Factor API
With the recent deployment of the Dragon Factor API, Dragon Factor is empowering individuals and businesses to take control of their data. As advancements in blockchain technology rapidly develop, so too do its applications and potential uses. The ability to decentralize, have control over, and selectively share parts of our data makes blockchain well poised to be the future of digital identity management.
There continues to be a growing need for a digital identity solution, and the events over the past several years have made it more important than ever. In 2013, nearly 3 billion Yahoo user accounts were exposed, making it the largest data hack in history. This year, it was discovered that Cambridge Analytica harvested over 50 million Facebook accounts without their consent. Just yesterday, November 30, 2018, Marriott hotels revealed that they too had experienced a data breach, and up to 500 million guest’s information may have been affected, making it the second largest data hack in history.
Here are five things you should know about Dragon Factor
1. Built on a trusted blockchain
Dragonchain’s 5 Levels of Consensus (Dragon Net) provides a trustless environment; meaning, because the data is validated through Dragon Net, you can trust that the information is unchanged.
2. Ability to control your data
Dragon Factor allows access control to sensitive data. You can determine where data will be stored, including the geographic region, and it allows for tighter control over jurisdictions where nodes are operated.
3. Unique identity approach enables GDPR-compliance
When Factors are created, the Personal Identifiable Information (PII) is not recorded on the blockchain. Instead, the hashes of the action are recorded on the blockchain. Not only does Dragon Factor make it harder for hackers to successfully obtain PII, it enables users and businesses to leverage the power of blockchain, while remaining GDPR-compliant.
4. Trusted third party vendors reduce the risk of liabilities
The human verification process of Dragon Factor relies on third party vendors, also known as Dragon Factor Providers. Dragon Factor only partners with trusted identity providers, and these Dragon Factor Providers will be able to verify sensitive or data for users and enterprise clients. This creates ease and reduces costs for businesses.
5. Better than federated and self-sovereign identity
Dragon Factor provides a better solution than federated and self-sovereign identity. With Dragon Factor, businesses can manage and update a person’s identity components in one place.
Dragon Factor Twitter: @DragonFactorID
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This article appeared first on Dragonchain’s blog: https://dragonchain.com/blog/5-things-you-should-know-about-dragon-factor
