Spire To Bring Identity Services to 1.1 Billion People
Getting a driver’s license may be an American teenager’s right of passage, but in many parts of the world, people lack access to government-issued forms of identity. Currently, there is an estimated 1.1 billion people who cannot prove their identity because they don’t have an acceptable form of ID.
This becomes a problem when trying to maneuver what should be simple daily tasks, such as opening a bank account or applying for housing. Gaining access to identity could vastly improve the opportunities available to those living in countries without widespread government issued forms of proof as to who they are.
Giving citizens of developing countries access to a form of identity could allow them to more fully participate in the digital world. With identity, they could open a bank account, book a flight, get a driver’s license, and more. With blockchain, they can do it in an exponentially safer way.
Traditional forms of identity rely on costly programs and centralized databases that are easily hacked or mismanaged. In last year’s Equifax hack, the personally identifiable information (PII) of 100M+ people was stolen because it was stored in a single location, on a handful of servers. All the hackers had to do hack into this central location and they had everyone’s data.
Switching to decentralized identity services built on top of blockchain technology would cut costs, make identity more widespread, and thwart unwanted attempts at hacking, as well as identity theft. By breaking all the PII of 100M+ people into pieces and storing those pieces across hundreds of servers around the world, the hackers’ job just became a lot harder. Not only do they have to find the right servers and find the right pieces on those servers, but they also have to put them together correctly.
Spire seeks to bring these 1.1 billion access to a digital identity with blockchain technology. Launching soon, the Spire token will power a dApp marketplace with curated apps that can solve these problems, by bringing equal access to markets and services, through adoption of their digital identity. The Spire ecosystem will engender new opportunities in emerging markets by giving control of one’s identity and personal information, independent of local infrastructure.
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