IAMX 101: KYC & DIDs

Twitter space focused on the fundamentals of IAMX’s “Know Your Customer” (KYC) processes and Decentralized Identifiers (DID), both as current and developing products to suit market needs for Self Sovereign Indentity (SSI), and how these will benefit stakeholders.

Special Guests:

Dennis Mittmann: CTO, IAMX (@DennisMittmann)

Tim Brückmann: CMO, IAMX (@Tim38300817)

Bruno Kellenberger: CEO, KYC Spider (@BrunoKYC)

IAMX 101 Discussion

How did IAMX get started?
Tim answers that as they were running their mobile phone company in Germany, which they continue to operate now, they began investigating blockchain as a solution to counter fraudulent payment and non-payment. By using cryptographic techniques, they found they were able to significantly reduce this fraud risk. Given this success, they noticed market opportunities and decided to reshape these solutions to suit KYC, DIDs, and SSI.
Dennis follows up to add that cryptocurrencies provide a payment solution that suits a need similar to cash: anonymity and tradability. IAMX provides a decentralized identity layer to blockchain, as well as the internet as a whole.
IAMX solutions are blockchain agnostic, usable with whatever chain one so desires. The decentralized identity solutions are a necessary component of the future of the blockchain / cryptocurrency space as they allow for the regulatory compliance of smart contracts, DEXs, etc. moving forward.

What is the process for DID creation for an individual?
Dennis answers that the process is not a difficult one, even for a non-techincal beginner. The identity wallet acts in the same way as the payment wallet, utilizing a wallet / DAPP connector that will be public later this year on Github. The wallet connector is installed and added to a web browser just like etrnl or nami wallet browser extensions function now. Through this identity wallet a person must sign off on identity-related transactions, determining what information is released to who, and whether it is the provision of this information on a one-time basis, or ongoing.

Will this be important only in areas where identifying documents are more difficult to receive, or in the westernized world as well?
Dennis explains that while the need is more urgent is certain areas in Africa and Asia, where there is a high percentage of people who do not have identifying documentation at this time, but it will be a matter of convenience and compliance in North America, Europe, etc.
Tim adds that major technical revolutions have occurred every 10–15 years, and that self-sovereign web identity will be the next significant technological shift.

For KYC, and other products, how is personally identifyable information (PII) stored?
Dennis explains that a DID is simply a decentralized identifier, a unique number or alphanumeric representation. It has a key pairing: private and public. As a KYC or KYB is conducted, all attributes verified during this process are assigned to the relevant DID which is in complete custody and control of the DID owner. The DID owner can then choose to provide all or a portion of these attributes to whomever they please, and the receiving party can confirm the validity of the provided attributes.
As this information is stored in the self-custody identity wallet, it is a KYC that is in the control of the owner, while also being entirely resusable.

How will IAMX DIDs fare as regulations rollout, and as they inevitably change over time?
Tim answers that IAMX “technology is so strongly privacy-ensured, that indiependent of computational power, you cannot hack it.” Which is to say, that current state of the IAMX tech would give it a lifetime value of at least 10 years.
Dennis adds that IAMX technology emphasizes selective disclosure, which allows the owner authority over what information is shared and with whom.
DIDs have been a concept of study for around 15 years, but have yet to come into mainstream, widespread use. IAMX tech is being developed in a way that is ultimately secure, while also retaining a necessary flexibility to keep pace with regulatory landscapes.

What will happen to an IAMX DID if IAMX as an organization were to shut down? How decentralized are these DIDs?
Dennis explains that IAMX itself is clearly centralized, as are all things when they begin. For instance, at this early stage there is one KYC option (KYC Spider), but as the ecosystem grows there will be numerous KYC providers to choose from.
The DIDs themselves are simply containers in which an individual may store their information securely. These can be bridged and used from chain to chain, again and again. As such, even if IAMX were to shut down each user would still retain complete control and utility of their created DIDs, and they would still be usable and verifiable via the blockchain. IAMX is the onramp to DID creation, but once created these solutions belong to the holder / owner, and are not in control or custody of IAMX.
IAMX never has access to or custody of the information stored in any DID.

What happens when PII changes? In the event of a Driver’s License renewing, name change, or address change (for example) how is a DID updated?
Dennis explains that once information changes, a user will simply create a new KYC to include updated information and dispose of the DID containing outdated information.
Tim adds that the decision to update a DID is ultimately in the hands of the owner.

What do you see as the longterm implications of IAMX technology as it intergrates into everyday services?
Bruno describes the broad picture of this technology as the evolution to a Web3 environment, restoring control over data back to its owners. As an example, in 5 years we won’t use an Apple ID to log in anywhere, but will instead be using an IAMX wallet.
Tim introduces the fact that of the “7.9 billion people on earth, 1.1 billion have no national identity. 275 million babies have no birth certificate.” IAMX will provide means to establish a national identity to those who do not currently have that option. These tools will enable the currently unidentified population to participate in economic activities in ways that are now unavailable to them.
Dennis adds that we will have the capability to create many DIDs for many purposes. DIDs that are focused and tailored to specific use cases.