The Crypto Conversation The Identity Dilemma - Selfkey is empowering individuals to take back ownership of their identity data
Edmund Lowell is the CEO of KYC-chain and the Selfkey network - a blockchain startup developing digital identity solutions that empower individuals to take back ownership of their identity data.
Guest:Edmund Lowell
Why you should listen:Everyone's data is concentrated in the hands of a few large institutions. They store information about your browsing history, shopping habits, location data, bank statements, medical history, and more. With the growing threat of data breaches, and the loss of privacy - our information is increasingly at risk. One of the reasons for this is because rather than the individual controlling their data, it is instead tech companies and government databases that store data. This is at risk of being hacked and leaked. For example, last year hardware wallet manufacturer Ledger was data hacked. The data consisted of a list of one million email addresses, as well as a list of 272,000 individual customers, containing emails, phone numbers, and physical addresses. Those customers have since been targeted with phishing attempts by scammers sending fraudulent emails claiming that their "cryptocurrency assets are at risk", prompting them to download a fake version of Ledger Live that would then ask for the user's seed phrase.
Key takeaway:Current identity systems have failed to deliver the most basic requirements for a successful identity system: security, privacy, ownership, access, protection, interoperability, or linked data portability to identity owners.
SelfKey's mission is to empower individuals to own, control, and manage their personal data; and to help businesses protect personal data entrusted to them by users, and stay compliant with privacy regulators. SelfKey envisions a safer world where individuals are freer because their personal data and privacy is protected and under their control.
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