Self-Sovereign Identity (SSI) Is a Quantum Leap in the Fight Against Fraud and Cybercrime



The New Normal

The COVID-19 crisis has led to a ‘new normal’ lifestyle that catalyzes the transformation of the world into the era of the digital economy, where so much could be done easily and conveniently at our fingertips. However, cybercrime or electronic crime (e-crime for short) is also on the rise as a result.


According to a survey conducted by Pacific Prime Thailand, between just the two months of February and March 2020, e-crime has risen by 37%. Its gross global damage is forecast to reach $6 trillion by 2021, twice as high as that 2015.


The threats from the cyberworld today come in many different forms, one of the most fearsome of which is crime without borders. Its operations could be so expansive that what is behind them is considered a transnational criminal organization. It can be disruptive to an entire economy and national security. The problems posed by e-crime have been brought up in international conferences such as those held by the World Economic Forum and ASEAN Ministerial Conferences on Cybersecurity. Because all countries share this same predicament, they should collaborate with one another to come up with solutions. The public and private sectors should also join forces. The joint effort is critical, as these criminals use advanced technology to commit cross-jurisdictional crimes, against which law enforcement becomes much more complicated.


Self-Sovereign Identity

"Self-sovereignty" refers to self-governing power. When combined with the word "identity", the phrase refers to circumstances in which a person who is the holder of such identity governs their own identity.


'Self-Sovereign Identity is a one-of-a-kind decentralization system.'


The concept of decentralized identity has been brought up since the 1970s by pioneers like Whitfield Diffie, Martin Hellman, and Ralph C. Merkle, the inventors of the public-key protocol. To help people protect their privacy in the digital age, blockchain technology plays a significant part in pushing digital identity into the era of self-sovereign identity.


The idea of self-sovereign identity (SSI) believes that a person should own and have a complete control over their identity, thereby attaining the highest security of personal data.


How it works

Finema has developed proof and verification systems for electronic identity under the paradigm of self-sovereign Identity (SSI). The platform is predicated upon decentralized public key infrastructure (DPKI), within which a key pair, consisting of public and private keys, is generated on the user's smartphone. The public key's fingerprint is stored on the blockchain, whereas the private key is kept securely on a special compartment of the smartphone called a hardware security module. When the user enters into a transaction, the system relies on those keys to ascertain their Identity."


"Finema's platform is designed to be compatible with multiple protocols that prevent unauthorized access to private keys on mobile devices, such as biometric authentication via face, iris, or fingerprint recognition, and a good old password as another protective layer. The service provider side (server-side) can rest assured the person making the transaction is whom they are purported to be." In addition, our platform does not store any personally identifiable information (PII). It only facilitates the proof of provenance and accuracy of such data. The platform's versatility appeals to governmental, public, and private sectors.


Self-sovereign identity is a world-changing technological concept in which a person is to have complete ownership of their electronic Identity. One of the ways to implement this is with distributed ledger technology, which involves a decentralized data registry and a data storage structure like blockchains. Their immutability and other defining characteristics allow for a platform in which digital transactions can be made fast and securely. In addition, being aware of the importance of interoperability, Finema's modus operandi has always been to adhere to internationally agreed-upon open standards.


Most importantly, the digitization of information will bring about a profound economic impact on the world. Transactions will no longer be delayed by the physical exchange of documents and manual verification of data. Operating costs and time will be reduced substantially. Cybercrime will be curtailed further. If Finema's platform could help cut off just 10% of the total global damage from cybercrime that is expected to reach 186 trillion Thai baht in 2021, that would already make a difference to the world.


#Fintech

ARTICLE WRITTEN BY: FINEMA

Finema is a part of our Batch 5 Fintech Program in Singapore. To find out more about our programs in Singapore, click here.


About Finema

Finema is the only decentralized digital identity company in Thailand. Founded in 2015, the company aims to change the world by using decentralized digital identity technology. Finema works with the private sector and the government to implement sophisticated, innovative technology to solve real-life problems for the people. Finema believes in creating a positive impact, not just buzzwords. The company is taking its place to lead decentralized digital identity development in the global market


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