Oman now has a blockchain enabled digital identity platform
Ahmed al Marjeby and Mahmood
al Lawati have developed a blockchain enabled digital identity platform
out of Oman. Nashid, the blockchain enabled digital identity platform is aimed to mitigate the
risks of identity fraud. Nashid has
As per the news, Oman based Nashid will
allow users to access services digitally without visiting any service provider
ever again.
In 2020 alone, identity theft and fraud
cost over $700 billion in losses worldwide
The platform will allow the creation of a
secure digital version of one’s identity and their attributes. The need for
in-person verifications will cease, usernames and passwords will disappear, and
a frictionless, online-only user journey will take place.
Nashid is powered by the Blockchain to
maintain the truth of all digital interactions with high levels of online
security and credibility. It also is fueled by encryption models of hash
functions, digital signatures, and verifiable data structures and proofs to
ensure security and uses asymmetric Cryptography to keep identities private using
decentralized Identifier (DID) standards, and DID communications and methods
Marjeby, co-founder and CEO of Nashid,
earlier founded two tech startups in the e-commerce and blockchain
technologies, while Lawati, co-founder and CTO, has previous experience of
founding a property tech startup.
In an interview, Lawati said, “Nashid as a
digital identity platform powered by blockchain that allows service providers
to verify new and existing customers digitally. Nashid also creates secure and
reusable digital identities that are portable and verifiable. This mitigates
risk of identity fraud, automates businesses’ ability to verify users
digitally, and removes the need for in-person identity verifications.”
According to Lawati, Nashid is an
enterprise-ready platform for businesses and a wallet app for end-users. The
enterprise element allows service providers, banks and finance companies, telecommunications service providers, healthcare, aviation and oil and gas
companies, to verify users’ identities with seamless integration to their
legacy systems and business processes.
Marjeby told LaraontheBlock when asked about what blockchain they were using, " Apart from the platform itself, we are building our own blockchain governed by rules and parameters suitable for the Identity space and local regulations. Currently we are still in the final testing phased as we optimize and prepare for onboarding."
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