Cardano Foundation launches Veridian, an open-source platform for managing digital identities, to address the $1.7 billion privacy threat and ensure secure identity verification online.
Cardano Foundation Targets $1.7B Data Breach Threat With New Privacy Tools
The Cardano Foundation has launched Veridian, an open-source platform for managing digital identities. This new platform is designed to address the growing concern of data breaches and ensure secure identity verification online.
Managing Digital Identities in a Secure Manner
Veridian tackles this issue by allowing users to take control of their personal information instead of relying on central authorities. The platform utilizes open, shared tools to facilitate legitimate communication and verify identities without intermediaries. This approach ensures that sensitive data is not compromised during the verification process.
Enhanced Assurance with Cardano Blockchain Integration
One of the key features of Veridian is its integration with the Cardano blockchain, which provides added assurance for users. The ‘Veridian Wallet ties everything together, enabling individuals and businesses to manage their personal details safely from their phones.’ This application is designed to be versatile, catering to both individuals and companies with customizable options.
A Growing Concern: Data Breaches
Proving one’s identity online has become increasingly important, but it also carries significant risks. Current systems often leave data exposed, and the rise of smart devices and AI has made it more challenging to address these security flaws. According to Thomas A. Mayfield, head of Decentralized Trust and Identity Solutions at Cardano Foundation , ‘Identity verification serves as the cornerstone of trust’ in various sectors such as healthcare, finance, supply chains, and academia.
A data breach occurs when sensitive information is accessed, stolen, or exposed without authorization.
This can happen through hacking, phishing, or insider threats.
According to a report by IBM, the average cost of a data breach is $3.86 million.
The most common types of breached data include personal identifiable information (PII) , financial information, and login credentials.
To prevent data breaches, organizations should implement robust security measures, such as encryption, firewalls, and access controls.
However, existing solutions frequently fail to provide adequate security and credential control, resulting in frequent data breaches. In fact, last year alone, 1.7 billion records were compromised in the United States. The Cardano Foundation aims to address this issue by providing a secure and reliable platform for managing digital identities.
A New Era of Identity Verification
The launch of Veridian marks a significant step towards creating a more secure online identity verification system. By empowering users with control over their personal information and utilizing open, shared tools, the foundation hopes to mitigate the risks associated with current systems. With its integration with the Cardano blockchain, Veridian offers an added layer of assurance for users.
The ‘Veridian Wallet is designed to be user-friendly, allowing individuals and businesses to manage their details safely from their phones.’ This application is built to cater to both personal and corporate needs, providing customizable options for companies looking to tweak it for their specific requirements.
Veridian Wallet is a digital wallet service that enables users to store, send, and receive cryptocurrencies securely.
It supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
The wallet uses advanced security measures such as 'encryption' and two-factor authentication to protect user funds.
Veridian Wallet also offers features like transaction tracking and cold storage for added security.
As the importance of identity verification continues to grow, platforms like Veridian are crucial in addressing the security flaws that plague current systems. By taking a proactive approach towards securing digital identities, the Cardano Foundation aims to create a safer online environment for everyone.
Identity verification is a process used to confirm an individual's identity through various methods, including government-issued ID cards, passports, and driver's licenses.
This process helps prevent identity theft and fraud by ensuring that individuals are who they claim to be.
According to the Federal Trade Commission (FTC), over 17 million Americans had their identities stolen in 2020 alone.
Identity verification is crucial in various industries, such as finance, healthcare, and e-commerce, where sensitive information is shared.
