🚀 Dear SelfKey Astronauts,
National Australia Bank (NAB) recently discussed creating a digital identity ecosystem with experts from government, industry, and academia. Customer-centricity, privacy, and security emerged as important concerns.
NAB's approach aims to prioritize privacy and security, potentially reducing the risks of identity fraud and data theft, a goal that SelfKey shares in its decentralized solutions. This could mark an important step toward a digital society that puts individual security and privacy first.
Nowadays, the importance of privacy and security cannot be overstated. With the failure of powerful centralized institutions and the rise of data breaches, individuals are increasingly vulnerable to identity theft and fraud.
One of the key themes that emerged from the NBA's discussion with experts is the importance of identity and identification. Rather than proving one's identity, individuals typically need to demonstrate that they possess certain attributes for specific purposes. For example, a person may need to prove they are over 18 years old to purchase alcohol or that they are licensed to fish in certain waters.
With a SelfKey iD, an individual may share only the minimal amount of data needed to verify those statements. This approach emphasizes the need for data minimization, which is the second key theme identified by experts.
At its core, privacy is about restraint. It is crucial to curb overcollection, oversharing, and over retention of data at every stage of the data life cycle.
The experts’ focus on data minimization aligns with SelfKey's use of zero-knowledge (ZK) filters and AI-powered proof of individuality. This approach ensures that only necessary data is collected and shared while protecting individuals' privacy and security.
In the future, this type of approach could have significant benefits for individuals. By preventing data theft and identity forgery, people can be confident that their personal information is safe and secure. And these are the key focal points in SelfKey’s decentralized solutions.
⚡The SelfKey DAO Whitepaper can teach you more about the benefits of decentralized systems.
👑 SelfKey ENS: Adoption of Self-Sovereignty on Blockchain
The concept behind ENS was to provide individuals and small businesses with the ability to own and control their own online domains, thereby enhancing their visibility. SelfKey, with a focus on self-sovereign identity, intends to create subdomains that offer the same advantages as ENS but potentially at a lower cost to ensure accessibility to everyone.
Read more → about SelfKey’s ENS subdomains, as well as the advantages they may bring.
🚀 The Future of NFTs: SelfKey's Customizable Collectibles
In today's digital age, protecting our online privacy has become vital. While minimizing the exposure of personal data is essential, completely hiding ourselves is not the answer. SelfKey aims to develop a decentralized approach that may allow individuals to express their unique identities while safeguarding their private information.
📰 Ex-CEO gets prison sentence for bad data security
A cybercriminal has targeted a psychotherapy center in Finland, accessing and allegedly exposing confidential session data, including unique identification details such as national ID numbers, without restraint. The data was reportedly unprotected by more than a default password, allowing the cybercriminal to blackmail the clinic and its patients.
Ville Tapio, the ex-CEO of the clinic, was also convicted of criminal charges after failing to ensure adequate cybersecurity and failing to report data breaches that occurred prior to the blackmail attempt.
"Fall down seven times, stand up eight." - Japanese proverb
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