The combination of blockchain and biometric technologies will enable businesses to improve authentication through biometrics and eventually build and market their own applications on the iTrue Platfrom and Ecosystem. Reducing transactional friction through biometric authentication helps improve the user experience and enhance platform security at the same time. With iTrue, users have complete control over their confidential personal data and biometric authentication enables secure and seamless access to digital assets and even physical facilities, like a car or house. Since iTrue gives notifications where user’s data is being used, enterprises are able to integrate such privacy controls into their applications, thus helping comply with the European GDPR regulations.
What is iTrue?
iTrue is a platform with microservices that can be used by enterprises and users. The platform is therefore a Blockchain as a Service (BaaS) solution: It can be used by companies and developers to authenticate their users, or to build their own blockchain network with a built-in authentication system. This platform provides microservices as building blocks, which can be integrated into existing apps/systems of developers. Hence, developers do not need to develop an authentication service from scratch for their applications, as the iTrue microservices will fulfil this need. Moreover, iTrue supports smart contracts that can be coded in at least 10 languages such as C/C++, JavaScript, Python, PHP, Ruby, Kotlin, Java and Go. Scrutinize the diagram below for further explanation.
What are the benefits of iTrue?
For Businesses
Automation: Blockchain-as-a-service comes with authentication platform and reduces the
need to build one from scratch, particularly the ID verification.
Compliance with Regulation: Tokenized data sharing mechanism informs
users and seeks authorization before any data is exchanged, thus complying with
regulatory frameworks like GDPR.
Data Exchange: Contractors who traditionally collect and process data can exchange existing
data with other contractors who may hold their own data. To ensure privacy, such
data sharing will still require user permission.
Customized Applications: Business gain access to both turnkey solutions and developer-customized applications right within the iTrue platform.
For Individual Users
Privacy: Users have full ownership of their data, and have full control over where their data is shared
Confidence: User data is stored on a decentralized platform and never on local devices, thus ensuring better protection against failures or data theft.
Ease of Access: Biometric access means never having to memorize a password again, and never having to rely on a gadget like a smartphone or credit card.
Participation in Data Economy: Individual users can get benefits when they willingly provide data to clients and businesses that require it, in the form of tokens or other rewards.
For Developers
Time-to-Market and Scalability: Access to iTrue microservices enables developers to build their enterprise or consumer apps on top of the iTrue platform. Such apps can be listed on the iTrue Marketplace for businesses and users. iTrue’s new type of storage also ensures speed, security, and accessibility.
Tokenized Benefits: Microservice developers get token rewards whenever other developers build upon their existing microservices; Application developers get token rewards when their solutions are utilized by other enterprises or users in the marketplace or when they are requested to customize or fine-tune iTrue applications for enterprise end-users
Challenges of the Current Solution and the need for iTrue
In view of the foregoing, none of the current solutions out there fully addresses the follow problems.
Complexity: The existing systems for access control are extremely unhandy and too complex to use. 8+ digit passwords, which are supposed to be unique, as well as two-factor authentication (2FA) are not only boring − they do not protect against hackers.
Data Ownership: User information is not controlled by its owner. It thus can be used by any organization. Google, Facebook, Apple and Amazon control personal information of their users. Big, medium and small companies track user activity both online and offline. For example, companies can use geofencing to gather Big Data for commercial purposes.
Insecure Handling of Data: Service providers with centrally-governed infrastructures cannot guarantee safe storage of confidential information. We often see vulnerabilities (bugs, insecure infrastructure) in security solutions that compromise client’s personal and financial data.
Insecure Data Storage on Devices: We shall keep in mind that storage of personal data on mobile devices is a marketing propaganda sustained by the leading mobile phone manufacturers. It as risky as the centralized storage of data, as it can be easy to hack into with physical access. Moreover, mobile devices get discharged. They break down, and they can get lost. They can be rendered unusable if outside of cellular or Wi-Fi coverage.
Biometrics Market
Global Biometrics Market will increase from $2.0 billion in 2015 to $14.9 billion by 2024, with a compound annual growth rate (CAGR) of 25.3% and cumulative revenue for the 10-year period totalling $67.8 billion *. The global enterprise biometrics revenue will reach $1.7 billion by 2024, with cumulative revenue for the 10-year period totalling $7.9 billion at a compound annual growth rate (CAGR) of 28%. Biometric modalities representing the largest revenue segments will be fingerprint recognition, voice recognition, iris recognition, and facial recognition. Meanwhile, the largest application markets for the technologies will be consumer, finance, healthcare, government, and enterprise. Scrutinize the diagram below for further explanation.
The iTrue Token Ecosystem
iTrue’s Blockchain-as-a-service platform enables application to integrate authentication independent of passowords, gadgets and plastic cards, all through microservices as building blocks. But that is just one part of iTrue. T ITU toke brings together individual and business users into a single ecosystem with unlimited opportunities for scalability, uder a decentralized platform for identification and data on the platform. Developers can build applications that take advantage of microservices, such as identiy verification and authentication. Users are informed about each request for their data, and they are rewarded when they participate in the data-sharing activities. Our primary service for authentication with biometrics can be the basis of projects by third-party developers who will be able to integate their own features ans solutions into the iTrue Platform.
Token Information
Token name: iTrue (ITU)
Nominal price: 1 ITU = US$ 0,01
Total amount of released tokens: 8 billion ITU
All the unsold tokens: will be burnt by the smart contract
Token type: ERC20
Token Distribution
60% For Sale
22% iTrue Foundation
10% Team
7% Advisors
1% Bounty
For further consequential information about this exceptional innovation, please visit the links below.
Website: https://itrue.io/
Whitepaper: https://itrue.io/files/iTrueWhitePaper.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=4721365
Telegram: https://t.me/itrueio
Facebook: https://www.facebook.com/iTrue.io/
Twitter: https://twitter.com/Itrueio
Linkedin: https://www.linkedin.com/company/itrue/
Author: Ever-young
BTC Profile Link: https://bitcointalk.org/index.php?action=profile;u=1760289