As predicted, the proof of individuality is essential for the growth of a cryptocurrency.
Cardano, currently the 5th coin, implements a proof of individuality.
Your questions, answered
What is Atala PRISM?
Atala PRISM is a decentralized identity solution built on the Cardano blockchain. It creates a new approach to identity management, where users own their identity and have complete control over how their personal data is used and accessed. Data is shared with other individuals or organizations over secure, private peer-to-peer communication channels. Atala PRISM is designed for businesses, governments, and individuals.
What problems does Atala PRISM solve?
Current identity management mechanisms create significant risks and costs for businesses, as these platforms store and secure sensitive information. Governments face inefficiencies in their paper-based, bureaucratic processes, as well as personal data frauds. Individuals lack trust about how their information might be misused or sold to third parties without their consent. Atala PRISM solves these problems by enabling a new approach for digital identity where people have ownership of their personal information, and only share what is required with businesses or institutions in an easy, secure, and private way.
Who is Atala PRISM for?
Atala PRISM is for businesses, governments and individuals. Businesses can quickly onboard new customers, reduce compliance risks and costs, and deliver seamless user experiences. Governments can issue digital identities and enable instant access to public and private services. Individuals have ownership of their identity and data, and can control how their personal information is used and accessed.
Why is Atala PRISM superior to traditional digital identity systems?
Traditional centralized digital identity systems pose a number of risks such as identity theft, data breaches, data harvesting, and fragmentation. Atala PRISM overcomes these problems by giving more control to individuals and institutions, rather than relying on one single entity. Decentralized identity enables a more trusted, secure and private way of sharing identity and personal information.
How does Atala PRISM leverage the Cardano blockchain?
Cardano provides Decentralized Public Key Infrastructure (DPKI) which is key to enabling records that can be instantly verified by anyone and anywhere. DKPI enables everyone to create or anchor cryptographic keys on the blockchain in a tamper-proof and chronologically ordered way. These keys are used to allow others to verify digital signatures, or encrypt data to the respective identity holder. DPKI is an enabler for verifiable credentials. The Cardano blockchain is ideal for anchoring digital identities as it is highly secure and designed for long-term sustainability.
How do I know that personal data and identification are safe with Atala PRISM?
All personal information is securely and privately stored on the user's smartphone or smartcard. Leveraging blockchain technology, Atala PRISM ensures that transactions are performed in a secure, peer-to-peer fashion. Each user is the only person with access to their data and credentials.
How does removing third parties keep personal data and information safe?
Third parties, including technology companies and municipalities, can sell personal information, prevent individuals from accessing their data or shut down their account without permission. With Atala PRISM, individuals have complete control over their own data.
Does Atala PRISM own individuals' data?
No. All data is securely stored and encrypted on the user’s smartphone or smartcard. Each individual is the only person that can access it using their biometrics (i.e., fingerprint or faceID) or PIN code.
Are identity and credentials shareable only within the Atala PRISM ecosystem?
Anyone can integrate with Atala PRISM. Since it is built using industry standards, third-party apps will be able to connect easily in the future.
What happens if an individual loses their phone?
With Atala PRISM, everyone can restore their account and personal data by using their seed phrase. People just need to make sure they keep their seed phrase safe. If they lose it, they will need to create a new account and get their credentials reissued.
Of course, whatever these new kids on the block invent, there is nothing safer and more private in the world, than
my proposition.