The most invaluable property that a person can ever have is their identity. Identities are unique to every individual and need to be protected at any cost. However, seeing the increase in cases of identity theft, it is more than evident that the current identity management is flawed and cannot protect against exploiters.
However, blockchain technology has emerged as an efficient solution for this problem because of its ability to securely record information on decentralized blocks. PhotoChromic, however, has taken a step further in securing identities by introducing Self-Sovereign Identity based on blockchain technology.
PhotoChromic – Tokenizing Identity using NFTs and a Generative Art Hologram
Self-Sovereign Identity is a concept in which it is believed that an individual must have complete control of their identity and personal information. PhotoChromic has tokenized self-sovereign identity as an NFT which helps any individual to present a set of credentials to an authorized party as an immutable attested proof.
The digital identity lives on the open-source PhotoChromic blockchain as an NFT. These NFTs help users to share selected credentials globally to anyone and prove their identity. On top of this, PhotoChromic transforms identities into works of generative art. Users can have a visual representation of themselves using holographic technology with their selfies and distinctive features.
How does PhotoChromic utilize Holographic technology?
When an individual joins PhotoChromic, its unique identity software (Stripe, iidentifii, and iProov for example) analyzes an individual’s selfie and connects it with a government-issued ID document. The digital avatar which is created is customizable and will help users to share their identity and artwork on social media while tethering it to the user’s assets such as wallets, login history, and documents to build a personal track record.
This track record will grow and substantiate with time not only creating a detailed history of the user but also improving their trustworthiness. The identity is then assigned with an NFT, which opens a plethora of use cases such as easy banking and KYC accessibility.
Facial recognition will also be utilized in the healthcare industry as in case of an emergency, a medical professional can scan the face of the patient to unlock their personal health records, and other information vital for accurate and quick healthcare.
PhotoChromic has combined blockchain technology with facial recognition to create a robust model of self-sovereign identity that can potentially transform the global digital identity management system. As all the identities are secured using blockchain technology, it will also limit identity thefts and increase global access. PhotoChromic is setting a precedent on innovative use cases of blockchain technology and NFTs.