Solving Global Identity Management
IDENTITY THEFT IN the US affects 20 million people every year. The US has three major companies that guard identity for credit checks and all three have been hacked in the last few years. Thieves can do a lot of damage with this information, so there is an urgent demand for an alternative to centralized identity management. Civic (CVC) is working on a distributed identity layer for the world, so that people can control and manage their ID and personal details on their devices, taking control of their personal information and choosing who has access to it.
CEO Vinny Lingham is a South African internet entrepreneur who studied Information Systems at the University of Cape Town. Beginning in 2016, he took part in the reality TV series, Dragon’s Den Shark Tank, making headlines when he chose to invest in one of the companies using Bitcoin instead of dollars. Applying Bitcoin’s blockchain technology to identity management, Vingham’s vision for Civic is to invert the way identity works. It’s a move away from a three-party system to a two-party system that used a blockchain for verification. The core idea: if your data doesn’t sit on a centralized, third-party system, you can’t get hacked.
“If we get this right and solve this problem worldwide, we will have successfully avoided the chances of having a dystopian future where there’s a one world government controlling all our information,” says Vingham. “That’s a very promising aspect of what we’re doing.”
Circulating Supply: 342,699,966 CVC