“The opportunities for DigiAssets are limitless”: DigiByte looks into developing the most secure digital identity platform
In the latest Financial Fox interview, DigiByte ambassador Josiah Spackman makes the case for implementation of Digi ID and DigiAssets into multiple platforms ̶̶̶ including mobile banking, streaming services and social media ̶ to increase user security and data protection.
The DigiByte team’s newest developments are Digi ID and DigiAssets, two features built on the highly secure DGB platform that allows decentralised technologies to be applied to digital identity and safe management of digital assets.
One of the most prominent figures within the growing GB community, Josiah believes that the underlying structure of Digi ID can solve up to 90% of cybersecurity issues regarding user privacy and sensitive information because it requires no email or password for user login.
Digi ID automatically generates a unique identity key for different websites every time the user logs in, therefore protecting the user’s identity from being shared with third parties. A decentralised framework is user-centred because it does not rely on intermediary platforms to connect users and services and prevents interaction and data sharing across different platforms.
Worries about user privacy and data breaches are increasingly taking over the news. Governments and users alike are calling for more accountability from social media and tech companies to handle personal information more securely. Facebook, for example, is close to being fined by the Federal Trade Commission because it failed to protect users’ data.
As the Internet of Things and Big Data continue to grow, hyper connectivity also means increased vulnerability to data breaches. Storing users’ information on centralised databases creates the biggest vulnerability to hacks and data breaches. The current system, which is extensively supported by tech giants such as Facebook, Google and YouTube, acts as a catalyst for single points of failure.
Recent data from the FT shows that in Britain, the number of mobile transactions is increasing, with mobile shopping figures spending surpassing those at shopping centres. Tech giant Amazon is the most popular online choice. As the trend is set to keep spreading, solutions as to how minimise risks to banking platforms become more valuable.
“The opportunities for DigiAssets are limitless,” says Josiah. Cryptocurrencies such as DigiByte can be integrated with other existing platforms, including banking, to maximise cybersecurity measures.
The real value of DGB, and cryptocurrencies in general, is that they will not replace traditional fiat currencies, but instead help improve security and practices in the current financial market environment. Embracing blockchain technology is a necessary step for banks to keep their services up to date.
Stefania Barbaglio, director at Cassiopeia Services and official DigiByte PR comments: “For a while, cryptocurrencies were seen as a threat to the future of banks and financial institutions. However, with developments such as Digi ID, we see that the future lies in the integration between traditional banking and decentralised technologies.
“They complement each other to build a better and safer financial environment for users. The true value of DigiByte is not in its currency and market value, it is in its strong use case and multiple applications.”
The DGB community can expect more news and updates on DGB projects to be released during the first global DigiByte Summit, taking place in Amsterdam on 19th April 2019. The theme of the Summit is ‘The Power of Decentralisation’ and its agenda will expand on the multitude of possibilities and uses enabled by decentralised technologies.