DIGITAL IDENTIFICATION WALLET

by HackerNoon ArchivesMarch 7th, 2018

Too Long; Didn't Read

Hello guys. Today i will be discussing a project that tends to solve data storage problems in todays cyber world. The name of the project is DIW (Digital Identification Wallet). In today’s world, virtually everything is done on the internet in which data storage is also a vital part. Vital information are being shared every second such as passwords, documents, credit card numbers etc. So many large organisations finds it very hard to keep vital information available at all times to avoid any form of loss or breach of information. The crypto community in general is also looking for ways to utilize digital currency and insure its acceptance and security. It is so unfortunate that several stolen information, fraudulent activities, cyber hacks, and so many other acts has occured which requires a form of security against such attacks.

Company Mentioned

featured image - DIGITAL IDENTIFICATION WALLET

WHAT IS DIW?

Now Introducing DIW

DIW (Digital Identification Wallet) provides the solution to the above problem by simply utilizing blockchain technology to store, validate and share personal information. DIW project plans to provide the ultimate solution when it comes to security of personal information such as bank accounts and credit card informations, will in testaments, websites login details and other sensitive documents in cryptocurrency world. The platform also enables account holders to share their data safely in whole or in part.

How It works

Through DIW’s decentralized digital identification wallet, your virtual life information can be kept safe, authenticated and available at all times when needed. For maximum security, account holders may choose to buy and use a personalized hardware wallet supplied by DIW for its premium members. Also all DIW holder will be able to purchase or sell products and services and get paid in fiat or in cryptocurrencies and also earn positive feedback on DIW’s global directory. Quickly looking into DIW directory,

DIW Global Directory

DIW plans to introduce a global directory where account holders, or individuals, will be able to register their services and expand their reach. The directory will feature a smart rating system that increases trust and transparency among account holders.

This project aims to provide the maximum form of security and transparency to DIW holders in all of their transactions. This will bring individuals and organizations within a decentralized environment. To enhance the validity of transactions, DIW introduces an escrow service based on smart contract monitoring and safeguarding transactions. Looking into that quickly,

The DIW platform will offer a smart contract based escrow service that will safeguard transactions between parties. How the Escrow service will work is quite simple but genius, the party that requires the escrow’s protection will simply layout all the measures that need to be fulfilled by the end of the transaction and then pay a small fee in DIW tokens to cover the cost of the escrow smart contract service.

It also aims to introduce blockchain technology within the medical community. i.e. personal healthcare records will be kept safe within the network and also confirming and updating medical related records. This development will ensure that the patient i.e DIW account holder, will have full control of who has access to their medical records and also determine the amount of data the other party has access to.