Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
No more fumbling through old emails trying to dig up a password you forgot. BaaSid establishes a fast way to safely confirm our identities online without any complicated steps and security threats.
Nowadays reality dictates information to replace the most precious assets alike money and gold, eventually becoming the currency of the world that might be efficiently used to influence public perception. Where the merchants of the past century were obsessed over how to use television to beam ideal images of their goods into clients’ homes, today’s companies hope that big data will allow them to easily manipulate customers’ deepest hopes and fears.
However, the approaches to collect needed data frequently step out of legal borders while these companies do not disdain to use malicious activities to reach their ultimate goals. Explicit example depicts the recent scandal over Cambridge Analytica that was accused of developing an app conceived to collect demographic data on tens of millions of Facebook users, largely without their knowledge and consent.
The fallout of Cambridge Analytica fraud made thousand consumers all around the world to rethink the relationship between their personal data and the companies that they had handed it over to. As it turns out, big corporations that this whole time were being allowed to successfully harvest huge amount of customers’ private information ended up selling it to not-so-altruistic invaders.
Personal data, like birthdates, social security numbers, fingerprints, and any other highly-sensitive data that are provided to big corporations in order to be used for different reasons and in a ton of different locations needed to be kept under advanced level of security. Operating in such disjoint environment, blockchain technology is the only tool that is able to free information from third-parties’ involvement.
Blockchain-based ecosystem BaaSid (BAS) represents an encrypted database that stores the basic personal information of its users with a complex computational format. It is an extension of BaaS (Blockchain as a service), a concept that entails an opportunity for individuals to borrow blockchain services partially or entirely, empowering the platform to run without a decentralized database server. The BaaSid also serves as a means of identification and ID verification, so that internet providers and organizations can login securely and discreetly to their business hubs.
The main working principle is rather simple. The BaaSid takes all of its users’ data and splits it up into a bunch of tiny pieces, spreading it out across the entire anonymous network – which every user is a part of. That means that your data pieces can be retrieved temporarily in an instant, but it won’t be saved or leave the original data on any one server in the network. It just floats around the network completely shattered, and only authorized users can use it.
Hackers will have a harder time trying to steal the information of BaaSid because they will not know where to attack as all the information is fragmented and cannot be accessed by outsiders of the company. Moreover, BaaSid saves a lot of time and a ton of stress eliminating the necessity of password memorizing or endlessly changing of the password each time it was forgotten, since users log in and out of accounts throughout their personal and professional lives.
The project states that by using its app, a company can reduce costs of maintaining database as well as bypass legal risks of leaks involving information because the information is not necessarily stored anywhere in the company that purchases the service.
Being blockchain-based ecosystem, the BaaSid utilizes a BAS token to maintain its functionality. After successfully closed pre-sale event, currently the BaaSid is holding ICO that will be ended on May 31. At the press time there is a 30% bonus by Apr 29 available for contributors when 1 ETH = 100,000 BAS. After the ICO, most of the tokens will be used in the development of the product, while some will be spent on marketing, partnerships and operational costs.