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How Do You Participate in New Financial System?

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by Michael Luckhoo · 4 min read
How Do You Participate in New Financial System?
Photo: Cirus

Cirus was founded to connect global users to the cryptocurrency space by unlocking the value and potential of their data without having to relinquish ownership.

One of the most interesting applications of data in the blockchain and decentralized finance spaces is the creation of digital IDs (D-IDs). What if reliable, secure, and tamper-proof D-IDs could be created to replace the outdated and intrinsically unfair credit mappings used in traditional banking? Because of these biased mappings, about 2.5 billion people worldwide do not have access to banking services, and blockchain-powered identification solutions may provide a viable way forward. In this post, we explore what these possibilities may entail.

Data and the Shortcomings of Traditional Finance

They used to say cash is king, but what about data? Data is what allows Google, Amazon, and Facebook to do what they do. It is what has led to the development of high-value, hyper-customized services and applications that can create and deliver real benefits in virtually any use case imaginable. Today, we live in a data utopia where whoever has access to the best, largest, and most reliable data sets,  can analyze and extract insights from that data, which will reign supreme.

A long-standing critique of traditional finance is that it leaves too many without access to the capital and banking resources needed to build enterprises and run businesses. The explanations provided for this seem straightforward enough: without reliable user IDs (and the KYC and AML processes built on such identification), it becomes virtually impossible for financial institutions to separate criminals from the innocent, and budding entrepreneurs from hacks. It seems inevitable, therefore, that we must be left with billions unbanked because we cannot thoroughly vet them.

Blockchain and Digital IDs

A rapidly developing branch of blockchain data science is the study of digital ID solutions. Digital IDs can be created that use zero-knowledge proofs and are cryptographically secure, reliable, transparent, and replicable. Digital IDs can give us the power to help billions across the globe access the markets, services, and resources that they have traditionally been denied for far too long.

Digital ID Is the Access Card and Data Is the Bankable Asset

By leveraging these new concepts for Digital ID’s,  l, reliable digital identities can be created for anyone with a digital data-trail and will be identifiable to you in a pseudonymous type economy Meaning that you will have a digital footprint and that will, in fact, help you unlock novel rewards, such as applying for credit, loans, economic incentives and so forth. We can accurately interact with more users, helping to bring the unbanked into the fold of commercial finance. With the rapidly developing decentralized finance (DeFi) space, the opportunity now exists for new inroads to finance – data may be the key.

With a growing number of people connected now digitally than ever before, we share a common denominator – data and data is not a haphazard, low-value commodity by any means. By leveraging this value-generating resource to connect the unbanked to financial services, we can solve two problems with one elegant solution.

The Cirus Ecosystem

Cirus was founded to connect global users to the cryptocurrency space by unlocking the value and potential of their data without having to relinquish ownership. It is an easy-to-use solution, generating passive income while acting as a seamless onramp to the digital economy. The project aims to level the playing field between private individuals – the creators, and rightful owners of data – and large corporations that have unfairly and disproportionately reaped the benefits of that same data for far too long. The Cirus ecosystem, including the Cirus Router and other services, provides users with the applications, services, and infrastructure needed to do just that.

You can learn more about the project and connect with the team by visiting the website.

Guest Posts
Julia Sakovich
Author: Michael Luckhoo

Having launched Toronto’s first smart meal delivery company based on biometrics, Michael delved into blockchain to form solutions on identity, health and information security. Since 2017 he has focused his pursuits on the blockchain and decentralized technology sector. As the VP of DigitalBits, Michael has launched their branded Stablecoin initiative and connected enterprise partners to usher in the new wave of consumer interaction within blockchain.

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