Dragonchain launches decentralized identity solution

Blockchai entity Dragonchain has spun-off of Dragon Factor technology to a new entity, MyFii, to launch a new and improved decentralized identity solution called Factor™. The groundbreaking decentralized identity technology initially developed by Dragonchain has been operational for over two years and has seen recent customer adoption with healthcare, fintech, and social media.

In traditional systems, user’s personal information is stored by centralized entities. Creating massive treasure troves of sensitive information, enticing bad actors and causing data breaches to become rampant. Some care so little about your data, they are willing to sell it to the highest bidder.

As enterprises continuously digitize their businesses, there is an increasing need for security and trust built around digital identities. Current identification systems are siloed and enterprises face major challenges in managing Personal Identifiable Information (PII) in an increasingly regulated environment (eg. GDPR/CCPA). Factor is privacy focused, GDPR/CCPA capable, and built for ease of use.

Factor allows anyone to own and manage their personal data. A user’s identity is verified and broken down into “Factors” that are individually verifiable without exposing unnecessary information. A factor can be an atomic piece of identity information at any level of granularity. For example, your birthdate and your home address are forms of explicit Factors, whereas your home state or the fact that you are over 21 are derived Factors. This protects user identity and reduces risk for business.