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.
A variety of companies have already integrated, or are currently integrating, Factor into their companies. This includes products and services in healthcare, fintech, and social media. SafePass, by Medek Health Systems, is already helping Americans to safely get back to work from quarantine, using Factor to enable individuals to stay in control over their own health data. This is done in line with the FDA guidance on Digital Health Policies and Public Health Solutions for COVID-19, in a GDPR and HIPAA compliant manner.
Jan Lubeck, Lead Developer for Medek Health Systems LLC: “Our SafePass app requires the highest level of privacy while also balancing public health. Factor gives our users control of their data, providing proof to both them and SafePass. Without Factor we couldn’t offer the privacy our users desire.”
With this corporate spin-off, Factor is able to offer data ownership & data management services and solutions to individuals, developers, companies, organizations, universities, governments, and nonprofits within the current regulatory frameworks. The MyFii entity is a logical step for enterprise offerings. MyFii will allow enterprises to handle KYC requirements, without the business having to hold personally identifiable information (PII).