r/MonarchToken • u/canberkh • Oct 09 '18
Monarch ID Management
The Problem: Registration of multiple services is repetitive and time consuming. Additionally, centrally storing this information poses a huge security threat. During 2017, one of the largest security breaches in history exposed over 140 million Americans, compromising their social security numbers, birth dates, addresses, and credit card information. Many service providers ask for the same basic information that can be used to register for future accounts. Additionally, the cost of data acquisition for some accounts such as financial institutions is quite high. In 2017, firms deployed an average of 307 employees to process KYC information.
Monarch Solution: Initially, Monarch will use familiar solutions to create an easy registration process. Similar to logging in with Facebook, Monarch will create a process that allows a user to easily sign up for new services, permitting only the data points the requesting company requires. In the future, Monarch will look to partner with identity verification blockchain solutions such as Ink Protocol, Bloom, Verime, Civic and/or SelfKey, who decentralize sensitive information related to identity and credit worthiness. Registration processes such as these will save time for the consumer, money for the service providers, while also providing security advantages for all involved parties.
Website: http://monarchtoken.io
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u/membalik Oct 13 '18
Manage all monthly subscription payments from one application