Blockchain for the Decentralised Economy

Enpower individuals and organizations to be in charge of their own personal data creating permanent, globally unique, cryptographically verifiable identifiers.

     “ By partnering with a company as innovative and ambitious as AID:Tech, we hope to empower those who donate to track their donations and in turn further promote transparency in the sector. We want to become the benchmark for the donation process, and our relationship with AID:Tech provides us with that opportunity. ”

 Killian Raynor

The Irish Red Cross

HOW IT WORKS

DIDs provide a standard way for individuals and organizations to create permanent, globally unique, cryptographically verifiable identifiers. No one can take it away from whomever owns or controls the associated private key. DIDs requires no registration authority. A DID is stored on a blockchain along with a DID document containing the public key, any other public credentials the identity owner wishes to disclose, and the network addresses for interaction.

Digital Remittances Example

The Issuing Body Receives Identity Data

(User Provided Info)

Representative Performs KYC/AMLChecks on the Identity Info Provided

Information is Verified and the Credential is Issued to User

User Receives and Activates Credential Verification Notification Via Email.

Credential is Stored in App on User’s Device as:

-Digital Certificate

-Private Key

-DID

User can Send and Receive (e.g. Remittances)

SEND

- Sender selects a Recipient and enters a value

 

- Remittance is sent as a Digital Bearer Instrument appended to the Blockchian Ledger

- Recipient receives remittance as a Push Notification

SPEND

- The Recipient receives a Push Notification

with a Remittance received.

- DID app will show the income and an updated balance

- Recipient can now purchase certain Merchants to obtain goods Online and In-Store

- Recipient makes an online payment using DID's app via Online Transfer / Prepaid Card

 

OBTAIN REMITTANCE

- The Recipient receives a Push Notification

with a Remittance received

- Recipient selects an option on the DID app to Cash Out

- Providers such as MTOs serve as Points of Sale for Recipients

- Recipient Obtains cash

BENEFITS

Reduced Fees

AID:Tech worked with the Serbian
government, United Nations Development Program and The Rockefeller Foundation to reduce remittance fees. The platform was able to lower fees from 8% to 3%.

Improving KYC/AML

By allowing a user to create, manage their DID and actively supplying PII, issuing bodies can streamline the process in enabling access to services.

Tailored Risk Profiles

Institutions can make use of the attributes already in the user’s profile. Issuing bodies therefore can create custom risk and credit products for their customer segments, and in turn retain these users through personalised offerings.

Promote Inclusion
Identifying Transaction Counterparties

With DID, users can access financial and other services by relying on the strength of attestations and attributes collected by existing service providers,

With digital identity, legal entities can ask to look into the consolidated identity of a third party and the ownership history of whatever asset is involved.

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© 2020 by Aid Technology Ltd