New Insights Network INSTAR Wallet Allows Users to Securely Control and Receive Compensation For Their Personal Data and Insights
PALO ALTO, California and GRAND CAYMAN, Cayman Islands, April 5, 2018 /PRNewswire/ -- Insights Network, an EOS blockchain-based data exchange, and Jumio, the leading AI-powered trusted identity as a service provider, today announced a partnership to streamline the INSTAR Wallet user onboarding authentication experience.
The partnership radically reduces the friction associated with customer account setup, while securely authenticating users and providing them with a blockchain "passport," a digital proof of authenticity that can be used across the blockchain. Once authenticated, Insights Network enables individuals to securely own, manage and monetize their data through a unique combination of blockchain technology, smart contracts and secure multiparty computation.
Every INSTAR Wallet user is required to undergo an on-boarding process that includes identity verification. Jumio facilitates and streamlines this process by providing the Know Your Customer (KYC) and Anti-money Laundering (AML) checks. To enable access to the Insights app, users must first pass both the KYC and AML processes to verify that they are who they claim to be.
Jumio will provide real-time KYC/AML-compliant ID verification for users of the Insights Network INSTAR Wallet, uniquely removing the need for users to verify themselves every time they use the data exchange.
"As the recent uproar over the misuse of data by Cambridge Analytica suggests, privacy practices are often hidden in the fine print, which can let third parties access consumers' personal data without their knowledge," said Jumio's CEO, Stephen Stuut. "That's why we're so excited to partner with Insights Network. Together, we can simplify the compliance process for online identity verification and help users regain control of their personal data."
The INSTAR Wallet allows users to subscribe to Insights Network partners' blockchain projects and be rewarded with INSTAR tokens for their data. Over 100,000 potential users have signed up to use the app and 40,000 users have already passed their KYC check, which means they'll be ready to use the app as soon as it's available.
"Guaranteeing providers a high level of security and anonymity with the information they choose to disclose while simultaneously ensuring requesters have access to accurate data remains our top priority," said Brian Gallagher, CEO of Insights Network. "By partnering with companies like Jumio, we are able to integrate best-in-class verification solutions to assure all of our users are operating at a level of maximum security and benefit to both parties."
The Insights Network solution uses secure multiparty computation to facilitate the exchange of data with blockchain smart contracts. These contracts ensure the transfer of funds and record a proof of consent in the ledger. Insights Network user data is stored locally on the user's device or in a distributed web format which is the new gold standard for consumer data storage and could prevent future data theft incidents.
Insights serves two types of users: those who request data, called requesters, and those who provide it, called providers. Requesters are typically organizations, but anyone can buy INSTAR tokens and use them to submit a request for data to the Insights Network. Providers are users who comply with a data request by providing data; the ones who fit a data requesters' target demographic are compensated for their data in INSTAR tokens. This system allows for consensual data sharing and rewards those who share it.
Jumio is the creator of Netverify® which enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core pillars of ID Verification, Identity Verification and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer. Leveraging advanced technology like biometric facial recognition, machine learning, artificial intelligence and human review, Jumio helps customers to meet regulatory compliance including KYC, AML and GDPR and tie the digital identity to the physical world. Jumio has verified more than 100 million identities issued by over 200 countries from real time web and mobile transactions. Jumio's solutions are used by leading companies in the financial services, sharing economy, higher education, cryptocurrency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the US, Europe, and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
About Insights Network
Insights Network's EOS blockchain-based data exchange is reinventing how brands interact with consumers. Individuals will now have control over their personal information and can choose to interact with brands securely, while being financially compensated. Founded in 2017, Insights Network is automating the data brokerage industry using blockchain technology, secure multiparty computation and smart contracts. For more information, please visit www.insights.network and follow Insights on Twitter, Telegram and Medium.
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SOURCE Insights Network