Authenteq is taking an approach to the opportunities of blockchain technology and identity unlike many of the start ups entering the field. Their app isn’t attempting to become the universal standard for identity with government contracts or looking to 3rd world countries were there are consistent issues with identification. At the most basic level, Authenteq is a hugely improved version of the “Are you a robot?” internet checkpoints that websites use to prevent spammers and trolls from filling their web traffic space.
Authenteq was started in 2015 as an automatic identity verification and privacy platform. They issue a blockchain based, self owned and controlled digital ID, but the difference from other platforms is in its simplicity. The company just finished a funding round of $5 million, bringing their total funding to $7 million. But the funds have come from some of the biggest names in the blockchain industry such as, Tim Draper’s Draper Associates and Capital300
“Having forward-thinking investors such as Tim Draper continue his support of Authenteq after backing the company in the seed round and a convertible note shows his interest and dedication to the space. And having investors like Capital300 who show the entrepreneurial spirit of getting stuff done in record time really gives us confidence that we have picked the right investors for our continued growth.” - Kari Thor Runarsson
60 Second On-Board
The automated identity verification platform allows users to verify their identity and create their own sovereign digital IDs which are stored encrypted in a blockchain. Additional information can be added if the user would like to do so. This and the root identity affirmation is not accessible by anyone, including Authenteq itself.
A smart phone with is required for the app, and to take a selfie picture with initial confirmation.
Next a picture is taken of a valid driver’s license or other form of sovereign ID. The data from this identification card is not actually stored by Authenteq, but rather only used in this initial on-boarding to prove that the individual is a human. Third party systems are used for identification.
Authenteq ensures that customers maintain their privacy. Even in the case of law enforcement demanding information from the person who created an account, Authenteq would not be able to provide anything. This form of identification is a softer step toward digital identity, that may be more easily adopted by a wide range of users. It provides benefits for almost any type of online service, and can be integrated using APIs or by using our plugin.
By: BGN Editorial Staff