BaaSid: Data security, Blockchain as a Service and split encryption technology
In the past, the IT sector has been developing at a steady rate. However, new technologies are starting to disrupt the status quo and the industry is becoming very competitive. Technologies like the Internet of Things (IoT), Cloud Computing, Decentralization and Blockchain technology are transforming many industries and forcing them to adapt to stay relevant.
The many benefits, that these technologies are bringing, will make them a staple in every day’s life. The internet allows us to do anything online like asset management and data transfers. The internet is managing a lot of private information and massive costs are needed in order to maintain the infrastructure of information safe and secure.
There were a lot of reports lately, about corporations and governments adopting blockchain technology’s public ledger to prevent corruption and forgery on public documents, and to improve data security. In the future this will become a norm for businesses as well, as data usage and transfers are increasing at an exponential rate. Companies are working hard to satisfy their customer’s expectations and in the future, data and data security will be one of the variables of success.
Data security will be one of the most important topics in the modern age
A lot of experts know the importance of data security and are currently working on solutions and innovative technologies that will keep data safe from theft and forgery. Recently developed scandals were eye opening about how important it is to keep the flow of data safe and secure. A recent example is the scandal with Facebook and Cambridge Analytica. Cambridge Analytica was accused of collecting demographic data on more than 40 million Facebook users, without their consent or knowledge, by making an app to do the job.
After the scandal, Facebook’s stocks dropped by nearly 20% and Facebook’s CEO, Mark Zuckerberg was summoned in congress to answer questions about important topics like current and future data security issues and many more. Most importantly, the scandal opened the eyes of millions of users from all over the world to consider how much information they are willing to share on the internet and provide to private centralized companies. Private information like social security numbers, birthdays, personal addresses and other sensitive information is submitted to big corporations every day.
These flaws in data security also confirmed that blockchain technology is one of the few technologies that will allow for information that is free from forgery and a centralized 3rd party involvement. Big corporations are already investing in blockchain, and to be more precise — Blockchain as a Service (BaaS). Microsoft is adding Blockchain as a Service modules to their platform for cloud computing, Microsoft Azure that is operating on the Ethereum blockchain. IBM is another big corporation that is actively investing in BaaS services, but without any previous experience in the blockchain sphere.
Blockchain as a Service has attracted the attention of big and small corporations alike. BaaS is looking like the next essential step towards blockchain mainstream adoption.
Why is Blockchain as a Service (BaaS) so important?
If you don’t know what Blockchain as a Service (BaaS) is, it is when a business or other entity implements Blockchain technology in their systems or platforms. Companies can pay other companies that offer BaaS, to set up nodes that are connected via blockchain technology. In the future, BaaS will play a crucial role in the IT sector and will help keeping the flow of information safe and secure, and also protecting all forms of individual property like money, real estate, intellectual property and more.
Blockchain technology is still developing and evolving. When we understand how big the technology and its enormous potential are, then we can safely say that blockchain technology will disrupt many industries for sure. The need for Blockchain as a Service is becoming clear, as all businesses will want to have secure flows of data. A survey made by IBM showed that more than 90% of the surveyed banks are currently investing in blockchain solutions for their businesses. But it is not only banking that blockchain technology will disrupt. Blockchain technology will be part of our lives, as it can improve Government records and data, Music, Cyber Security, Art and even learning.
Of course, BaaS is not a perfect technology and it has some flaws. One of the flaws is that implementing BaaS to your systems requires you to add some centralization to the blockchain. The ideal purpose of blockchain technology is to be decentralized and to offer decentralized solutions. Those who believe in blockchain technology know that the end goal is to create a world that is free from centralization from 3rd parties like banks, institutions and others. BaaS gives an opportunity for individuals or businesses to borrow blockchain services, entirely or partially, to empower their platform.
BaaSid: A 100% decentralized personal information platform
BaaSid is a blockchain-based ecosystem that provides a 100% decentralized and encrypted personal information network. BaaSid’s platform is an extension of the Blockchain as a Service (BaaS) concept and stores personal information on a decentralized network without the need of a central database. Utilizing Blockchain technology, BaaSid allows for a safer and cleaner method of storing data, than any existing method. The technology can save corporations a lot of money, by bypassing 3rd party verifying institutions, data base establishment and maintenance, and legal responsibilities.
BaaSid will also serve as a way of ID verification and identification. Businesses, corporations and internet providers will be able to login securely and discreetly to their business platforms. BaaSid also provides a quick and easy verification through one-time instant access by utilizing the public network verification. Also, BaaSid allow corporations and service providers to verify users by utilizing a quick and easy verification process. In the same time, users are not required to remember, expose or save our ID, verification number, password, credit card number or other.
The company allows its users to engage in all kinds of financial activities, by accessing them with their own biometrics verification. Also, BaaSid utilizes a ground breaking split encryption technology using their powerful Split ID engine. BaaSid is the first company to create a data protection system that doesn’t need a centralized database. The system uses P2P to inform the nodes on the fastest way to reconstruct your information, when you need to access your encrypted data.
BaaSid’s split encryption technology
BaaSid’s split encryption technology is what is separating them from the pack. The technology they’re developing and inventing in is extremely impactful and will prove its value in the near future. BaaSid takes all the submitted user data and splits it into a lot of tiny pieces of information. The personal and sensitive information of users or clients is split into thousands of data fragments, after which it is spread across the anonymous network that every user is part of. The split data is then encrypted and stored on unique blocks on the network, after which the original copy of the data is destroyed.
When you want to access your information, BaaSid’s network utilizes Peer-to-Peer to tell the nodes to reconstruct your data. All data pieces can be retrieved instantly and are temporary at your disposal. The split information is constructed together, allocated and visualized from a one-time pass that is destroyed immediately after you are finished using it. This means that the original data will not be saved on any network, server or platform and it only flows freely across BaaSid’s blockchain.
The information flows freely, but not at one piece, as it is shattered to thousands of pieces and can only be accessed by authorized users only. Also, BaaSid allows any service provider to quickly verify users’ identity through a quick and easy verification process.
BaaSid Security features
BaaSid’s network is well designed to prevent any hacking attempts. Hackers will have a hard time in their efforts to gain access of the platform or to steal user’s data, because of the split encryption technology. Data is scattered throughout the whole network and people with malicious intent will have virtually no chance of hacking the system. All information is scattered, so hackers will have no idea where to start or where to attack, but also all valuable information can only be accessed via the platform.
BaaSid saves time and a lot of stress by eliminating the need of password protection. With BaaSid, it won’t be necessary for users to remember their password, change or retrieve a forgotten password, as many users have multiple accounts and passwords for their everyday life. Of course, keeping track of all passwords and user accounts is time consuming, especially if you have to retrieve your password all over again.
Also, self-verification processes have become very complicated to prevent hacking attempts, data leaks and malicious attempts, which can make user experience inconvenient. Corporations can reduce their costs for maintaining a database and its security, by using BaaSid’s app. Most importantly, companies can insure their networks and bypass legal risks of information leaks, because all valuable data is not necessarily stored on the company’s network and data base.
BaaSid Initial Coin Offering
BaaSid’s ecosystem is based on the Ethereum blockchain and utilizes a BAAS token to maintain its effectiveness. The company’s pre-sale has been very successful and currently they are conducting their Initial Coin Offering that will be active until May 31st. There is currently a 30% bonus tokens for participants in the Initial Coin Offering. Contributors will get 100,000 BAAS tokens for every single Ethereum they invest, without the bonuses.
After the Initial Coin Offering concludes, the company will reinvest all investments they gathered in the development of the product and technology, marketing, partnerships and operational costs. If you want to learn more about the ambitious and full of potential project, click the link below to visit their site, where you can learn more about the project, whitepaper, plans for the future, the team around the project and more.