California-headquartered HashCash Consultants and the Singapore Government are planning to collaborate on a project aimed at developing a digital identity verification platform backed by blockchain technology, according to a report from Yahoo Finance.
Singapore has been especially enthusiastic about blockchain over the past few years, with its government maintaining a forward-thinking approach towards the technology that has helped establish the city-state as one of the world’s leaders in blockchain development.
However, the Singapore Government recently announced plans to improve public sector infrastructure through the development of blockchain solutions. HashCash Consultants has since been unveiled as one of the participants in this development project, with sources indicating that the global blockchain company will most likely be responsible for creating a blockchain-based digital identity verification platform.
Increasing Online Privacy Awareness in Singapore
Online transactions and interactions require access to users’ digital identity information, either through signing up for a social media network or opening a bank account. However, this has led many to worry that such personal data can be stolen and misused, giving rise to the need for digital identity security.
The immutable and transparent nature of blockchain technology offers a solution to this problem, providing a system that can help create, verify and manage one’s identity with assured security. Additionally, each user will have full access to their identity, keeping complete control of their own personal data, rather than storing information on a centralized or intermediary system.
Thus, HashCash Consultants’ identity verification platform has been critically acclaimed by users, enabling enterprises to move assets and settle cross-border payments in real-time for remittances, trade finance, payment processing and more.
Source: Asia Blockchain Review