We don't know how much fraud is baked into the system, but experts tell us this is a crisis. Today multiple people may present your "official" birth certificate to comply with the REAL ID Act of 2005. The new hurdle is verifying that you own it!
To re-set the foundation, the WAULT Member Network connects trusted people to organizations to privately exchange information, and be accountable to each other. People use the WAULT app to verify they are authentic and own the records they share. Organizations use the WAULT app to be transparent about how they use the files that belong to individuals.
This model is a hybrid of self-sovereign and community identity models, as discussed in the comment on the Wall Street Journal article, "Digital Identity is Broken. Here's a way to fix it." by Alex "Sandy" Pentland and Thomas Hardjono, of MIT. For example, a certified digital credential in a personal WAULT maintains a "live" connection with the certifying issuer to verify validity and owner "chain of control" - all in real time.
The Wymsical Team won first prize at an Israeli Fintech Hackathon by using the WAULT Network to safely and easily verify credentials for a mortgage application. Cloud partner Microsoft AZURE has provided support and security validation. With a patent-pending, de-centralized process for verifying that your unique credential and ownership are tamper-free, issuers may trust you to protect and control your information. Third parties may instantly verify your credential and that you are the rightful owner, unlocking new value by on-boarding customers more quickly and separating real data from fake. Join us on the WAULT Member Network and start exploring the benefit of real data.
We are a women-run company and a growing member community that values a future when trust is instant.