The herein paper describes the challenges faced by different organisations in relation with their KYC processes and the solution proposed by Persona. Persona represents a blockchain-based identity management solution which allows individuals to easily update the data they share with various third-parties as well as easing the corporate clients’ efforts of keeping their data up-to-date. Persona uses the ARK blockchain technology as well as other state-of-the-art technologies in order to offer a safe and complete identity solution. This product is aligned with the GDPR requirements and provides a safe mean to keep, share and process dataPersona represents the solution for identity management, aligned with the latest data protection regulations. Its scope is to empower the individual and grant them the control over their personal data as well as the means to secure access to their private details.
The main goals of Persona are:
1. To leverage on identity management services for the individual based on what the blockchain technology can offer;
2. To protect individuals personal details. While it is obvious that individuals need to provide their details to various entities(Facebook, Google or any website they visit), they have no control over it after sharing. Persona puts individuals back in the driver seat;
3. To empower each person and to give them the power on what itshares and with whom when it comes about their identity and private details;
4. To allow entrusted third parties which with private details to enrich their services by offering trust as a service;
Persona is designed as a decentralized application with no single point of failure, keeping all records encrypted. The individuals have the control over the granularity of the details they want to share, with whom they are sharing it and for how long. With the launch of Bitcoin in late 2009, Satoshi Nakamoto offered a glimpse of the underlying technology that powers its decentralized network, the blockchain.
The main strong points which the blockchain technology offers are:
1. Replace the middleman: There is no need anymore of a trustful side, one that can be and is trusted by both sides involved in a transaction;
2. Decentralization: there is no single point of failure, while attacking the network is virtually impossible;
3. Immutability: a record written on the blockchain is there forever, unalterable;
Persona leverages the blockchain features, allowing a company to offer KYC services to third party as well as benefiting from each other’s services. The verification process has two levels: Community and Professional KYC
The PRS token is an utility token that is used by the platform in order to issue verifications. For each verification PRS tokens are used. The tokens circulate in the environment and they will be forged through a DPoS system with 51 delegates, similar to Ark. When verifications take place and the initiator is a private partner, they will pay PRS tokens for the verification. The verification price will differ based on the complexity of the verification.