What Is BaaSid?
BaaSid is an online decentralized database created as a service for identification of people by using the potential of the blockchain technology. This company’s technology will enable companies to secure all of their personal information about their employees without having to worry about security because the information will be stored in a decentralized way.
The BaaSid Platform
This platform is completely decentralized meaning that the information will not necessarily be stored in any database, but in the blockchain. You probably know that the blockchain is not a single database, but a decentralized chain of blocks that store information forever e because of its design it is inherently more secure than other types of storages.
Hackers will have a harder time trying to hack the information of BaaSid because they will not know where to attack as all the information is fragmented and cannot be accessed by outsiders of the company.
BaaSid Identification Blockchain As A Service Technology
To really be as secure as the company states that it is, BaaSid has modern technology that encrypts its data. The basis of this technology is the split and distribution engine, which basically scrambles the information about the subject before saving it. This way, a user can upload its photos, biometrics and information without actually having that exact information upload.
Yes, the information will be sent to the BaaSid system, but what will be really saved is a cryptographic version of those files instead. The data is split into thousands of fragments and then the distribution engine creates a Split ID that is able to take the split pieces and put them back together whenever the company tries to access that information.
The Split ID will be but in different blocks, so it cannot simply be put together without knowing which are the right pieces and no hacker can get that information. This enables the creation of a very secure authentication system which can be used for companies which are really concerned with their security.
BaaSid can be a great choice for the crypto exchange market, web portal services, internet banking, payment gateways, online shopping malls, personal identification for physical companies and issuance of certificates. The only services can even provide logins which are only made by the user’s unique biometric information, which ensures that only the user will be able to log in.
The company states that by using its program, a company can reduce costs of maintaining databases, overcome legal risks of leaks involving information because the information is not necessarily stored anywhere in the company that purchases the service and to create more secure processes of verification of ID online.
BaaSid BAS ICO Details
The BaaSid first half of pre-sale has already been finished, but the second part is about to start. To invest in the pre-sale, you have to spend at least 0.1 ETH and the bonus will vary from 30% to 15%. The official price per token will be 150,000 BAS tokens for 1 ETH. This phase of the pre-sale starts on March 12 and it will last until March 30. The hard cap is 4,800 ETH.
The ICO will use the official price after the 10% bonus of the first 7 days and has a hard cap of 10,500 ETH. The base price is the same and sale will go from April 1 to April 30.
After the ICO, most of the tokens will be used in the development of the product, while some will be spent on marketing, partnerships and operational costs. Only 35% of the tokens will be sold on the ICO, 20% will be reserved for mining, 20% will go to the founder, 15% for cooperators and 10% for advisors.
BaaSid already seems to be a company which has its product in a very high level of quality and development. Because of this, it clearly has the potential to be a profitable investment, more so if you have a company that might want to use this type of service in the near future.
By solving the problem of the centralization of information and creating many tools to make the act of storing ID information more secure, BaaSid can be considered a company that you should look out for.