IOHK Looking To Create A Blockchain Identification Program With A New Cryptocurrency
IOHK is the main firm behind the privacy-centered Cardano(ADA) cryptocurrency. The firm is now looking to launch a new document verification blockchain program backed by a new cryptocurrency. Charles Hoskinson, the CEO of the firm revealed about the upcoming project during an AMA session.
The new decentralized identification program is specifically focused for Georgia where the authorities can use it to verify identities and also certify documents. Many in the decentralized space believe that the new project can leverage the Cardano blockchain and issue a new token as well to drive adoption and incentivize the users.
“It would be really cool to see if we can explore how to build a payments system to pay for these transactions when people are doing verification events on a consortium ledger. It would be great to see if we can create that token to carry the instrument of value using the Cardano network.”
How Does Verification On A Blockchain Is Done?
A blockchain based verification system works quite similar to cryptocurrency mining, where each document is assigned a hash function corresponding to a fixed hash number on the ledger. So, if the hash number on the document matches with the one saved on the ledger, it is valid. Any user with access to the ledger can easily determine the authenticity of the document.
Blockchain-based verification is gaining traction as recently a Polish bank announced that they would be using an Ethereum based system to help them verify documents. Hoskinson said that the new identification system would be somewhere between ATALA and Cardano. ATALA is a kind of hyper ledger fabric, which in simple terms is a c9nstronium of tools devised for solving real-world problems.
The plans for the new blockchain program is in quite an early stage and one of the spokespeople from IOHK said that a team will be sent out in a couple of weeks of time to determine the requirements and how to start building the system.
The spokesperson said,
“Any monetization method would be used to “drive adoption of the proposed credential/qualification verification system, in order to drive adoption of…other parties involved in the verification chain.”
Apart from that IOHK has signed a number of MOUs was signed by Hoskinson during his visit to Georgia. One of the MOUs were signed with the country’s university as well as with the Ministry of Education and Science in order to find other industries and areas where blockchain can be implemented to bring in better efficiency.
With all the efforts that IOHK is making it seems it might expand its service from being a blockchain operator to a blockchain as a service provider.