The identity transaction is a voluntary information exchange between the user and the Identity Requestor, with the SAVX Secured Wallet securely sharing validated data. The process is initiated by an individual downloading the SAVX App, establishing an account, and verifying their identity, thereby becoming a SAVX user.
The requirements of this verification process are set by the Identity Requestor. SAVX’s unique product offering allows real-time authentication of identity data verified by SAVX or a SAVX Identity Partner, such as a government entity, financial institution, or employer.
Once identity data is provided by a user, SAVX uses multiple identity validation service providers to verify submitted data against phone, credit, social media, and other public records. By combining multiple reputable sources with fraud detection algorithms, manual auditing, and our own internal decision engine, SAVX maintains a high pass rate for legitimate users while mitigating the risks of fraudulent behavior. SAVX pushes the verified identity data to the user's SAVX App and attestations to the blockchain.
Leveraging the SAVX Secured Wallet APIs or SDKs, a SAVX Identity Partner with SAVX technologies may provide users with verified identity data (including pushing verified data to the SAVX platform and attestations to the blockchain). Since the Identity Requestor still defines the requirements for identity validation, SAVX can work with a range of Identity Partners to establish various levels of trust, including strong multi-factor authentication across multiple Identity Partners.
A government agency is able to directly push authenticated identity data to the SAVX platform and be the authenticating authority, resulting in trust and acceptance similar to physical forms of identity, e.g., driver license or passport. SAVX’s architecture establishes greater trust and confidence since SAVX cannot be forced by another party to revoke the verified identity data.
A financial institution issues verified identity data to their customers for improved internal and external customer experience, e.g., using real-time authenticated identity data for secure travel requirements such as boarding a flight. Since the verified data is shared directly with their customers.
The SAVX platform is built on blockchain wallet which provides the following benefits:
Private keys are generated by a third-party wallet, providing a firewall between SAVX and users’ keys. The SAVX platform is therefore not a valuable target for hackers due to decentralization of the data
User identity data is stored fully encrypted through the SAVX platform or on their device. The SAVX platform is accessible through biometric identity verification
SAVX never has access to any users' private keys as stored on the public blockchain. SAVX only receives encrypted identity data along with a blockchain address to store the hash
An Identity Requester can request verified identity data from a member with the SAVX platform in a variety of technologies. via Face Scan, Palm Vein, Fingerprint, to name a few. Prior to approving the request, additional biometrics can be required to verify the user is actually there, e.g., 3D facial recognition, voice.
After the member is successfully identified SAVX will send the Identity Requester verified identity data, a key to hash of the data and an address on the blockchain, the Partner generates a hash with the SAVX platform, the identity data, and the user-provided key. The Partner then independently conducts a real-time authentication with data at the user-provided address on the blockchain.
SAVX uses the public blockchain. This means that Identity Requesters do not have to invest a large amount of money to set up the technology infrastructure to support the SAVX Identity Platform solution.
Identity data is revocable by the authenticating authority. For example, if a member changes their last name, then the former/invalid last name data is revoked on the blockchain by the authenticating authority.
Identity data is encrypted and stored in the SAVX platform and on Member mobile devices.
With third-party authenticated identity data, SAVX cannot be compelled by a foreign government or criminal organization to invalidate identity data.
Users store and share their own identity anywhere in the world. Their data is accessible anywhere in the US, Europe, Africa, or Asia.
SAVX Technology uses the power of the blockchain to ensure the highest quality privacy and security for your business.
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