In the digital age being able to prove who we determine our opportunities to establish trust with each other and carry out meaningful interactions. But the reality is that the existing models of exchanging information are inadequate in the context of this new era – one can reasonably say archaic, insecure, insufficient privacy protection, adds friction into interactions, and are largely inaccessible for over a billion people.
We need a system that will allow us to own and control our identity, reputation, capabilities, achievements, ownerships, and connections; securely and selectively disclose context-driven information to counterparties; access digital services; digitally sign transactions and documents, and prove who we are with any provider – online, on the phone or in-person.
This is the frictionless future Dhiway aims to enable – an environment in which data can be easily shared across systems where trust in data is not brokered by intermediaries —as has been the case until now— but is embodied algorithmically in the data itself. Individuals and organisations can take back ownership of their information and control the flow as regards — who sees it, what they see, and when.
We all want to be in control of our data and manage who has access to specific information about us.
The CORD blockchain project from Dhiway combines distributed ledger technology with the themes of privacy, trust frameworks, governance, unique persistent data identifiers, and information management protocols using cryptographic models.
CORD is a Layer 1 blockchain designed to simplify information management, making it easier for owners to control; agencies and businesses to discover, access and use data to deliver networked public services. It provides a transparent history of information and protects it from unauthorised tampering from within or without the system. CORD creates new possibilities for addressing trust gaps, managing the authenticity of transactions, and exchanging value at scale.
CORD shifts the lens from the information a siloed application holds to the cross-entity history of transactions backed by the information. Transaction details are shared and updated in near real-time across the network. CORD does not store personally identifiable information (PII) or the business data linked to the transaction on the chain. Digital transformation initiatives are augmented through the combination of verifiable digital identities linked with verifiable credentials. The individuals who are the holders of the data records can now receive, manage and share the records based on requests from verifiable sources and determine when and how to fulfil the request.
Enterprises can now use an existing utility network built using CORD or create a new network to integrate applications or services that complement and upgrade current practices. The utility network model of CORD supports the potential to catalyse exceptional levels of innovation in both existing and emerging industries, from conducting transactions and maintaining records across many sectors of the economy such as finance, trade, health, energy, water, agriculture, education and many more.
CORD is an essential building block of Web 3.0 with its ability to reimagine real-world interactions that best fit a particular purpose, balancing security and control with the convenience and opportunity of sharing data between institutions and individuals. The potential this creates for new business models is endless.
The technology will continue to evolve over the coming years, and for that reason, this overview should be considered as the start of the conversation on how we can all work together to reimagine industries, rebuild financial processes, and build markets once considered improbable or unprofitable. Together, we can drive the long-term development and adoption of the technology and capitalise on the economic and social opportunities it offers.