30 Jul GlobalID’s Decentralized System Treads a Thin Line between Data Protection and Privacy
San Francisco, CA – Last Friday, a report detailed how startup GlobalID’s mission to commence a decentralized ID system treads polarized notions of what it would mean for security and data privacy.
With a decentralized system, the company intends to widen financial accessibility for the poor, aid authorities and regulators in apprehending offenders, and even recover user’s data privacy.
According to GlobalID co-founder Greg Kidd, an invasive and over-controlling environment shouldn’t be the outcome if the ID system is built right.
The proposed ID system is said to make banking faster, efficient, and less costly by eliminating the need to repeatedly give user details for authentication. The company presents a future where it has eliminated the need to carelessly share personally identifiable information (PII).
To date, the San Francisco-based startup has garnered a total of $3 million funds. GlobalID investors include CampOne Ventures and Arbor Ventures.
Source: American Banker
