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iTrue Brings Together Blockchain and Biometrics for Enhanced Privacy and DApps Development

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Hong Kong, 21 July 2018iTrue Limited (iTrue) has announced its development of a platform that will innovate the way businesses build decentralized applications (DApps) and drastically improve data privacy, in line with the European GDPR.

Using the Blockchain-as-a-Service (BaaS) model, iTrue comes with a built-in authentication system with biometrics as its core microservice. Businesses and developers will be able to use the platform to authenticate their users, build their own blockchain network, and earn rewards from a fair exchange of data. Meanwhile, users can use the platform to conveniently and securely get authenticated, control how their data is used, and earn tokens by sharing their personal data in a controlled manner.

“There is a growing demand for safe, efficient, and secure authentication systems, driven by the rise of startup companies providing innovative digital services such as online financial products,” says Jack Cheng, iTrue Chief Executive Officer. “However, users are concerned about how businesses use and profit from their data.”

With over a decade of experience in executing solutions built to stringent security standards, iTrue’s core development team has come up with a solution that addresses these gaps by combining blockchain, biometric, and database technologies. The solution thus enables businesses to improve user authentication and at the same time build their own applications on the iTrue platform and its ecosystem. Reducing transactional friction through biometric authentication helps improve the user experience and enhance platform security at the same time.

A Platform for Building Apps with Built-in Privacy

“We have found a way to overcome the limitations of current blockchain tech through a combination of blockchain and database approach,” says Anton Gorozhankin, iTrue Chief Technology Officer. “This results in a robust and scalable infrastructure wherein user’s records are secure and safe from data theft or misappropriation.”

Jack Cheng goes on and adds that iTrue also offers the following benefits:

  • Complete control over confidential personal data
  • Notifications on where users’ data is being used
  • For enterprises: integration of privacy controls into their applications
  • Compliance with privacy regulations (e.g., European GDPR)

The iTrue Token Economy

Supporting the BaaS platform is the iTrue Token Economy, which brings together individual and business users into a single ecosystem with unlimited opportunities for scalability.

“Our platform does not sell data directly,” says Cheng. “Rather, it enables users, clients, and developers to benefit from sharing data and participating in the decentralized application marketplace.”

Through the iTrue token economy, data can be exchanged across users, data providers, and businesses that require it. Each participant can gain rewards in the form of ITU tokens, or through exchange of unique data. In line with this, iTrue will commence its token sale initially through a private sale next week.

In compliance with privacy standards and regulations, users are also informed about each request for the data they own, which needs their prior approval.

“Our mission is to empower each individual to have control over their personal data, how it is used, and how to profit from it,” says Cheng. “The iTrue platform enables developers to build solutions centered around user security, privacy, and safety.”

A Blockchain for the Real World

Privacy goes beyond fintech, with billions of transactions occurring everyday, driven by fast-growing industries such as the retail and e-commerce sector. To help improve privacy for such retail, B2C, and B2B applications, iTrue counts Trade Center Europa as one of its key partners.

iTrue and Trade Center Europa have reached an agreement that involves integrating the iTrue platform into Europa’s commercial network. The pilot implementation of iTrue’s biometric authentication shall involve authorizing payments, as well as face recognition to help in finding lost individuals in the network’s commercial center.

“Integration of our face recognition system and our innovative Stone Storage technologies into Trade Center Europa’s surveillance system will result in faster authentication of users to provide access to controlled areas in the facilities,” says Anton Gorozhankin. “It will also help quickly identify any suspicious person-of-interest,” he adds.

“Biometric authentication will greatly improve user experience and significantly enhance the security and efficiency of transactions in our commercial network,” says Olga Poltorackaya, Director, Trade Center Europa.

“In addition, user privacy is a very real and very concrete issue in the region and across the globe, and iTrue will be instrumental in de-risking our online operations through enhanced privacy compliance,” she adds.

iTrue is not limited to these applications only. “As our platform and user base grow, we expect developers and enterprises to also grow with us, incorporating their own enhancements and improvements as iTrue microservices that can be used and shared by others,” Anton Gorozhankin concludes.

About iTrue

iTrue is a Blockchain as a Service (BaaS) solution with a built-in authentication system with biometrics as its core microservice. Companies and developers can use the platform to authenticate their users, to build their own blockchain network, and to earn rewards from a fair exchange of data. Users can use the platform to conveniently and securely get authenticated, control how their data is used, and earn by sharing their personal data in a controlled manner.

About Trade Center Europa

Trade Center Europa is the biggest chain of shopping and entertainment centers of the Central Black Earth economic region (Russia).

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