This article was first published on Stories by Monetha on Medium
Here we introduce our approach to data verification and how we use Verifiable Data layer so that entities could evaluate the trustworthiness of one another.
The Verifiable Data layer of Monetha’s Platform is designed in a way which enables blockchain network participants to evaluate the trustworthiness of one another by securely accessing context-relevant information.
Verifiable Data layer provides the following key elements and possibilities:
- - Digital Identity — a collection of data points about an entity (person, object, organization, etc.) stored in a secure and censorship-resistant manner. The identity is not tied to a single vendor and allows its owners to transfer and use their reputation capital across many platforms;
- - Exchange of contextually relevant data with many requestors (applications, platforms, etc.);
- - Ownership of data and control of access to it;
- - Monetization of reputation capital;
- - Utilities for third party developers to build custom applications for specific use cases.
Example of a problem
Susan wants to initiate a value exchange action with John. But Susan is not certain if her expectations are going to be met as she does not have enough information about John.
Susan would very likely be looking for the following information:
- Hard facts: proof of identity, proof of payments, credit score;
— Proof of historical performance (preferrably with similar people like her);
— Recommendations from a social circle (the ones she knows);
— Comparisons with alternatives;
— Guarantee that action will be executed by John as expected.
Access to the relevant information and guarantee of proper action as described above becomes even more important when:
- The cost of the transaction is close to the person’s psychological limits (e.g. with the monthly income of $1000, a transaction for $100 or $9000 would lead to a completely different decision-making process);
— Emotion is tied to a transaction (e.g. hiring a nanny, ...
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