ArcBlock, a leading blockchain development platform, and decentralized identity provider has launched its new “I DID IT” initiative focused on real-world applications and interactive training for developers, businesses and users to experience decentralized identity first hand and learn about the features and benefits of blockchain technology.
ArcBlock’s I DID IT campaign will cover a wide-range decentralized identity application use cases including self-sovereign identity, next-generation authentication, data portability, digital assets, digital currency, and asset exchanges and cross-chain transactions, and the ability to create, verify and issue verifiable claims and certificates easily.
“Over the next few weeks, we want every company to begin to see the value of giving back users control of their own data and to see how decentralized identity can be used to replace existing legacy systems and to create amazing new experiences for end-users. I DID IT is focused on showing what is possible right now and to let everyone immediately use decentralized identity in the real-world. We also want developers and businesses to see the potential opportunities for their business by developing low-cost/high-reward applications that mitigate many of today’s security risks, remove the need to store personally identifiable information and to give everyone the ability to create new applications and economic models that enable new revenue streams,” said Robert Mao, CEO of ArcBlock.
This week, ArcBlock is showcasing a demonstration decentralized “Cash App”.
Unlike previous generations of payment apps like PayPal or Venmo who required significant investment to develop, anyone today can build their own Cash App easily. Using the ArcBlock’s blockchain developer platform, it is very easy for any developer, company or store to level the playing field and create their own “Cash App” to support a real and virtual digital assets, payments, prepaid accounts, or loyalty points system similar to today’s leading companies like Starbucks, hotel chains and airlines. By using blockchain and decentralized identity in their app, these businesses can eliminate the more than 5% of the revenue they lose every year due to fraud as stated in the Association of Certified Fraud Examiners global study.
From a users’ perspective, the demo “Cash App” experience showcases different currency-based activities that are already supported today using the decentralized identity. Many people around the world aren’t carrying cash, are concerned about their privacy and are using alternative payment systems on their phones or using someone who is located in a different locale. ArcBlock’s Cash App scenario goes one step further by letting users utilize a secure wallet that enables them to approve every request and easily:
- Set up a wallet
- Add money and/or currency
- Make and receive payments
- Add and exchange additional assets or currencies
- And more
ArcBlock is focused on bringing decentralized identity into the mainstream. Today, ArcBlock’s leading developer platform is unique in the blockchain industry and is the only blockchain development framework that includes integrated decentralized identity tools and capabilities to let developers add these features for their users using ArcBlock’s W3C compliant ABT:DID specification.
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