To maintain the truth of all digital interactions with high levels of online security and credibility, the digital identity platform is powered by the Blockchain
A blockchain enabled digital identity platform out of Oman has been co-founded by two Oman techies Ahmed al Marjeby and Mahmood al Lawati. The digital identity platform named Nashid is aimed to mitigate the risks of identity fraud.
Without visiting any service provider ever again, users will be allowed to access services digitally with the help of the Oman-based digital identity platform.
Identity theft and fraud alone had a cost over $700 billion in losses worldwide in 2020.
Nashid will allow the creation of a secure digital version of one’s identity and their attributes. The need for in-person verifications will cease, usernames and passwords will disappear, and a frictionless, online-only user journey will take place.
To maintain the truth of all digital interactions with high levels of online security and credibility, the digital identity platform is powered by the Blockchain. To ensure security and uses asymmetric cryptography to keep identities private using decentralized Identifier (DID) standards, and DID communications and methods, it also is fueled by encryption models of hash functions, digital signatures, and verifiable data structures and proofs.
Marjeby, co-founder and CEO of Nashid, earlier founded two tech startups in the e-commerce and blockchain technologies, while Lawati, co-founder and CTO, has previous experience of founding a property tech start-up.
In an interview, Lawati said, “Nashid as a digital identity platform powered by blockchain that allows service providers to verify new and existing customers digitally. Nashid also creates secure and reusable digital identities that are portable and verifiable. This mitigates risk of identity fraud, automates businesses’ ability to verify users digitally, and removes the need for in-person identity verifications.”
According to Lawati, the digital identity platform is an enterprise-ready platform for businesses and a wallet app for end-users. The enterprise element allows service providers – banks and finance companies, telecommunications service providers, healthcare, aviation and oil and gas companies – to verify users’ identities with seamless integration to their legacy systems and business processes.
End-users’ wallet app will ensure users have control and ownership of their identity information, and establish a clear ‘consent-based’ model of data exchange, which complies with local regulations and personal data protection laws.
Lawait adds, “Nashid participated in the pitch competition at COMEX in June 2022 and was chosen as a Top 10 project by a powerhouse investment committee. Later, it secured a pre-seed investment as part of the Techween programme of Oman Technology Fund.”
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