Blockchain usage

Overview

Credify uses a blockchain to ensure the data integrity and auditability.

• Fingerprint of each user's identity with their own signature
• Fingerprint of data provided by participants of the Credify network with their own signature
• Data access digest (who gave access to whom to which scope of data at when) with the user's signature
• Agreement digest for data provisioning services to push their data to users with the user's signature
• Offer redemption digest (who have redeemed which offer at when) with the user's signature

By virtue of the fact Credify is utilizing a blockchain, we have supported the blockchain-based token transfer/receive as well.

Blockchain type

Although there are a lot of blockchains, Credify requires 1000+ TPS, no fee from end-users and smart contract capabilities. Besides, in order to build a user-friendly Self-Sovereign Identity, Credify has realized an ability to replace a key pair of accounts is significantly important. Unlike Ethereum, EOSIO has a unique account system where account's key pair is replaceable. On that basis, Credify has decided to utilize EOSIO for the time being.

EOSIO has 2 types of keys; Owner Key and Active Key. Though either key will work for using your account, the only difference is that Owner Key is required to replace Active Key and Owner Key. Administrator of Credify will control the Owner Key, while users will control the Active Key. The consensus among administrators is required to use the Owner Key, but this mechanism allows users to recover their account even if they lose their private key.

The Credify system employs microservices, with each service being broken down into each responsibility. One of the services is EOS service, which is dealing with all EOS interactions. Credify has designed the abstract interface for EOS service, making it easy to migrate to other blockchains in future as innovations take place in that space.

Blockchain node

Credify does not use EOSIO mainnet, but a private permissioned network as it is dealing with PII (Personal Identifiable Information). Credify's corporate partners can join this network as a node.

Future prospects - trustX

The introduction of idX will lead a preparation of smart contract usages in the existing platform.

Credify is working on an innovative trust mechanism underlying third-party transactions, which is called trustX. This mechanism will make use of blockchain's smart contract capabilities.