Blockchain Exchange Network
A Novel Blockchain-based Solution for Identity Verification & Security

Security, especially self-service machines such as ATMs and pay-at-the-pump gas terminals have become prime targets for fraudsters. Most of these facilities go unattended and are easily compromised. The age-old methods of PINs have, in many ways, facilitated fraudulent activities and new two factor authentication has proven to be cumbersome as well as insure in its own way. To counter this, smartphones have been a fresh breath of relief for carrying out transactions in a safer way, but they are also vulnerable for largely the same reason, a secret number never stays secret. Tales of identity theft and phone-based fraudulence are aplenty. Losing a phone to thieves can bring about the most undesirable, damaging losses. This has brought about the need for creating a more secure and sophisticated identification and authentication tool. It is at this juncture where BEN (Blockchain Exchange Network) steps in with an innovative blockchain-based streaming identity verification solution. The company’s robust AI technology wields high-level security by generating a contiguous identity blockchain based on the users’ on-going behavioral patterns that remain authentic and consistent. BEN achieves this via sensor data from users’ smartphones. “We do something very different from what was done previously, by clearly affecting and creating native, pervasive security,” states Michael Lucas, the CEO of BEN.

Sensors within smartphones have become more powerful, smaller, and cost-effective, and are an integral part of the entire mobile experience. The most well-known sensors that are packed into mobile platforms are the accelerometers that measure the movement and orientation of users, the gyroscopes that measure angular rotation, and location services using GPS and magnetometers to know the map position of users. There exists a myriad of other sensors too that provide information about the distance a user holds his/her phone during a call as well as the characteristics of their voice. The BEN architecture gathers the sensor data and processes it over an extended period to identify unique usage patterns of each user, which then becomes the identity blockchain of that user, which is the basis of an on-going user pattern over time rather than a simple event such as a PIN code or two-factor authentication. Once the identity of a person is learned, every time they perform a transaction on say, another blockchain, their identity blockchain can easily provide authentication and authorization and can make every transaction auditable.

Our identity blockchain verifies the identities of who enters or uploads any information. It goes beyond simple passcodes or key, and is rather an on-going stream of data that represents a person

Additionally, in case of a lost or stolen smartphone, the fraudster can easily be identified because of the inconsistencies in their actions from that of the primary user.

The identity blockchain is a significant step higher in offering security and authentication required in data transfer as well as financial transactions. The possibilities and application areas are limitless and revolutionary. Take, for instance, the scenario of financial transactions via ATMs. No organization has gone above and beyond to do away with event based transactions at ATMs with cards. BEN has not lagged behind either as one of its ventures deals with eliminating the use of transaction cards as well as biometrics. Instead, a futuristic, fraud-proof BEN compliant application will soon be able to leverage the on-going knowledge and historical record of the users’ behavioural patterns to confirm any transaction request.

“Given that blockchain is an immutable ledger, our identity blockchain verifies the identities of who enters or uploads any information. It goes beyond simple passcodes or key, and is rather an on-going stream of data that represents a person,” adds Lucas. With Lucas’ experience and expertise in security and sensors; and the collaboration of a talented team, the company is taking one vertical at a time with a storm, with its new version of blockchain-based identity protection and verification. BEN’S patented technology can be at the core of IoT applications and can offer an array of applications that can enable communication screening. BEN is looking at its big launch in the coming year and in that endeavour, has partnered with some behemoths in its field of work to expand their security, authentication, and validation capabilities.