PAID Network, the leading platform for DApp (decentralized application), plans to build the world’s first-ever decentralized SMART agreements DApp using biometrics to authenticate users’ identities. SMART agreements executed through DeFi transactions make business seamlessly more efficient. As per plans, the newly launched DApp will be endowed with some of the most innovative insurance and escrow features, dispute arbitration features, and reputation scoring features. The reputation scoring features (to execute business with reputable people) help create a secure ecosystem that serves as a credit score for the ecosystem. On the other hand, decentralized identifiers eliminate bad actors within the ecosystem.
PAID is one of the first legal tech platforms to think of such an innovative plan by using the DLT (distributed ledger technology) that will secure business on the blockchain. To accomplish this objective, it has teamed up with Litentry to make user identifications more authenticate and secure.
Litentry is a leading decentralized identification aggregation protocol across multiple networks, built on Substrate, and is deeply rooted in the Polkadot Ecosystem. Litentry links user identities to multiple decentralized networks, thereby providing a reliable way for DApps to obtain real-time DID data of an identity owner across various DApps and blockchain networks. As per the contours of the partnership, PAID Network will be utilizing Litentry’s indigenous identification features, including the credit computation technology and aggregated DID, to authenticate user identities whenever they sign up to create their profile on the PAID DApp.
With the help of a DID indexing protocol and a DID validation blockchain built on Substrate, Litentry provides a decentralized and verifiable identity aggregation service that can remove the redundancy of code involved in resolving the agnostic DID mechanisms. Everyone having access to Web3 can build and submit DID methods to Litentry, thereby making user identification data easily accessible to the network.
According to Hanwen Cheng, the CEO of Litentry, this brewing partnership between PAID and Litentry will give PAID users seamless access to necessary identity verification and credit computation features of Litentry. This will, in turn, enrich their profiles by enabling computed business services based on identity-related data.