Smart contract to complement proof of identity

Abstract

Blockchain technology has brought about many benefits for businesses such as immutability, trust, and its decentralized nature. Through blockchain technology, smart contracts were created as a solution to provide security and reduce transaction costs for businesses. A smart contract is a computer program, or a transaction protocol intended to execute automatically control, or document official events according to the terms of an agreement. The objectives of smart contracts are to minimize the need for trusted intermediates, arbitrations, enforcement costs, fraud losses, as well as malicious and accidental exceptions.

This project aims to improve the gaps in identity verification using smart contracts. Identity verification processes evolved alongside the advancement of online technologies. Systems built for online identity verification are crucial for providing authenticity of identities and are commonly sued by modern banking systems and e-commerce platforms. The project will develop smart contracts to verify the authenticity of documents such as Student Matriculation Cards.