News

Jun 09, 2022

The Future of Welups and Digital Identity!

What is Digital Identity:

 

Usually, on the Internet, each individual or organization will be identified by IP or accounts. However, both the IP and the account can be changed or created new to deceive servers or users to perform online fraud. Digital identity is the method to identify identity in the current digital age. Different from traditional identification by Identity Card or passport, which often carries many risks due to loss or difficulty to verify, digital identification is a new step forward in identifying an individual or organization in the digitization field. The beginning of digital identity is eKYC and then further development is the Welups Identifier Blockchain platform that uses identifiers by encoding information on the Blockchain network.

 

Why is Digital Identity necessary?

 

In 2019, according to FB's announcement, they deleted 5.4 billion fake accounts, double the number of active accounts at that time of Facebook 2.5 billion.

 

The year 2020 is notable for the emergence of plans to exploit the Covid-19 pandemic with both personal and corporate goals. Approximately 28,500 complaints were received regarding the Covid-19 scam that year with most of them targeting the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

 

The FBI's Internet Crime Complaint Center (IC3) has released its 2021 Internet Crime Report, which reveals that 2021 is yet another record year for both victims of internet crime and dollar damages in the United States. 847,376 complaints were recorded by IC3 in the last calendar year with total damages amounting to $6.9 billion.

 

Most recently, billionaire Elon Musk also postponed the acquisition of Twitter social network because of the status of fake accounts of this social networking platform.

 

The above numbers show how urgent and secure a digital identity platform is

 

Welups' digital identification solution

 

Welups was born in 2020 with the orientation of building an identity Blockchain platform to solve the world's problem of fake accounts and online fraud. Welups will build a detailed and accurate user database and all this information will be encrypted on the Blockchain to ensure confidentiality and security. When new users use the applications built on the Welups platform, these Dapps will access the database through the Welups Blockchain to verify this new user is a duplicate account or not. Thanks to the application of blockchain technology, Welups can reduce and move to completely eliminate cases of impersonation or fraud while still being able to secure all information for users.

 

If widely applied, Welups will become the foundation for the world to build a cleaner and safer Internet, not only for us but also for our future generations.

 

Let's join hands to build the Welups platform for a safe future for everyone!

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