Hong Kong, 2 September 2018—iTrue Limited (iTrue) has announced the development of a platform that will empower businesses with better GDPR compliance by drastically improving their data privacy capabilities. The iTrue platform also enables businesses to get quality data from users through a rewards-based participation in the ITU token economy.
iTrue is a Blockchain-as-a-Service (BaaS) platform that comes with built-in authentication system with biometrics as its core microservice. Businesses and developers will be able to use the platform to authenticate their users, build their own blockchain network, and participate in controlled gains through the data ecosystem. Meanwhile, users get device-free authentication capabilities, better control over how their personal data is used and shared, and the opportunity to earn from the ITU Token Economy.
“The growth of the fintech sector, internet-of-things, and artificial intelligence has given rise to an ever-increasing need to protect user privacy,” says Jack Cheng, iTrue Chief Executive Officer. He adds that “the need to protect user privacy and comply with regulations is an inevitability for all businesses.”
Where Privacy and Data Sharing Meet
With over a decade of experience in executing solutions built to stringent security standards, iTrue’s core development team has combined blockchain, biometric, and database technologies with the aim of enabling businesses to improve user authentication and at the same time build their own applications on the iTrue platform and its ecosystem.
In today’s data-driven business environment, it cannot be discounted that enterprises need access to user data in order to provide better services. In this regard, the iTrue token economy will provide a platform where data can be exchanged across users, data providers, and businesses that require it. Each participant can gain rewards in the form of ITU tokens, or through exchange of unique data.
In compliance with privacy standards and regulations, users are also informed about each request for the data they own, which will require their prior approval before any of their data is shared or used.
Cheng highlights the following benefits that iTrue can offer businesses and users:
- Complete control over confidential personal data;
- Notifications on where users’ data is being used;
- For enterprises: integration of privacy controls into their applications;
- Compliance with privacy regulations (e.g., European GDPR).
iTrue offers a unique way to address the performance and security gaps that exist in current solutions based solely on a blockchain or a database. This is done by combining blockchain and database technologies in the platform’s Stone Storage solution, which ensures superior performance, scalability, and
“iTrue is a robust and scalable solution that ensures user records are safe from data theft or misappropriation,” says Anton Gorozhankin, iTrue Chief Technology Officer. “We have developed a way to overcome the limitations of current blockchain tech by building the iTrue platform upon a combination of blockchain and database. This results in faster authentication and processing of data.”
The iTrue Token Economy
The iTrue Token Economy brings together individual and business users into a single ecosystem with unlimited opportunities for scalability.
“Our platform does not sell data directly,” says Cheng. “Rather, it enables users, clients, and developers to benefit from sharing data and participating in the decentralized application marketplace.”
Through the iTrue token economy, data can be exchanged across users, data providers, and businesses that require it. Each participant can gain rewards in the form of ITU tokens, or through exchange of unique data. In line with this, iTrue has commenced its private token sale, and the company plans to open to the public by Q4 2018.
“Our mission is to empower each individual to have control over their personal data, how it is used, and how to profit from it,” says Cheng. “The iTrue platform enables developers to build solutions centered around user security, privacy, and safety.”
iTrue is a Blockchain as a Service (BaaS) solution with a built-in authentication system with biometrics as its core microservice. Companies and developers can use the platform to authenticate their users, to build their own blockchain network, and to earn rewards from a fair exchange of data. Users can use the platform to conveniently and securely get authenticated, control how their data is used, and earn by sharing their personal data in a controlled manner.
Get in Touch with iTrue
Media Contact: [email protected]