The identity management blockchain project Selfkey (KEY) has enjoyed huge gains of 27 percent today, pushing its market capitalization over $20 million.
Last week, Selfkey announced it would be joining forces with Korean security firm HitKorea to provide the platform with its Login-With-Selfkey (LWS) service. The new development will provide HitKorea users with a far more secure method of verification when signing into the site. LWS gives users the ability to maintain full control of their personal data when signing into third-party websites and applications.
HitKorea will also list SelfKey’s KEY token on its platform, joining fellow exchanges Dragonex, CROSS, and KoinOK. In the same announcement, SelfKey noted HitKorea would also be using SelfKey’s sister-company, KYC-Chain, for its Know-Your-Customer compliance needs.
The need for better data and identity management has been highlighted this year, most notably by the Facebook-Cambridge Analytica scandal which saw the personal and private information of millions of citizens harvested and used for political means without permission. Recently, Internet giant Yahoo has agreed to pay damages of $50 million to victims of a 2013 data breach that affected up to 200 million users in the U.S. alone.
SelfKey plans to leverage the decentralized and immutable nature of blockchain technology to provide a secure, portable and anonymous method digital identification and verification across the web.