TODAQ prepares to launch GOTO, the first decentralised TODA product
GOTO, the first TODA enabled killer product. Secures identity and asset ownership. Available for sale direct and through the Red Hat Marketplace and IBM Cloud in November.
(3 min read)
Earlier this summer we announced signing of a digital agreement with IBM to load the first TODA enabled products to the Red Hat Marketplace and IBM Cloud. The first Identity based product was targeted for release this fall.
We are pleased to announce the upcoming release of the GOTO, a revolution in how digital identity is secured, verified and used to prove ownership of authentic assets.
GOTO is an Software Development Kit (SDK) product bringing new, needed capabilities to market:
Arming users with unforgeable identity and credentials.
P2P identity verification that can execute purely locally without network connection, and biometrics liveness matching.
Immutable audit logs for both the User and Verifier eliminates disputes and protects user rights.
Bind the proof of biometric identity into any other asset (documents, credentials which can be verified by any inspecting party, and only the true owner.
GOTO employs full Edge computing and storage, turning any GOTO powered system, app or device into a P2P node.
Built with Privacy by Design from the start, TODAQ doesn’t have access to or know your identity and assets.
Developers can quickly and easily plug GOTO into any existing app or system and give it super powers.
The Identity and Access Management market has a number of products and solutions already. Morgan Stanley estimates the market size at around $80 billion and growing fast. However the market of verifying identity and access rights using official identity credentials and biometrics is currently largely restricted to financial and enterprise workforce uses. This is curious as the demand for integrity and trust in our digital world is increasing every day along with recognition of the right to control ones’ identity, data and assets. There are a number of reasons for these market gaps including failures of security, cost, interoperability and portability.
Forgeable Identity & Credentials
Today, 80% of cyber breaches and supply chain attacks (Solarwinds, Colonial Pipeline) involve forged digital credentials. 36 billion records were compromised in the 1st half of 2020 and $3.86 million is the average cost of a breach. Attackers can spend over 100 days undetected inside the systems of their targets while they find the best way to profit. Forged credentials allow bad actors to access, steal and ransomware valuable data bank and credit card funds, valuable IP, tickets, gift coupons, depository and safe keeping receipts, records, legal agreements, asset ownership documents, corporate communications and message logs.
Top financial institutions spend from $100 million to over & $500 million annually on KYC with costs rising annually at 10% – 20%. A typical package combining single sign on, multi-factor authentication and biometric liveness matching ca n easily cost between $80-100 annually per user and $1-3 per identity verification transaction being the norm for 3rd party providers. Many uses and markets get quickly priced out with these rates.
Lack of portability and Interoperability
Currently you have to have to have a separate password, login or credentialing process for with every platform you use, or rely on a 3rd party authenticator to try and simplify. In the pre-internet world you could possess one ID card, carry it any where you wished in your wallet, briefcase, safe or pocket and use it everywhere. That is needed for the digital world.
A New Standard is Needed
Digital identity and credentials need to become Unforgeable, Portable, Interoperable, and Self-Auditing with the ability to bind proof of identity into any other digital asset or file in order to secure proof of asset ownership or authenticity of an attestation (insurance or a quality or ESG report on a particular good as an example).
GOTO solves these challenges and its first commercial features are simple but powerful, and can be deployed quickly to solve many different customer needs. As an example for transport reservations, tickets, baggage and cargo receipts could all be instantly authenticated P2P at any stage of the journey, with only the true owner able to validate their ownership, biometrically if appropriate. The local nature of the verification means no network connectivity is needed outside of the two devices communicating with each other.
Thanks to the TODA Protocol, all of this can be done significantly more cost effectively than today’s more limited market products.
More details on the technology partner collaborations that make GOTO possible, product features, use cases, and information on a very large customer pipeline that will be forthcoming in the next weeks as we GOTO market, including a number of announcements and press release from Red Hat.
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