May 5th, 2020 - Since Algorand Foundation launched its Development Awards Program last year, many developers around the world have been eager to participate. After thorough review and selection, FlexFinTx from Zimbabwe becomes the latest developer to receive the award. The Algorand Foundation is committed to its vision of delivering a truly global Borderless Economy. Today’s successful recipient is addressing one of the limiting factors in the ability to participate in a Borderless Economy: Identity.
FlexFinTx's winning project is called “FlexID”.
FlexID is a self-sovereign decentralized identity platform, built on Algorand’s public blockchain. “There are multiple problems with identity in the world today. It’s highly siloed in central servers within a few large organizations, and data breaches have shown us how insecure they can be. Secondly, users don’t have a say about their data, because they don’t legally own it, which is a significant privacy issue. Lastly, with inefficiencies present in the physical identity chain, identity fraud is rampant - especially in Africa and South East Asia.”
“FlexID aims to solve these issues by giving control back to the user, and building out a fully decentralized identity system - made possible only due to blockchain technology. Users will have full control over what data they share and with whom” says Haardik, CTO/Founder of FlexFinTx . “Additionally, there is no central server which stores all the data, thereby increasing the overall security of the system manifold compared to today’s systems. Lastly, it enables organizations to provide a faster, easier, and cheaper service to its users”
With the speed and scalability of Algorand, FlexIDs will be able to provide fast identity registrations for all users. Thanks to instant block finality, our layer 2 network doesn't have to worry about possible forks as well. These factors combined make Algorand a great choice as a base for our decentralized key management system.
For more information on the Algorand Blockchain or the Algorand Foundation, please visit https://algorand.foundation. As a developer, there is a wealth of resources and tools available to you at https://developer.algorand.org . If you are interested in submitting a project for support from the Algorand Foundation Development Award fund, please apply here.