Country: Canada  Trustatom
Year: 2014

  • Trustatom is hoping to build a robust and user friendly authorization platform that will make online transacttions more secure and allow for deeper privacy control for users. This API is publically accessible and available for any developers to user in their mobile applications
  • Smart Contracts may become more prevelant as the rate of large online transactions between two parties increases. These will ensure a greater level of trust between both the seller and purchaser.

Concept

  • Trustatom has developed a free API, Trustatom ID, which is a more user-friendly multifactor authentication solution which allows users to approve actions with a cryptographic signature (as opposed to the popular two-factor authentication model requiring users to enter a 4-10 digit code that is typically emailed or texted to them)
  • Customers have the ability to share select verified pieces of their information with others before conducting a transaction or to prove who they are leveraging this API
  • This API is also ingrained into other tools that builds on this technology such as their Smart Contracts tool which offers a secure escrow transaction for online purchases

Consumer Benefits

  • The Trustatom ID is a public service and will begin creating a more user-friendly way of keeping account access more secure as developers of various applications begin leveraging the model
  • Smart Contracts offer a more secure and trustworthy approach to online transactions that help both sellers and buyers. This could be applied across the sharing economy for person-to-person transactions leveraging online currency such as Bitcoin.

How it Works

  • The user’s phone will securely store a master keypair which is then used to sign any third party authorization request
  • The user then will scan a QR code and have the option of approving the third party request

Illustration

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