Identification protection is one of the most emerging problems that our current society is dealing with. Yes with time we have evolved 100 folds but then with this also came in issues which brought in a greater threat to this IT era.
Earlier we used to carry our identification documents or let's say keep them in file/folder and would only access them if there was a real need. It was not common to ask for identification documents so frequently as the process wasn't evolved. However, now we carry these documents everywhere with us in the form of digital prints. Well, that may sound convenient to many of us but then it also comes with a price.
Every day, there are hundreds to thousands of data that are stolen worldwide and this number is growing each day. Stolen data is then used to either make some online purchase be it a service or product. What preCharge claims to do is to protect the merchants worldwide from fraud and fake identification. They are a business partner with certified payment program that fights fraud. Their relationship with banks and government has proven to be fruitful for merchants and has helped them recover their loss.
When someone uses preCharge wallet, behind the scenes preCharge has their own mechanism to confirm if the person is actually who they say they are. Things like ip address, email address and user activity along with their 10+ years of consumer data is what helps them fight fraud.
They also use a new form of encryption called "Skein". According to them, this is the fastest and best form of encryption compared to SHA. Skein supports 256/512/1024 bits. Due to the fact that Skein is fast and was designed to replace SHA, scalability in near future won't be an issue.
What I liked about the transaction part is that one need not have to remember the wallet address of the person to whom I will be sending money on preCharge platform. Upon registration, your email address is tied to your wallet address. Once registered you can either use any of the encrypted wallet address, be it 256/512/1024 bit, or simple your wallet address. I find this interesting and convenient as I do not have to remember those complex encrypted numbers.
You can also use your preCharge Wallet wherever you see the Contactless Card Symbol!
Having said that, in this digital era I feel this is a new system by which merchants around the globe will surely benefit. Let's hope that by the approach we are able to cut down on online frauds and save both common man and merchants.
If you want to know more about preCharge, here are some reference links-
Website - https://www.precharge.com/
Twitter - https://twitter.com/precharge
Thanks for going through the article. Have a great day.
