This aim of the Mill of Blood TEIO project is to create a decentralized financial solution which solves modern day regulatory challenges surrounding data privacy. The project will achieve this feat by automating the Know Your Customer (KYC) and Know Your Suppliers (KYS) processes.
TEIO is the cryptocurrency created for this project. Working alongside a team from the Creativechain blockchain network, a special mechanism has been designed for TEIO coins that can distribute the power of identification of a person between different third parties. This generates a riddle which is only solvable by the owner of the account as well as generating new access keys for future identifications.
Furthermore, as a fork of Creativechain, TEIO takes advantage of the modifications granted to index and store information within the blockchain. This means an identity can be verified, giving details of when and who conducted the verification, without the actual identity being made public.
It is for these reasons that TEIO presents a workable solution to counter pending new regulations such as the European PSD2 directive, which could lead to a user’s personal details being shared on the open market.
Listed below are three of the features provided by this project to ensure that a user’s identity is first and foremost kept private, and if the user’s details are stolen, they cannot be used by the perpetrator.
• Report Fingerprint
Once a payment is made, the system will generate a new payment fingerprint using a third party to ensure that even if the user’s credentials are stolen they couldn’t be used.
• Check Fingerprint
To validate a payment, users must provide their public keys in addition to their last used fingerprint. Fresh ID data will be generated for the next transaction.
• KYC Riddle
This is a riddle based on the third party data generated by the system to create a fingerprint which is only valid for one transaction and it is unique to the user, thus acting as a reliable means of identity verification.