Startup Model – Protecting Your Digital Identity

THE MODEL: An app which helps users keep their password and phone information private in different scenarios like logging onto a website, making a payment etc. On the front end, things look the same to a user. The difference is that the startup does not pass on the password to any merchant’s server. Rather the password resides on Sedicii’s server and a merchant has to run some tests on the same to verify whether the password is correct or not.

STARTUP: Sedicii (Irish startup)

WHAT I LIKE

Core Idea – A tool for users to own and share their digital identity.

Product Features – Users can control their identity. They can share it, manage it and curate it. Users can create a stronger identity by combining passwords, biometrics and phone numbers.

Revenue Models – The startup will sell the technology as enterprise licenses and will also charge a transaction fee for real time identity verification.

Technology – The startup has built a very robust authentication technology which is protected by a patent.

CONCERNS

Market Size – Though identity theft is a concern for online users, how many would pay to address this problem is a matter of concern for me.