December 23, 2024
Anjali Kochhar
Blockwind Correspondent Anjali Kochhar speaks to Naman Mishra, founder of Sedax, a blockchain-based digital identity company.
Q: What motivated you to start Sedax, and how did your background in technology and data security influence the company’s direction?
A: The rapid digital transformation in India, along with government initiatives, inspired me to create Sedax. While these advancements bring many benefits, they also raise concerns about the security of personal data. With a background in technology and data security, I saw the increasing need for a solution that would give individuals control over their personal information. Traditional systems were too vulnerable to breaches and misuse. Sedax was created to provide a secure, efficient, and user-centric digital identity system that empowers users while reducing the risks for service providers.
Q: Can you elaborate on Sedax’s initiatives to empower women in tech and how this aligns with the company’s broader mission?
A: At Sedax, we believe in the power of diversity and inclusion. Our initiatives to empower women include mentorship, career development programs, and collaborations with organizations that promote women’s participation in tech. We strive to create a more equitable work environment that encourages innovation through diverse perspectives. Empowering women aligns with our mission of fostering progress and innovation, ensuring that our team and the tech ecosystem benefit from the inclusion of diverse talent.
Q: How does Sedax leverage blockchain technology to enhance data privacy and prevent fraud?
A: Sedax uses blockchain’s decentralised nature to enhance data security and privacy. With blockchain, there is no central authority that can alter data, ensuring transparency and trust. We also use advanced cryptographic techniques, including zero-knowledge algorithms, to ensure that sensitive information is kept secure and private. Blockchain minimises the exposure of user data during identity verification, which significantly reduces the risk of breaches and fraud. By putting users in control of their data, Sedax enhances data privacy while ensuring high security.
Q: What makes blockchain an ideal solution for identity verification compared to traditional systems?
A: Traditional identity systems rely on centralised authorities that store and control personal data, making them vulnerable to data breaches and fraud. Blockchain solves these issues by decentralising data storage, removing the single point of failure. The immutability of blockchain ensures that once data is verified, it cannot be altered, increasing transparency and trust. With blockchain, users control their data and can participate in the verification process, making it a more secure, transparent, and trustworthy option for identity verification.
Q: Sedax offers a decentralised digital identity verification system. How does this system work, and what advantages does it offer over traditional KYC processes?
A: Sedax’s decentralised identity system ensures that users retain full control over their data. Unlike traditional KYC processes where individuals surrender their data to third parties, our system lets users verify their identity without relinquishing control. We use secure, consent-based data sharing where users control when and with whom their data is shared. This system is more transparent, reducing the chances of data misuse and ensuring that the data is used only for the purpose of identity verification. It also minimises the exposure of personal data to unauthorized parties.
Q: Can you explain how integrating with platforms like DigiLocker improves the security and convenience of KYC?
A: DigiLocker integration helps Sedax enhance the security and efficiency of KYC by providing a government-backed platform for securely sharing identity documents. Users can store their government-issued IDs digitally in DigiLocker, and Sedax can access and verify these documents without exposing personal data. This integration simplifies the KYC process and ensures the authenticity of the documents. It also gives users more control over their data and reduces the risks associated with manual document submission, making the verification process faster and more secure.
Q: How do you envision Sedax evolving in the next 5 years, and what role will it play in shaping India’s digital economy?
A: In the next five years, Sedax aims to become a leader in digital identity solutions by eliminating the need for physical submission of government IDs, which will reduce exposure to data breaches. We plan to expand our technological capabilities and form partnerships to make the identity verification process more secure, efficient, and user-friendly. By enhancing digital trust and providing secure and decentralised identity verification, Sedax will contribute significantly to India’s digital economy. Our solutions will help streamline digital services and foster economic growth by ensuring that personal data remains secure and under the control of users.
About the author
Anjali Kochhar is a journalist covering cryptocurrency and blockchain technology in India and globally. With over three years of media experience, she focuses on providing deep insights beyond the surface level. Anjali enjoys exploring various subjects, offering fresh perspectives through her writing.
