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Digital Identity Eliminating Loan Fraud

Updated: Sep 22, 2023

digital identity

It's understandable that people might be reluctant to "trust" in technology in a world dominated by quickly developing technologies like artificial intelligence (AI), chatbots, and increasingly sophisticated fake goods and identifications. All of this is happening in the midst of a constant barrage of news reports about cyberattacks, frauds, and security breaches. The need for trust undeniably causes friction.

Black Ink Tech is tackling this issue of trust, delivering truth and innovation through the ChainIT platform to ensure the integrity and validity of a wide range of business operations in various industries. The core objective of ChainIT, the official Black Ink Tech Platform, is to Make the Complex Simple. ChainIT is literally where the physical and digital worlds connect. That connection is through the attributes of where, when, who, and what and allows for maximum transparency to increase efficiency and maximize value.

To support this objective, we're excited to announce we will be hosting an informative webinar on July 19th in collaboration with Incode Technologies Inc, our biometrics and identification analysis integration partner. We will specifically be focusing on how digital identity technology for individuals and organizations can significantly benefit the loan closing process and reduce, potentially eliminate, the risk of loan fraud at the closing. In short, when combined with permanent data event records, using individual and organizational digital identities connected to government records makes fraud improbable in closing transactions.

This may beg the following questions – what exactly is a digital identity and a permanent data record? How can those benefit individuals and organizations who may not be familiar with data tokens or immutable ledger technology? How can we ensure that these are verifiable? What kind of technology is involved in the process?

Our dedicated Black Ink Tech team has innovated our multi-patented ChainIT™ platform, enabling a physical-digital connection between any type of product, service, or event through Validated Data Tokens™ (VDTs). For those who aren’t familiar, VDTs™ are permanent, transparent data records containing attribute metadata points that can validate the truth of whatever is connected to them. The attribute metadata they contain shows the key identifiers of Where, When, Who, and What for each object or event. These attribute identifiers are recorded in a permanent data record, the VDT.

For a loan closing, the VDT contains the attributes of the event, which are permanently recorded to validate the transaction to the stakeholders and future stakeholders. ChainIT’s Touch Audit feature allows users to conveniently validate where the closing took place through GPS coordinates, when the event was conducted, who participated through biometric confirmation through government databases, and the loan closing documents. The ChainIT platform generates a unique QR code, then analyzes and grades the entire data record based on how the data was sourced, transmitted, and stored.

ChainIT ID allows an individual or organization to own and control their own digital identity and thus can choose what they verify and to whom. This is absolutely crucial to operating on the basis of truth in the digital world while maintaining consumer-driven privacy and control, eliminating any opaqueness to the process. The webinar will deliver more details on how we give consumers and organizations control and validate the necessary information to manage risk.

As the digital landscape continues to evolve, it’s imperative for individuals and organizations to adapt and prioritize the security of their digital identities. Our upcoming webinar on July 19th will equip you with the knowledge and tools to navigate this new era confidently. During this session, we will provide a comprehensive overview of both individual and organizational digital identity, illuminating how these identities, when combined with permanent data event records, create a virtually fraud-proof environment for closing transactions. The benefits of digital identity extend far and wide, impacting various professionals, from lenders and borrowers to buyers and sellers. Enhanced security measures and streamlined efficiency are just a couple of the advantages awaiting those who embrace this transformative concept. The digital identity records created on ChainIT maximize the quality of a loan asset as they can validate all aspects of the loan closing transaction – eliminating trust from the process through validated truth of the event.

Empower yourself with knowledge, protect your data, and embrace the power of digital identity in loan closings and beyond during our free webinar. Together, let's embrace the future of secure and efficient transactions. Secure your spot today:


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