ConsenSys: Decentralized Applications - dummies

ConsenSys: Decentralized Applications

By Tiana Laurence

ConsenSys was created by one of the founders of Ethereum. It builds decentralized applications, enterprise blockchain solutions, and various developer tools for the Ethereum blockchain ecosystems.

ConsenSys is working with Microsoft to create an open-source blockchain identity system. This partnership came from the need set out by the United Nations ID2020, the goal of which is to curb crimes against humanity that come from a lack of identification. The plan is to have a legal identity for every person by the year 2020.

ConsenSys has developed the uPort identity solution, with integrated support for reputation systems and transactional security. The uPort system allows individuals to manage their identity elements in a portable and persistent manner on the Ethereum blockchain.

Users in less developed areas of the world can bootstrap their identities and reputations.

RepSys adds to the functionality of the uPort system. It enables people, organizations, and “things” to attest to the conduct of their counterparties on various kinds of transactions. Think of it sort of like Amazon reviews for identity. uPort holds the reputation attributes. These can both be official things like government-issued IDs, as well as Facebook pages. ConsenSys is also building in KYC solutions so that financial institutions can offer financial services.