June 27, 2025 • 31 mins
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What if you never had to share your social security number or personal details again? What if there was a way to verify your identity and background just once, then reuse that credential securely for life? Trust might be the new digital currency, and Trua is building the exchange.
The digital world demands proof of who we are at every turn, but our current verification systems create massive security risks. Each time we provide our personal information for a background check, membership sign-up, or service enrollment, we're creating another vulnerable data honeypot. With data breaches costing companies an average of $4.5 million and affecting millions of consumers, it's clear our approach to identity verification is fundamentally broken.
Raj Ananthanpillai Founder & CEO shares his vision for a revolutionary Trust Bureau that gives individuals agency over their personal data while providing high-assurance verification to businesses and organizations. Drawing inspiration from post-9/11 security initiatives and addressing the shortcomings of using Social Security Numbers as universal identifiers, Trua has developed a blockchain-based system that could eliminate 70-80% of data breaches by preventing unnecessary PII proliferation.
The implications are enormous. From streamlining pre-employment screening and preventing North Korean infiltration of tech companies to simplifying verification for gig economy workers, Trua's approach puts individuals at the center of the verification process while reducing regulatory burden and security costs for businesses. By tokenizing identity attributes and using zero-knowledge proofs, verification can happen without exposing underlying personal data.
Ready to reclaim ownership of your digital identity? Discover how trust is becoming the new digital currency, and why the future of verification might look a lot like having a mobile driver's license in your digital wallet—secure, user-controlled, and universally accepted.
Discover how technology is reshaping our lives and livelihoods.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey everyone.
Fascinating chat today as weask.
The question is trust the newdigital currency with Trua Raj.
How are you?
Speaker 2 (00:10):
I'm doing well, Evan.
Thank you very much.
Thanks for having me.
Speaker 1 (00:13):
Well, thanks for being here.
You have an amazing backgroundand biography and mission at
Trua.
Let's start with that, withsome introductions.
What inspired the creation ofTrua?
Speaker 2 (00:24):
The Trua has basically been on my drawing
board for many, many years.
We used to do a lot of work forthe public sector after 9-11 in
terms of catching bad guys, andwe built many, many
mission-critical systems.
But one of the things that cameabout after 9-11 was you know,
(00:46):
how do you determine a trustedtraveler?
Because the traveling publicwas the biggest thing, as you
know.
That was the biggest issue.
So I said, hey, how about wedevelop a reusable credential
that they can swipe through whenyou go to any airport that is
acceptable by TSC at that time,and then you know, that way they
don't have to redo.
(01:07):
It's continuously screened andcontinuously monitored.
There you go.
That's where the origin started, which is, you know, it's
called Trusted Traveler,registered Traveler, and then it
moved on to TSA PreCheck.
That was the evolution of thatwhole thing.
And then, once you get it, youreuse it anytime and it's always
(01:27):
monitored and it's current, upto date, because you get it once
.
As you can imagine, I'm sureyou've used TSA PreCheck.
Speaker 1 (01:36):
I can yes.
Speaker 2 (01:37):
Yeah, so you get it once and then move on.
The only thing that they didnot do, which I kind of hinted
at them hey, you need to figureout how the identity piece works
, right, because they did nothave the identity component.
They had the backgroundcomponent.
I said, no, no, we're going tohave them.
Show them their ID and then wewill scan it and then we look it
up, right, because we want tomake sure that at least we match
(01:59):
the face with the individual.
I said there is a way to codethat and then you show.
At that time, I said have a QRcode very popular.
You can do a QR code scan andthen the picture should pop up
and then, boom, you let them in.
And I said no, they just wantedto move on with the actual
physical.
(02:19):
Looking at the, either agovernment issued ID, like a
driver's license or a passport.
So, and then many years go byyou know we've been working on
this for many years and then,finally, it dawned on me after
the big breach that happened in,I believe, 2017, the Equifax
breach and they said hey, why doyou guys need a social security
(02:43):
number for everything?
And one of the executives fromEquifax testified in Congress.
That's the key identifier.
And I was yelling at my TV.
I said, listen, social security, was2 wages to kind of close
(03:06):
the loop on employers giving youcompensation, and then they
report that to the IRS and theytie it up and that's what it was
meant for filing taxes and soforth.
But over the last 25, 30 years,25-30 years, everybody starts
(03:30):
using Social Security as a keyindicator in terms of figuring
out who you are and, of course,with all the breaches and
everything, all the other fraudpeople have started piling up on
top of it.
Oh, I want to verify your phonenumber.
Now you have digital device,which is, in this case, mobile
phones.
Phone number is also teed up toverify the authenticity of the
(03:51):
individual.
When I say identity, I just wantto make sure I'm very clear
here.
We are talking about humanidentity, not just logging,
passwords and other things thatyou use.
It's purely determining if thehuman is the human on the other
side of the wire, so to speak.
So that's where we said youknow what this is ridiculous.
(04:12):
Let me get our concepts andother things developed.
And that's when we developedTRUA, which is basically
combining the concepts of TSApre-check and then the driver's
license or government IDverification, which is basically
(04:32):
verifying the identity of theindividual, because, as you know
, government issued ID is what Icall the fundamental ID of
every individual in the world.
Literally Any government willissue an identity when you're
born or whenever you seek it,and then that is used as a true
identifier.
So we said, okay, how about weintegrate that as well into this
(04:53):
TSA PreCheck concept and thencall it TRUA, which is basically
you get it once, reuse it forthe rest of your life, and
that's what the TRUA concept was.
We officially launched it in2023.
And we have, I would say, as acompany, we have a couple of
other products, but we haveclose to 75, 80 customers now.
Speaker 1 (05:18):
Fantastic and you describe Trua as a platform, a
built-around, verified trust.
What does that mean practicallyfor individuals or businesses,
managing their employees'reputation or identity?
How does that work in practice?
Speaker 2 (05:34):
So basically it's, you know you have two problems
always right.
One is in case, if you studyUber, how it started?
Right, they had the problem ofa driver and the consumer, so
they were working parallel.
Okay, how it started?
Right, they had the problem ofa driver and the consumer, so
they were working parallel.
Okay, how do I get more drivers?
How do I get more consumers?
And that's how the wholeecosystem was developed over
(05:54):
time.
It's the same concept, right?
So either you build around andsay okay, go to all of the third
party relying parties orverifiers and say, hey, will you
accept this?
Or we start building use caseby use case.
The first use case we startedwas obviously pre-hire screening
, because that's been the analogworld forever, literally the
(06:19):
traditional background check.
It's always done by a thirdparty, like when you apply for a
job, the company asks you tofill out a bunch of information,
including your PII, and thenthey transmit that to a third
party background check companyand then they talk amongst
themselves whether you'requalified or not, or you want to
get a job or not.
(06:40):
You are absolutely in the dark.
You never know what's in yourbackground and at least the
credit report.
Think about it.
It was the same concept untilabout 2008,.
When the financial crisishappened, cfpb was formed.
They said, oh, you got to haveat least one credit report per
(07:00):
consumer every year.
You have to show them at leastone to see what's in there.
But try disputing that, by theway.
It's next to impossible, right?
Hey, this is not me, this is mydad or my brother, whatever it
is.
So we took some of those thingsfrom the credit bureau concept
and say, okay, we need to modifyit.
We need to be able to let theindividual verify their data to
(07:22):
make sure they cannot changeanything.
That means they verify theirdata and make sure they cannot
change anything.
That means they verify theirdata and say, yep, this do
belongs to me.
This particular infractionbelongs to me, whatever it is,
or you can dispute it ahead oftime.
And then you get the truerscore, which is basically like a
fico score, and then, once youget that, you can use it for any
purposes.
So we are trying to create boththe relying party and the
(07:46):
verifiers and then, at the sametime, building up momentum for
acceptance for individuals tostart getting this.
So it's basically think of itlike a credit bureau you have a
credit report and a FICO score.
We have a truer report and atruer score for everything else
(08:07):
in life.
Speaker 1 (08:08):
That is fantastic.
So many use cases andapplications of this One is
things like background checks,which feel like black boxes,
very slow ones at that Yep.
Speaker 2 (08:21):
And another big difference is the background
check you can only do afteryou're offered a job.
That is because it's fully andheavily regulated, because A
you're not in the loop.
That's why they want toregulate.
They can't really nearly do abackground check on you.
In our case, you can send alink to your prospective
(08:43):
applicant anytime, anyplace andsay hey, this is the criteria
for our job acceptance.
You need to have a bachelor'sdegree or a two year degree with
this particular license or thisparticular skill set, two years
experience and a true score of300.
Our score is from zero to 360to reflect the 360 view of an
(09:05):
individual.
So, and a true score of 300,let's say, right Right up front,
you're providing the criteriafor hire and then they can go
get it anytime.
You don't have to wait for anoffer.
And then A it filters out thepeople that are not going to be
qualified and the employers arenot left with a hot potato.
Filters out the people that arenot going to be qualified and
(09:25):
the employers are not left witha hot potato, which is the
biggest thing, because theyalways walk on eggshells when it
comes to adverse action, like,hey, this person had some really
criminal issues.
I can't.
What do I do with this?
You know how does that apply inthis state.
You know what are theregulations in this state, all
of those things they have toworry about, because that's why
(09:47):
the regulate a regulatory burdenon employers is so heavy when
it comes to background check,because it's fully regulated in
our case.
You can do it anytime, and thenthe individual can dispute hey,
this is not me, this isdefinitely my dad.
He went on a vacation and hisDUI is showing up on my record.
Okay, we will verify that.
(10:08):
We have multiple sources ofdata.
And then, if it all points outto the same thing, no, it's you,
because, roomba, we look atyour government issue ID and we
verify your social, we verifyyour date of birth and we verify
your seven years worth ofaddress history.
When you have those thingsverified, the chances of being a
(10:31):
false positive are very, verylow and when you get a report,
you can be pretty assured thatit is what it is going to be,
because we have already vettedevery which way we can think of
and we have also mapped it,because we have a
(10:52):
three-dimensional map of everydata point that says type,
recency and relevance.
For example, some state says,hey, if you have a misdemeanor
and if it's more than five years, you cannot consider that.
We've already accommodated thatbecause of the
(11:14):
three-dimensional matrix.
That's our secret sauce that wehave.
We have codified every penalcode in the criminal justice
system and we have mapped it toall of the states as well.
That says, oh okay, this state,you cannot talk about this, not
report about this particularinfraction or misdemeanor.
(11:35):
Felonies are always there.
Most people have never bannedfelonies, but some of the
infractions and misdemeanorssome states said, hey, you got
to ignore after five years,three years, petty theft, for
example, right.
So in the traditional model,when you get a full-fledged
report from a third partybackground check company, the HR
individual who is a recruiterthey get the full report.
(11:58):
Once you see it, you cannotunsee it, even though you cannot
take that into considerationfor this particular hire in this
particular state.
And with the remote work it'sexasperated the problem for many
employers as well.
We take care of all of that andit's pretty fast.
It's natively digital, nativelyverification of the identity
(12:23):
with high assurance right, it'salready done and then you just
make the decision.
It's given to them in a silverplatter.
Speaker 1 (12:31):
And this is especially true.
Speaker 2 (12:33):
I don't know if you followed this news about North
Korean.
You know hires right.
I'm sure you're on the frontpage of Wall Street Journal a
couple of weeks ago and I said,holy cow, how they are doing
that?
Because there are server firmthat are using it and lots of
(12:58):
creditors were hired,infiltrated into companies.
Speaker 1 (13:04):
That is an unbelievable amount of.
So do you envision your trustcredential, or trust credentials
, being as common and asessential as credit scores?
I mean, what has to happen.
Speaker 2 (13:17):
That is the thing, in fact, what we are trying to.
What you'll see, is we arecreating something called a
trust bureau.
We have the technology, we havebuilt it and we just sort of
it's a different method ofdifferent way of delivery.
Think of it, right.
How do you today everybody foridentity verification or any of
(13:39):
those things?
Either you go to a third partyor you buy the systems, you
install it in your premise, youcollect PII and all of those
things to verify and provideyour mission.
Guess what?
That is the biggest honeypotfor data breaches $46 billion
according to IBM's report lastyear in data breaches.
(14:01):
An average breach cost is $4.5million.
Think about the amount of money.
And then, added to that,organizations are spending
enormous amount of money inbuying for compliance and also
cyber insurance, because theydon't know when they're going to
(14:22):
get hacked.
And if you have seen the cyberinsurance cost, it has gone
through the roof because of thisissue.
Speaker 1 (14:32):
Yeah.
Speaker 2 (14:44):
So we are taking care of trust as a service right
Trust Bureau.
It's a service of my data.
You just need to know that I'mover 21, for example, age right
or I don't have a criminalrecord, or I don't have a
misdemeanor or I don't have abankruptcy.
I don't have any means.
That's all you need to know toprovide the service and you
don't need to have all of thedata underlying that right.
(15:06):
So if you can provide that highassurance way of delivering
those things attributes withoutactual PII exposure, think about
the reduction in data breaches.
Our estimate we did someresearch.
You know, if you eliminate PIIexchange and proliferation for
(15:26):
every little thing right, thereis at least 70% to 80% reduction
in data breaches.
Amazing and more importantlyyeah, that's a thing about that
and more importantly, many ofthese things are repetitively
done.
How many times you have to giveout your PII?
Okay, you go to a gymmembership or you go to this
membership, you still have togive your social and data.
Speaker 1 (15:49):
It's sitting there.
Speaker 2 (15:51):
Multiple honeypots are sitting there.
There, multiple honeypots aresitting there.
Speaker 1 (15:57):
So the next wave of fraud is AI powered.
So I imagine that this level ofcontrol and ownership and
visibility can also preventpotentially all this AI fraud
and vishing.
Speaker 2 (16:11):
Because what we are finally doing is we are
co-opting the consumer to be theguardians of their data as well
.
We're not just leaving it tothem hey, good luck.
No, it's a co-opting them.
Hey, you be part of thisjourney.
You be, because that is theonly way to fundamentally solve
this problem.
There is no.
People have tried, pouredbillions and billions of dollars
(16:34):
in trying to solve this problemand nobody has ever thought of
hey, how about not sharing thePII?
But we can provide thenecessary assurance.
Ok, identity is verified right,as long as it's high assurance
and you have a solid legal audittrail.
That's all you care for.
And then we have incorporated alittle bit of biometric not
(16:57):
necessarily biometric comparisonto any big databases, biometric
comparison to your owngovernment issued ID.
So when you have a valuabletransaction going on, your face
should be compared right away,because that's how you will
avoid AI issues.
I'm sure you've heard of agenticAI and all of those things.
(17:18):
That is a disaster waiting tohappen in this particular sphere
, because you have no idea whothat agentic AI is going to take
over and start acting on yourbehalf.
Oh, I have my AI agent doingeverything.
You just don't know, becauseI'm sure you saw this recently.
Apple, I think it was Apple.
Yeah, A couple of days ago, Igot a lifelock alert that 16
(17:41):
billion login passwords werecompromised Unbelievable, yeah.
Okay, so you cannot trustanybody and you have to have
ownership of that.
You need to have agency of yourown data.
Speaker 1 (17:53):
Love it, love your enthusiasm, it's so infectious,
so somebody has to.
Speaker 2 (17:58):
Fundamentally, that's exactly what we are doing here,
fundamentally shifting theparadigm, letting the consumer
on board and then and say, ok,now, I mean, we have a big
mortgage company as a customer,it's a good example, right.
And they said, hey, bigmortgage company as a customer,
this is an example, right.
And they said, hey, we don'twant to pay for it.
But what they do is they placemortgage processes in different
(18:20):
companies.
That means it's like a staffingagency for mortgage processes,
right, and they go three monthshere for six months.
So everybody's asking to do abackground check on that.
Think about that.
You do it once.
Oh, yep, it's already done andyou reshare it.
That is the power of this,right.
And what we think about lastyear is it, yeah, 2024, I may be
(18:46):
wrong by 2024, 23, 126 millionbackground checks were done, 126
in the United States I'mtalking just US at this point,
right, and 30% or so, 32, 30,35% or so were repeats.
Why, how many times are yougoing to verify your degree?
(19:06):
How many times are you going toverify your address?
How many times you keepverifying your date of birth?
You've already declared it onceand you've verified it
thoroughly every which way fromSunday, dr Anand Sharma.
Speaker 1 (19:17):
That's a great point.
Speaker 2 (19:19):
So get it once, reuse it for the rest of your life
Brilliant.
Speaker 1 (19:24):
Yeah, and then it's continuous.
Speaker 2 (19:26):
It's continuous, that means it's not like it's static
, right, we always look for okay, what are the variable things
in this case?
Right, your social data, birth,doesn't change.
Your college degree, if you areverified, or professional
license, they they don't change,except it's expiring or renewal
and those kinds.
We have flags for that, right.
The only thing that changes iswhether you committed a crime or
(19:48):
not, or did you go intobankruptcy or not, did you evict
?
You know those kinds of stuff,what I call court records, right
, which are usually publicrecords.
So those are the only thingsthat we monitor and continuously
update.
We call it continuous screening.
Speaker 1 (20:06):
Interesting.
I guess the other aspect thatchanges our regulations
constantly evolving stateregulations.
Countries have all new AIgovernance rules and data
sovereignty.
How do you stay ahead of thecompliance curve when it comes
to all this stuff?
Speaker 2 (20:20):
So, yeah, so one of the things think of it right,
Because we are letting theconsumer in up front, the
regulatory burden is drasticallyreduced.
I've already had thisconversation with CFPB in the
past.
Before we launched this, webriefed them and while they
won't say, yeah, this is great,we'll endorse it, right, They'll
never say that and you know, Ireally want to put the
(20:42):
regulators out of business,especially when it comes to
these kinds of stuff, becausethey have never, ever approached
this.
Okay, I got to fix this onceand for all.
Every time there's a newregulation, businesses find a
workaround, right?
That's what has been going on.
Instead, literally, you know,shift the paradigm and say, hey,
get the consumer involved.
Why are you trying to protectthe consumer when the consumer
(21:04):
yes, that makes sense.
When the consumer had no ideasomebody was using your data,
but now consumer is going to bepart of it.
Consumer is part of the journey.
They have agency over the data,you can at least eliminate
probably 2,000 pages ofregulation in the CFPB manual.
And we went to them and towardsthe end of the meeting some of
(21:27):
the senior most lawyers werethere and they said hey, you
have an advocate at CFP for youguys, because what you guys are
doing is putting the consumer upfront.
Yeah, it doesn't make sense.
You know it has no monetaryvalue for businesses up front.
(21:48):
Oh, why am I doing that?
I know I like to keep miningtheir data, right, but think
about the consequence You'respending enormous amount of time
and money on regulatorycompliance.
Enormous amount of time andmoney on regulatory compliance.
Enormous amount of time andmoney on trying to protect your
data store, which is basicallyyour PII that you've collected
right.
(22:09):
And then enormous amount oftime for insurance and money for
insurance and other complianceissues.
Think about all of that,because that is not your core
business.
Your business is hey, I want tolet an actual individual into
my site or individual into myplatform to get the service
whether it's childcare, homecare, healthcare, whatever it is
(22:30):
that day right.
They are not in the business ofmaking sure that you are who
you say as long as that is doneright.
So basically they can outsourceall of that to a trust bureau,
right?
Think about 40 years ago.
Everybody was doing their own.
You know the banks andeverything for lending right?
They will collect their owndata and they're assembling it
(22:50):
and figuring out and thenwhatnot.
And then credit bureaus camealong and said, hey, you don't
need to do all of that.
We have, we'll collect it,we'll do it.
We'll assign a score and boomdone, we'll collect it, we'll do
it, we'll assign a score andboom done.
It's exactly the same conceptand you've perfected the issues
that you have at credit bureaus.
It's not a black box anymore.
You have visibility into it,and ours is built on blockchain
(23:15):
and tokenized.
Everything is tokenized inthere.
Nobody can just leak it andtake it right.
And it's a blockchain ledgerright, so immutable.
Basically, nobody can changeanything.
And a ZK piece zero knowledgeproof.
Speaker 1 (23:32):
Well, finally, we found the killer app for
blockchain outside of crypto.
Speaker 2 (23:36):
So that, congratulations, yeah, I always
said yep, that is exactly right,but we don't lead with it
necessarily because we're nottrying to get a blockchain
uptake.
Here.
We are trying to solve aproblem and then we are using
some of these technologies tobolster and make it a Fort Knox.
Speaker 1 (23:54):
And speaking of technologies, what other
technologies are on your radar?
You've got Sam Altman scanningpeople's eyeballs around the
world.
Speaker 2 (24:03):
Yeah, what's that world?
Something right.
World coin.
World coin right.
Speaker 1 (24:07):
What other tech is on your radar?
Speaker 2 (24:10):
Yeah, it's going to be a rough ride for them in the
United States because the US isalways skeptical about some of
those kinds of stuff, especiallybiometric right.
It could be used for nefariouspurposes.
You know I've written manyposts about that in the past.
The issue with that is, youknow, just because you have a
(24:31):
face, you still need the otherattributes to verify right, and
so that could be good forcertain applications where you
know you want to make sure youknow somebody who's authorized
to be in a location.
They can Right.
But again, somebody has tocollect, somebody has to do all
(24:52):
of those things, and you know,yeah, you can put all of these
little bots in every place tocollect that and do all of those
things, every place to collectthat and do all of those things.
It is, in my opinion it's adangerous path, but I'm sure
when the dust settles there is asliver of an application for
that.
Speaker 1 (25:09):
I just don't know what that is.
Speaker 2 (25:10):
Yeah, and for us, agency over your data, personal
data is very important.
That is something that I'mpassionate about.
That you know you need to have.
At least you need to know whereit is and at least you need to
know who's using it, right?
Speaker 1 (25:24):
And so, obviously, the you know opportunity is
immediately here in the US,north America, but globally
there are hundreds of millionsof people born without identity
of any kind.
You must have your eyes on youknow.
Speaker 2 (25:38):
Asia.
Yeah, so ultimately, yes,that's a great point.
Right, so somebody has toverify that you were born in a
certain place.
Right, let's say a localhospital.
Right, so that particularaspect, it's always still what I
call analog, in the sense thatyou were born in this hospital.
(25:59):
Somebody is issuing right, andif there's no national ID,
somebody is issuing right.
And if there's no national ID,let's say right, and how do you
determine the individual right,unless you assign them right up
front?
Right, you can do all of thatand that's the easy part.
Right, then you verify and then, for example, there is a big
move in this country to callmobile driver's license.
(26:20):
There is a big move in thiscountry to call mobile driver's
license, mdls I'm sure you'refamiliar with that.
Right, and states arenotoriously slow and they're
trying to literally make it comeup with a digital version of
the driver's license, andthey're not trying to do this
for a new one, they're trying todo it for an existing one.
(26:41):
And I'm thinking why do youwant to waste your money?
Here's?
Okay, they have an existinganalog card.
We can authenticate that everywhich way from Sunday, and then
we put it in a little device.
Today, it's an Apple wallet forus.
Right, you can see it, you canuse it.
Then what else do you need?
So that's a substitute for MDL.
(27:03):
I haven't, you know, knocked onthose doors yet, but the
application is ginormous here.
So everybody can have a mobiledriver's license or a Truva ID,
similar to a driver's licensethat is locked up in their
digital wallet, and they can useit for a variety of purposes in
the future similar to adriver's license that is locked
up in their digital wallet, andthey can use it for a variety of
(27:26):
purposes in the future.
Speaker 1 (27:27):
Wow, so exciting.
Where can people?
You're in the DC area.
Where can people meet you orthe team this summer or the fall
?
What are you looking forward toevent-wise or meetups or other
speaking opportunities?
Speaker 2 (27:39):
I had to check our calendar.
I know we were just at UnleashAmerica or other speaking
opportunities.
I had to check our calendar.
Right, I know we were just atUnleash America.
They were at Marketplace Risk,and then you know there are 60
or 70 million gig workers in theUnited States approximately.
It's increasing.
Think about everybody having oneof those things, because they
keep giving out the informationover and over to, okay, uber in
the morning, lyft in theafternoon and DoorDash in the
(28:01):
evening, right, they're alldifferent companies or different
outfits.
They're all trying to verifyyou and you have to provide your
information.
Why, why?
Think about the proliferationof the data.
Everybody's got a honeypot nowand you have to guard it, and
that's why the breaches are justgoing through the roof.
Every day you're hearing abouta breach.
I'm challenging AT&T.
(28:22):
Recently I'm sure I wrote apost about that as well 80, 90
million PII was leaked.
How did that happen?
Why did you need socialsecurity number?
Oh, credit check.
You could have done that andthen deleted the thing.
(28:43):
You could have deleted it,right.
Sometimes they do continuouscredit check every so often,
right, yeah, but you can get itand then delete it.
They didn't, they want to keepit, and then they want to keep
your.
You know all of the attributes.
They don't need that.
As long as there is a quickpath to verify, let's assume we
(29:03):
have it.
We have it locked up,blockchain, blah, blah, blah,
all of those things.
And the AT&T wants to verifyinitially, and then, six months
down the road, they want toverify to make sure that they're
still a good customer, payingcustomer.
They can just do it.
You don't need to keep it.
So everybody's trying to keepit, hold on to it and then guard
it with their life and spendingenormous amount of money.
(29:26):
It's distributed, so centralizeit just like a credit bureau
did it right.
So nobody's doing your creditcheck and credit report and
assembling your background, yourfinancial capability.
They just go to the creditreport and get it.
Speaker 1 (29:44):
Such an important note.
That's kind of a mic dropmoment.
So we're going to be watchingyour success and rooting for you
and us.
So congratulations on thevision and the mission onwards
and upwards, raj, muchappreciated.
Speaker 2 (29:58):
I really, yeah, I really appreciate it.
As I said, I've been at it,we've I really appreciate it.
We've got multiple patents onit.
I think we have six issued andfour pending.
You have patents and books.
Speaker 1 (30:09):
I love your enthusiasm for this topic.
Can't wait to check in, maybeend of the year, see where we
are.
Yeah, absolutely.
Speaker 2 (30:20):
I appreciate that.
Thank you, thank you, evan.
Speaker 1 (30:27):
Everyone, thanks for sharing and check out our TV
show at techimpacttv now on FoxBusiness and Bloomberg TV as
well.
Thanks everyone.
Thanks, raj.
Hey everyone.
Fascinating chat today as weask.
The question is trust the newdigital currency with Trua Raj.
How are you?
Speaker 2 (00:10):
I'm doing well, Evan.
Thank you very much.
Thanks for having me.
Speaker 1 (00:13):
Well, thanks for being here.
You have an amazing backgroundand biography and mission at
Trua.
Let's start with that, withsome introductions.
What inspired the creation ofTrua?
Speaker 2 (00:24):
The Trua has basically been on my drawing
board for many, many years.
We used to do a lot of work forthe public sector after 9-11 in
terms of catching bad guys, andwe built many, many
mission-critical systems.
But one of the things that cameabout after 9-11 was you know,
(00:46):
how do you determine a trustedtraveler?
Because the traveling publicwas the biggest thing, as you
know.
That was the biggest issue.
So I said, hey, how about wedevelop a reusable credential
that they can swipe through whenyou go to any airport that is
acceptable by TSC at that time,and then you know, that way they
don't have to redo.
(01:07):
It's continuously screened andcontinuously monitored.
There you go.
That's where the origin started, which is, you know, it's
called Trusted Traveler,registered Traveler, and then it
moved on to TSA PreCheck.
That was the evolution of thatwhole thing.
And then, once you get it, youreuse it anytime and it's always
(01:27):
monitored and it's current, upto date, because you get it once
.
As you can imagine, I'm sureyou've used TSA PreCheck.
Speaker 1 (01:36):
I can yes.
Speaker 2 (01:37):
Yeah, so you get it once and then move on.
The only thing that they didnot do, which I kind of hinted
at them hey, you need to figureout how the identity piece works
, right, because they did nothave the identity component.
They had the backgroundcomponent.
I said, no, no, we're going tohave them.
Show them their ID and then wewill scan it and then we look it
up, right, because we want tomake sure that at least we match
(01:59):
the face with the individual.
I said there is a way to codethat and then you show.
At that time, I said have a QRcode very popular.
You can do a QR code scan andthen the picture should pop up
and then, boom, you let them in.
And I said no, they just wantedto move on with the actual
physical.
(02:19):
Looking at the, either agovernment issued ID, like a
driver's license or a passport.
So, and then many years go byyou know we've been working on
this for many years and then,finally, it dawned on me after
the big breach that happened in,I believe, 2017, the Equifax
breach and they said hey, why doyou guys need a social security
(02:43):
number for everything?
And one of the executives fromEquifax testified in Congress.
That's the key identifier.
And I was yelling at my TV.
I said, listen, social security, was2 wages to kind of close
(03:06):
the loop on employers giving youcompensation, and then they
report that to the IRS and theytie it up and that's what it was
meant for filing taxes and soforth.
But over the last 25, 30 years,25-30 years, everybody starts
(03:30):
using Social Security as a keyindicator in terms of figuring
out who you are and, of course,with all the breaches and
everything, all the other fraudpeople have started piling up on
top of it.
Oh, I want to verify your phonenumber.
Now you have digital device,which is, in this case, mobile
phones.
Phone number is also teed up toverify the authenticity of the
(03:51):
individual.
When I say identity, I just wantto make sure I'm very clear
here.
We are talking about humanidentity, not just logging,
passwords and other things thatyou use.
It's purely determining if thehuman is the human on the other
side of the wire, so to speak.
So that's where we said youknow what this is ridiculous.
(04:12):
Let me get our concepts andother things developed.
And that's when we developedTRUA, which is basically
combining the concepts of TSApre-check and then the driver's
license or government IDverification, which is basically
(04:32):
verifying the identity of theindividual, because, as you know
, government issued ID is what Icall the fundamental ID of
every individual in the world.
Literally Any government willissue an identity when you're
born or whenever you seek it,and then that is used as a true
identifier.
So we said, okay, how about weintegrate that as well into this
(04:53):
TSA PreCheck concept and thencall it TRUA, which is basically
you get it once, reuse it forthe rest of your life, and
that's what the TRUA concept was.
We officially launched it in2023.
And we have, I would say, as acompany, we have a couple of
other products, but we haveclose to 75, 80 customers now.
Speaker 1 (05:18):
Fantastic and you describe Trua as a platform, a
built-around, verified trust.
What does that mean practicallyfor individuals or businesses,
managing their employees'reputation or identity?
How does that work in practice?
Speaker 2 (05:34):
So basically it's, you know you have two problems
always right.
One is in case, if you studyUber, how it started?
Right, they had the problem ofa driver and the consumer, so
they were working parallel.
Okay, how it started?
Right, they had the problem ofa driver and the consumer, so
they were working parallel.
Okay, how do I get more drivers?
How do I get more consumers?
And that's how the wholeecosystem was developed over
(05:54):
time.
It's the same concept, right?
So either you build around andsay okay, go to all of the third
party relying parties orverifiers and say, hey, will you
accept this?
Or we start building use caseby use case.
The first use case we startedwas obviously pre-hire screening
, because that's been the analogworld forever, literally the
(06:19):
traditional background check.
It's always done by a thirdparty, like when you apply for a
job, the company asks you tofill out a bunch of information,
including your PII, and thenthey transmit that to a third
party background check companyand then they talk amongst
themselves whether you'requalified or not, or you want to
get a job or not.
(06:40):
You are absolutely in the dark.
You never know what's in yourbackground and at least the
credit report.
Think about it.
It was the same concept untilabout 2008,.
When the financial crisishappened, cfpb was formed.
They said, oh, you got to haveat least one credit report per
(07:00):
consumer every year.
You have to show them at leastone to see what's in there.
But try disputing that, by theway.
It's next to impossible, right?
Hey, this is not me, this is mydad or my brother, whatever it
is.
So we took some of those thingsfrom the credit bureau concept
and say, okay, we need to modifyit.
We need to be able to let theindividual verify their data to
(07:22):
make sure they cannot changeanything.
That means they verify theirdata and make sure they cannot
change anything.
That means they verify theirdata and say, yep, this do
belongs to me.
This particular infractionbelongs to me, whatever it is,
or you can dispute it ahead oftime.
And then you get the truerscore, which is basically like a
fico score, and then, once youget that, you can use it for any
purposes.
So we are trying to create boththe relying party and the
(07:46):
verifiers and then, at the sametime, building up momentum for
acceptance for individuals tostart getting this.
So it's basically think of itlike a credit bureau you have a
credit report and a FICO score.
We have a truer report and atruer score for everything else
(08:07):
in life.
Speaker 1 (08:08):
That is fantastic.
So many use cases andapplications of this One is
things like background checks,which feel like black boxes,
very slow ones at that Yep.
Speaker 2 (08:21):
And another big difference is the background
check you can only do afteryou're offered a job.
That is because it's fully andheavily regulated, because A
you're not in the loop.
That's why they want toregulate.
They can't really nearly do abackground check on you.
In our case, you can send alink to your prospective
(08:43):
applicant anytime, anyplace andsay hey, this is the criteria
for our job acceptance.
You need to have a bachelor'sdegree or a two year degree with
this particular license or thisparticular skill set, two years
experience and a true score of300.
Our score is from zero to 360to reflect the 360 view of an
(09:05):
individual.
So, and a true score of 300,let's say, right Right up front,
you're providing the criteriafor hire and then they can go
get it anytime.
You don't have to wait for anoffer.
And then A it filters out thepeople that are not going to be
qualified and the employers arenot left with a hot potato.
Filters out the people that arenot going to be qualified and
(09:25):
the employers are not left witha hot potato, which is the
biggest thing, because theyalways walk on eggshells when it
comes to adverse action, like,hey, this person had some really
criminal issues.
I can't.
What do I do with this?
You know how does that apply inthis state.
You know what are theregulations in this state, all
of those things they have toworry about, because that's why
(09:47):
the regulate a regulatory burdenon employers is so heavy when
it comes to background check,because it's fully regulated in
our case.
You can do it anytime, and thenthe individual can dispute hey,
this is not me, this isdefinitely my dad.
He went on a vacation and hisDUI is showing up on my record.
Okay, we will verify that.
(10:08):
We have multiple sources ofdata.
And then, if it all points outto the same thing, no, it's you,
because, roomba, we look atyour government issue ID and we
verify your social, we verifyyour date of birth and we verify
your seven years worth ofaddress history.
When you have those thingsverified, the chances of being a
(10:31):
false positive are very, verylow and when you get a report,
you can be pretty assured thatit is what it is going to be,
because we have already vettedevery which way we can think of
and we have also mapped it,because we have a
(10:52):
three-dimensional map of everydata point that says type,
recency and relevance.
For example, some state says,hey, if you have a misdemeanor
and if it's more than five years, you cannot consider that.
We've already accommodated thatbecause of the
(11:14):
three-dimensional matrix.
That's our secret sauce that wehave.
We have codified every penalcode in the criminal justice
system and we have mapped it toall of the states as well.
That says, oh okay, this state,you cannot talk about this, not
report about this particularinfraction or misdemeanor.
(11:35):
Felonies are always there.
Most people have never bannedfelonies, but some of the
infractions and misdemeanorssome states said, hey, you got
to ignore after five years,three years, petty theft, for
example, right.
So in the traditional model,when you get a full-fledged
report from a third partybackground check company, the HR
individual who is a recruiterthey get the full report.
(11:58):
Once you see it, you cannotunsee it, even though you cannot
take that into considerationfor this particular hire in this
particular state.
And with the remote work it'sexasperated the problem for many
employers as well.
We take care of all of that andit's pretty fast.
It's natively digital, nativelyverification of the identity
(12:23):
with high assurance right, it'salready done and then you just
make the decision.
It's given to them in a silverplatter.
Speaker 1 (12:31):
And this is especially true.
Speaker 2 (12:33):
I don't know if you followed this news about North
Korean.
You know hires right.
I'm sure you're on the frontpage of Wall Street Journal a
couple of weeks ago and I said,holy cow, how they are doing
that?
Because there are server firmthat are using it and lots of
(12:58):
creditors were hired,infiltrated into companies.
Speaker 1 (13:04):
That is an unbelievable amount of.
So do you envision your trustcredential, or trust credentials
, being as common and asessential as credit scores?
I mean, what has to happen.
Speaker 2 (13:17):
That is the thing, in fact, what we are trying to.
What you'll see, is we arecreating something called a
trust bureau.
We have the technology, we havebuilt it and we just sort of
it's a different method ofdifferent way of delivery.
Think of it, right.
How do you today everybody foridentity verification or any of
(13:39):
those things?
Either you go to a third partyor you buy the systems, you
install it in your premise, youcollect PII and all of those
things to verify and provideyour mission.
Guess what?
That is the biggest honeypotfor data breaches $46 billion
according to IBM's report lastyear in data breaches.
(14:01):
An average breach cost is $4.5million.
Think about the amount of money.
And then, added to that,organizations are spending
enormous amount of money inbuying for compliance and also
cyber insurance, because theydon't know when they're going to
(14:22):
get hacked.
And if you have seen the cyberinsurance cost, it has gone
through the roof because of thisissue.
Speaker 1 (14:32):
Yeah.
Speaker 2 (14:44):
So we are taking care of trust as a service right
Trust Bureau.
It's a service of my data.
You just need to know that I'mover 21, for example, age right
or I don't have a criminalrecord, or I don't have a
misdemeanor or I don't have abankruptcy.
I don't have any means.
That's all you need to know toprovide the service and you
don't need to have all of thedata underlying that right.
(15:06):
So if you can provide that highassurance way of delivering
those things attributes withoutactual PII exposure, think about
the reduction in data breaches.
Our estimate we did someresearch.
You know, if you eliminate PIIexchange and proliferation for
(15:26):
every little thing right, thereis at least 70% to 80% reduction
in data breaches.
Amazing and more importantlyyeah, that's a thing about that
and more importantly, many ofthese things are repetitively
done.
How many times you have to giveout your PII?
Okay, you go to a gymmembership or you go to this
membership, you still have togive your social and data.
Speaker 1 (15:49):
It's sitting there.
Speaker 2 (15:51):
Multiple honeypots are sitting there.
There, multiple honeypots aresitting there.
Speaker 1 (15:57):
So the next wave of fraud is AI powered.
So I imagine that this level ofcontrol and ownership and
visibility can also preventpotentially all this AI fraud
and vishing.
Speaker 2 (16:11):
Because what we are finally doing is we are
co-opting the consumer to be theguardians of their data as well
.
We're not just leaving it tothem hey, good luck.
No, it's a co-opting them.
Hey, you be part of thisjourney.
You be, because that is theonly way to fundamentally solve
this problem.
There is no.
People have tried, pouredbillions and billions of dollars
(16:34):
in trying to solve this problemand nobody has ever thought of
hey, how about not sharing thePII?
But we can provide thenecessary assurance.
Ok, identity is verified right,as long as it's high assurance
and you have a solid legal audittrail.
That's all you care for.
And then we have incorporated alittle bit of biometric not
(16:57):
necessarily biometric comparisonto any big databases, biometric
comparison to your owngovernment issued ID.
So when you have a valuabletransaction going on, your face
should be compared right away,because that's how you will
avoid AI issues.
I'm sure you've heard of agenticAI and all of those things.
(17:18):
That is a disaster waiting tohappen in this particular sphere
, because you have no idea whothat agentic AI is going to take
over and start acting on yourbehalf.
Oh, I have my AI agent doingeverything.
You just don't know, becauseI'm sure you saw this recently.
Apple, I think it was Apple.
Yeah, A couple of days ago, Igot a lifelock alert that 16
(17:41):
billion login passwords werecompromised Unbelievable, yeah.
Okay, so you cannot trustanybody and you have to have
ownership of that.
You need to have agency of yourown data.
Speaker 1 (17:53):
Love it, love your enthusiasm, it's so infectious,
so somebody has to.
Speaker 2 (17:58):
Fundamentally, that's exactly what we are doing here,
fundamentally shifting theparadigm, letting the consumer
on board and then and say, ok,now, I mean, we have a big
mortgage company as a customer,it's a good example, right.
And they said, hey, bigmortgage company as a customer,
this is an example, right.
And they said, hey, we don'twant to pay for it.
But what they do is they placemortgage processes in different
(18:20):
companies.
That means it's like a staffingagency for mortgage processes,
right, and they go three monthshere for six months.
So everybody's asking to do abackground check on that.
Think about that.
You do it once.
Oh, yep, it's already done andyou reshare it.
That is the power of this,right.
And what we think about lastyear is it, yeah, 2024, I may be
(18:46):
wrong by 2024, 23, 126 millionbackground checks were done, 126
in the United States I'mtalking just US at this point,
right, and 30% or so, 32, 30,35% or so were repeats.
Why, how many times are yougoing to verify your degree?
(19:06):
How many times are you going toverify your address?
How many times you keepverifying your date of birth?
You've already declared it onceand you've verified it
thoroughly every which way fromSunday, dr Anand Sharma.
Speaker 1 (19:17):
That's a great point.
Speaker 2 (19:19):
So get it once, reuse it for the rest of your life
Brilliant.
Speaker 1 (19:24):
Yeah, and then it's continuous.
Speaker 2 (19:26):
It's continuous, that means it's not like it's static
, right, we always look for okay, what are the variable things
in this case?
Right, your social data, birth,doesn't change.
Your college degree, if you areverified, or professional
license, they they don't change,except it's expiring or renewal
and those kinds.
We have flags for that, right.
The only thing that changes iswhether you committed a crime or
(19:48):
not, or did you go intobankruptcy or not, did you evict
?
You know those kinds of stuff,what I call court records, right
, which are usually publicrecords.
So those are the only thingsthat we monitor and continuously
update.
We call it continuous screening.
Speaker 1 (20:06):
Interesting.
I guess the other aspect thatchanges our regulations
constantly evolving stateregulations.
Countries have all new AIgovernance rules and data
sovereignty.
How do you stay ahead of thecompliance curve when it comes
to all this stuff?
Speaker 2 (20:20):
So, yeah, so one of the things think of it right,
Because we are letting theconsumer in up front, the
regulatory burden is drasticallyreduced.
I've already had thisconversation with CFPB in the
past.
Before we launched this, webriefed them and while they
won't say, yeah, this is great,we'll endorse it, right, They'll
never say that and you know, Ireally want to put the
(20:42):
regulators out of business,especially when it comes to
these kinds of stuff, becausethey have never, ever approached
this.
Okay, I got to fix this onceand for all.
Every time there's a newregulation, businesses find a
workaround, right?
That's what has been going on.
Instead, literally, you know,shift the paradigm and say, hey,
get the consumer involved.
Why are you trying to protectthe consumer when the consumer
(21:04):
yes, that makes sense.
When the consumer had no ideasomebody was using your data,
but now consumer is going to bepart of it.
Consumer is part of the journey.
They have agency over the data,you can at least eliminate
probably 2,000 pages ofregulation in the CFPB manual.
And we went to them and towardsthe end of the meeting some of
(21:27):
the senior most lawyers werethere and they said hey, you
have an advocate at CFP for youguys, because what you guys are
doing is putting the consumer upfront.
Yeah, it doesn't make sense.
You know it has no monetaryvalue for businesses up front.
(21:48):
Oh, why am I doing that?
I know I like to keep miningtheir data, right, but think
about the consequence You'respending enormous amount of time
and money on regulatorycompliance.
Enormous amount of time andmoney on regulatory compliance.
Enormous amount of time andmoney on trying to protect your
data store, which is basicallyyour PII that you've collected
right.
(22:09):
And then enormous amount oftime for insurance and money for
insurance and other complianceissues.
Think about all of that,because that is not your core
business.
Your business is hey, I want tolet an actual individual into
my site or individual into myplatform to get the service
whether it's childcare, homecare, healthcare, whatever it is
(22:30):
that day right.
They are not in the business ofmaking sure that you are who
you say as long as that is doneright.
So basically they can outsourceall of that to a trust bureau,
right?
Think about 40 years ago.
Everybody was doing their own.
You know the banks andeverything for lending right?
They will collect their owndata and they're assembling it
(22:50):
and figuring out and thenwhatnot.
And then credit bureaus camealong and said, hey, you don't
need to do all of that.
We have, we'll collect it,we'll do it.
We'll assign a score and boomdone, we'll collect it, we'll do
it, we'll assign a score andboom done.
It's exactly the same conceptand you've perfected the issues
that you have at credit bureaus.
It's not a black box anymore.
You have visibility into it,and ours is built on blockchain
(23:15):
and tokenized.
Everything is tokenized inthere.
Nobody can just leak it andtake it right.
And it's a blockchain ledgerright, so immutable.
Basically, nobody can changeanything.
And a ZK piece zero knowledgeproof.
Speaker 1 (23:32):
Well, finally, we found the killer app for
blockchain outside of crypto.
Speaker 2 (23:36):
So that, congratulations, yeah, I always
said yep, that is exactly right,but we don't lead with it
necessarily because we're nottrying to get a blockchain
uptake.
Here.
We are trying to solve aproblem and then we are using
some of these technologies tobolster and make it a Fort Knox.
Speaker 1 (23:54):
And speaking of technologies, what other
technologies are on your radar?
You've got Sam Altman scanningpeople's eyeballs around the
world.
Speaker 2 (24:03):
Yeah, what's that world?
Something right.
World coin.
World coin right.
Speaker 1 (24:07):
What other tech is on your radar?
Speaker 2 (24:10):
Yeah, it's going to be a rough ride for them in the
United States because the US isalways skeptical about some of
those kinds of stuff, especiallybiometric right.
It could be used for nefariouspurposes.
You know I've written manyposts about that in the past.
The issue with that is, youknow, just because you have a
(24:31):
face, you still need the otherattributes to verify right, and
so that could be good forcertain applications where you
know you want to make sure youknow somebody who's authorized
to be in a location.
They can Right.
But again, somebody has tocollect, somebody has to do all
(24:52):
of those things, and you know,yeah, you can put all of these
little bots in every place tocollect that and do all of those
things, every place to collectthat and do all of those things.
It is, in my opinion it's adangerous path, but I'm sure
when the dust settles there is asliver of an application for
that.
Speaker 1 (25:09):
I just don't know what that is.
Speaker 2 (25:10):
Yeah, and for us, agency over your data, personal
data is very important.
That is something that I'mpassionate about.
That you know you need to have.
At least you need to know whereit is and at least you need to
know who's using it, right?
Speaker 1 (25:24):
And so, obviously, the you know opportunity is
immediately here in the US,north America, but globally
there are hundreds of millionsof people born without identity
of any kind.
You must have your eyes on youknow.
Speaker 2 (25:38):
Asia.
Yeah, so ultimately, yes,that's a great point.
Right, so somebody has toverify that you were born in a
certain place.
Right, let's say a localhospital.
Right, so that particularaspect, it's always still what I
call analog, in the sense thatyou were born in this hospital.
(25:59):
Somebody is issuing right, andif there's no national ID,
somebody is issuing right.
And if there's no national ID,let's say right, and how do you
determine the individual right,unless you assign them right up
front?
Right, you can do all of thatand that's the easy part.
Right, then you verify and then, for example, there is a big
move in this country to callmobile driver's license.
(26:20):
There is a big move in thiscountry to call mobile driver's
license, mdls I'm sure you'refamiliar with that.
Right, and states arenotoriously slow and they're
trying to literally make it comeup with a digital version of
the driver's license, andthey're not trying to do this
for a new one, they're trying todo it for an existing one.
(26:41):
And I'm thinking why do youwant to waste your money?
Here's?
Okay, they have an existinganalog card.
We can authenticate that everywhich way from Sunday, and then
we put it in a little device.
Today, it's an Apple wallet forus.
Right, you can see it, you canuse it.
Then what else do you need?
So that's a substitute for MDL.
(27:03):
I haven't, you know, knocked onthose doors yet, but the
application is ginormous here.
So everybody can have a mobiledriver's license or a Truva ID,
similar to a driver's licensethat is locked up in their
digital wallet, and they can useit for a variety of purposes in
the future similar to adriver's license that is locked
up in their digital wallet, andthey can use it for a variety of
(27:26):
purposes in the future.
Speaker 1 (27:27):
Wow, so exciting.
Where can people?
You're in the DC area.
Where can people meet you orthe team this summer or the fall
?
What are you looking forward toevent-wise or meetups or other
speaking opportunities?
Speaker 2 (27:39):
I had to check our calendar.
I know we were just at UnleashAmerica or other speaking
opportunities.
I had to check our calendar.
Right, I know we were just atUnleash America.
They were at Marketplace Risk,and then you know there are 60
or 70 million gig workers in theUnited States approximately.
It's increasing.
Think about everybody having oneof those things, because they
keep giving out the informationover and over to, okay, uber in
the morning, lyft in theafternoon and DoorDash in the
(28:01):
evening, right, they're alldifferent companies or different
outfits.
They're all trying to verifyyou and you have to provide your
information.
Why, why?
Think about the proliferationof the data.
Everybody's got a honeypot nowand you have to guard it, and
that's why the breaches are justgoing through the roof.
Every day you're hearing abouta breach.
I'm challenging AT&T.
(28:22):
Recently I'm sure I wrote apost about that as well 80, 90
million PII was leaked.
How did that happen?
Why did you need socialsecurity number?
Oh, credit check.
You could have done that andthen deleted the thing.
(28:43):
You could have deleted it,right.
Sometimes they do continuouscredit check every so often,
right, yeah, but you can get itand then delete it.
They didn't, they want to keepit, and then they want to keep
your.
You know all of the attributes.
They don't need that.
As long as there is a quickpath to verify, let's assume we
(29:03):
have it.
We have it locked up,blockchain, blah, blah, blah,
all of those things.
And the AT&T wants to verifyinitially, and then, six months
down the road, they want toverify to make sure that they're
still a good customer, payingcustomer.
They can just do it.
You don't need to keep it.
So everybody's trying to keepit, hold on to it and then guard
it with their life and spendingenormous amount of money.
(29:26):
It's distributed, so centralizeit just like a credit bureau
did it right.
So nobody's doing your creditcheck and credit report and
assembling your background, yourfinancial capability.
They just go to the creditreport and get it.
Speaker 1 (29:44):
Such an important note.
That's kind of a mic dropmoment.
So we're going to be watchingyour success and rooting for you
and us.
So congratulations on thevision and the mission onwards
and upwards, raj, muchappreciated.
Speaker 2 (29:58):
I really, yeah, I really appreciate it.
As I said, I've been at it,we've I really appreciate it.
We've got multiple patents onit.
I think we have six issued andfour pending.
You have patents and books.
Speaker 1 (30:09):
I love your enthusiasm for this topic.
Can't wait to check in, maybeend of the year, see where we
are.
Yeah, absolutely.
Speaker 2 (30:20):
I appreciate that.
Thank you, thank you, evan.
Speaker 1 (30:27):
Everyone, thanks for sharing and check out our TV
show at techimpacttv now on FoxBusiness and Bloomberg TV as
well.
Thanks everyone.
Thanks, raj.
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