How is Blockchain Technology Securing Our Digital Identity?!!!
Since the advent of the Internet, your “identity” is included in 100s of records put away with individual associations like banks, government elements, and many more.
Most often than not, we see news of a major hack influencing some real industry that services millions of clients. As the world digitizes at a fast pace, this now also incorporates an online model of information management. These key resources are now rapidly turning into a huge risk.
Digital identity frameworks utilize digital verification protocols or technologies; Blockchain Technology is one such system which checks the identities of people or entities.
A question that always comes in our mind “is our identity safe?”
Blockchain Technology is known for money related transactions, However, its utilization cases are not restricted to this. It tends to be connected to recognize application areas like digital identities, e-residency, online record logins, and so forth. Having advanced character over blockchain will give everybody a superior command over their own data.
In this blog, we will Discuss “How is Blockchain Technology Securing Our Digital Identity?”
Blockchain Technology Basics:
At the point when a client’s data is added to the blockchain, it is inserted as a single block containing the client’s identity and the user’s open key, all marked with the user’s private key.
Other entities, for example, a bank or power supplier also represented to inside the blockchain can set up relations with the user by marking the specific characteristics of the user that are important to that relationship. So, for example, the Passport Office could sign the location, name, and photo of the subject if the property estimations coordinate those on record at the Passport Office. So, Blockchain Technology Securing Our Digital Identity.
Benefits of Blockchain Technology: Securing Our Digital Identity
The essential advantage of utilizing blockchain for digital identity management is the wellbeing of the data. Aside from this, it also helps in chopping down the expense caused utilizing the traditional system. Banks and different organizations utilize this technology to eliminate the expense of data accumulation and integration.
Benefits from the user’s perspective
With the help of Blockchain Technology, the client doesn’t need to remove password from systems. They will encounter quicker exchange and data verification.
Why Blockchain is beneficial for securing our identity?
These challenges come and provide new approaches to identity verification. Let’s dive in and
These difficulties call for new methodologies in identity verification. Let’s explore Why Blockchain is beneficial for us? :-
Reduce Identity Theft:
Blockchain Technology is decentralized and has no single purpose of disappointment, this implies its absolutely impossible a Hacker will have the capacity to hack into the system and access your data. Civic, is a decent case of a Blockchain based solution that aims to reduce fraud and prevent users from data fraud.
KYC (know your customer) and Digital Identity:
Blockchain makes it workable for financial establishments to get to clients’ data without continually beginning the procedure of due diligence over and over.
It will also consider the creation of digital identity for clients. With a digital identity, money related foundations will have the capacity to screen your exchanges, as a client, get to relevant data about you and reduce false positives.
The blockchain is put away on a decentralized database – the blockchain, containing thousands – if not many thousands – of hubs, scattered everywhere throughout the world. An attacker should control over 51% of the hubs keeping in mind the end goal to bargain the database, and the possibility of that event is basically incomprehensible.
At this point of time, we can say that Blockchain Technologies has unlimited potential but it is still an innovation which has numerous things to offer. We should hold up to perceive how these progressions will emerge.