Blockchain Identity Management
The rise of blockchain has created a new pave to the entire information handling system as well as the record keeping process. According to Breach Level Index data, in 2017, around 2.6 billion records were stolen, or exposed across the globe, with identity theft alone around 69% of all data breach.
Nowadays, ”everyone is online” and it is getting more grounded as days pass by. Every day, million people come online, in order to carry out different types of transaction in the form of shopping, social media browsing, commenting, banking or more, triggering “more transaction ->more digital footprints”. Moreover, most of the online transaction requires disclosure of private information of the customers.
For example, Amazon, Paypal requires user registration which comes along with disclosure of credit/debit card details, which get stored in numerous servers. Such kind of actions leads to theft or getting stolen of financial resources from clients personal account.
WHAT WE COULD DO???
In this era, the word “blockchain” is the perfect solution for identity management. Blockchain act as an immutable ledger which records every transaction happening. The data in blockchain is not saved in any particular server instead it gets recorded in the blockchain and ledger copy will be made available to all corresponding participants.
Blockchain identity management plays a crucial role in sustaining the integrity and accountability of a source. Here the blog enlists the advantages of Blockchain Identity Management:
Immutability -: Its act as an essential factor for identity management. Because when the person’s whereabouts are immutable, data forging is made impossible. Therefore blockchain identity management rules out falsifying of unearned credits.
Security -: Instead of storing data on an individual server, the whole personal information is get verified through blockchain technology. Thus blockchain identity management enhances security and supremacy.
Free of cost -: Each transaction through blockchain will be made free of cost, thus maximum security in minimal or no fees.
Continue Reading …. Blockchain Identity Management
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