Have you ever wonder when you make an online purchase or use an online service, how will these organisations safeguard our private information? Even if our information is secured, are these centralized repositories capable in protecting our identities from identity theft? There are currently no realistic answers or solutions. An article from Fortune, ‘’How Blockchain Could Put an End to Identity Theft’’ stated that the meaning of privacy and identity control can be regained using blockchain technology.
The root of the problem is people favor convenience over privacy. The article highlighted that ‘’ Most of us don’t read the small print or do deep technical assessments before sharing information online. We don’t want to remember a different password for each account or re-enter credit card numbers every time we make an online purchase.’’ Hence, whether we realized it or not, we have transferred the ownership of our personal details to be managed by business organisations.
This pose as a crucial problem as any potential form of security breach, data leakage or mishandling will have an impact on users’ privacy, especially identity theft. The article cited that ‘’Last year, 16.7 million people in the U.S. were victims of identify fraud, a 1.3-million-person jump since 2016. Oftentimes, individuals have no idea that their digital identities have been compromised until they attempt to buy a home or take out a loan and find their financial lives in ruins.’’. Such matter has become a pressing issue not just in the U.S. but across the entire world. However, there has yet to have an effective counter measure.
The article highlighted that blockchain technology can be used to empower individuals to take charge of personal identity. The records on the blockchain ledger will be immutable providing accurate information and to deter malicious acts by hackers or data custodians. Beside putting individuals back in charge of their own personal information, the article also emphasized that it is important ‘’to determine how to securely and accurately connect individuals’ physical and digital identities. Blockchain only exists in the digital world and cannot guarantee the physical identity of the user, so this puts the burden on businesses to verify, link, and navigate the two.’’.
The content that is featured in the article can be closely related to what Usechain has been doing. The team is building a blockchain-based mirror identity ecosystem where users can have the convenience and privacy to transact without any worries of data security breach. Using the mirror identity mapping protocol, Usechain is able to provide the infrastructure to bridge the digital world and physical identity of users without compromising their private information. The need of a strong and secure privacy infrastructure is what Usechain is committed to established. A transparent ecosystem to deter identity theft, to give back users control of their identities, to eliminate our flawed and centralized financial industry, as well as to promote a secured and trustless decentralized network for peer-to-peer transaction .
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