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 breaches.
Nowadays, ”everyone is online” and it is getting more grounded as days pass by. Every day, million of people come online, in order to carry out different types of transactions 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 the 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 the 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 -: It 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.
Today, most of the online services require user registration with a valid credit/debit card entry. It has been formed as mandatory rules in every online web portal. Most people around the world are accepting their condition without knowing the upcoming threat. People are unaware that once, they submit their personal financial account information to a third party, they almost close the control over their account.
MNC’s like Amazon, Flipkart collect such personal information from users and pass them to the third party for increasing their revenues. They only care about increasing their revenue where the matter of fact should be security. Moreover, in present times 80 percent of online transactions are occurring through mobile phones where the latest smartphones come up with biometric security lock. Actually, it’s a really cool feature, because it enhances your phone security as well as convenience. But most of us are unaware that our fingerprint is getting stored in their cloud server which is a major security threat for our financial resources.
So think, what are the different possibilities of threat that can be accounted, if someone holds our private information like credit card or fingerprint. However, we already have a newborn craft which will use the biometric security of smartphone in a more secure way.
Blockchain has the potential to safely manage that information in the distributed system rather than a centralized server. One way or another it is definitely sure that blockchain will play a huge role in the identity management sector.
Note: Most of the online transaction requires payment process, but through the payment process a centralized server is storing and monitoring the information that the user enters. Sometimes it’s necessary to enter card details but we have a new technology that handles the information in a more secure way, that’s where blockchain comes into play.
Blockchain based certificate verification ( blocktick)
Document verification using blockchain particularly concentrates on educational sectors, where universities around the world can adopt this technology in order to avoid the duplication of their academic certificates and imprint themselves with the verified digital identity. This tech allows students to verify their authenticity without the hard copy of the certificates as well as it allows a cross-border acceptance of candidates' academic profiles.
Everyone around the world wants to stay updated with the tech that might solve the security issues. Document verification on the blockchain will surely be a milestone to a whole new tech era. Making the paper document into a digital document will turn the long paperwork process simpler and we are powering that digital document with the help of blockchain in order to ensure authenticity. Assure your new digital identity with this new technical innovation of blockchain technology.