We all leave our impression on the digital platform whenever we do business on the internet. The more we use the digital platforms, the more we leave digital traces behind us. The internet discloses users personal and financial data when they use financial transaction services such as Paypal, credit card processors, direct banking, Google Wallet, Apple Pay, Amazon Pay, Square, Stripe, Venmo, and cryptocurrencies. There are more than 1 billion people worldwide that face identity challenges.
Personal details of people like their birthdates and home addresses have always been accessible through a quick Google search and it is something we have no control over. Nowadays the dark web turns up the information many of us still hold precious such as social security numbers, bank accounts, health insurance details, and whatever else a criminal may desire. Majority of us don’t read the small print or too deep technical assessments before sharing our information online.
With the evolution of blockchain technology and blockchain development services, the word privacy may regain its meaning. Blockchain technology has the ability to control information and avoid duplication. This means that the idea that individuals can control their personal data no matter where they are, could be a reality for the first time.
The End Of Identity Theft
- Self-sovereign identity is a great idea as it can put an end to many issues that impact consumer privacy.
- To manage identities by using a blockchain ledger can make it extremely difficult for fraudsters to wreak havoc without leaving an obvious digital trail.
- Each and every block in the blockchain is made upon its predecessor, and this cryptographic nature of the blocks make it hard to alter information stored in the existing blocks.
- This system averts nasty actions by data keepers.
- The blockchain technology eventually makes identity theft more difficult to execute.
Decentralized Identifiers(DiDs) Based On Blockchain
- An unchangeable record of blockchain ledger is what allows individuals to take charge of all the information that is within their identity.
- Every individual can regain complete control of their data with the help of blockchain-based Decentralized Identifier.
- These identifiers are basically a secret URL stored on a blockchain ledger.
- Generally, when you sign up for a new app, typically you will have to share your name, email address, and other basic information. With the use of DiDs, this process becomes faster and secure.
- Decentralized Identifiers empower individuals to swiftly update their personal details.
- The services that are using your Decentralized Identifiers automatically have the updated information. This process is much better than enabling misinformation run free.
Benefits Of Blockchain For Digital Identity Management
- The blockchain technology has an astounding capacity to transfer the online identity management.
- A great amount of user’s personal data like their name, age, address, financial and social records, are put together for creating an online profile.
- All these information gets adds up to our online profile, on which we have no control. The people who control these data of yours can share it with third-party companies. That is the reason why cyber crimes and frauds scare us.
- Blockchain technology has the ability to track where is our data stored or where it is used. The data stored in a decentralized manner has a clear history of transactions which is visible to the people connected to a peer to peer network.
- The consumer that is using blockchain gets better privacy protection and they can take control of their own data.
- For businesses, blockchain helps to minimize risks and cost of data breach.
The use of blockchain technology for the password and identity verification status is gradually increased at tackling vulnerabilities. The blockchain is showing a new path that can deliver significantly less risk alongside far greater upside. Nowadays each and every industry is adopting this technology, as it provides high security and is robust by nature. There are blockchain development companies like OpenXcell that is all ready to help each and every industry by developing blockchain-based systems for them. OpenXcell has an excellent team of skilled blockchain developers, that can develop and design all the services ranging from simple to advanced blockchain architecture to meet your business specifications.