Blockchain technologies makes tracking and managing digital identities both secure and efficient, resulting in seamless sign-ons and reduced fraud.
Be it banking, healthcare, national security, citizenship documentation, online retailing or walking into a bar, identity authentication and authorization is a process intricately woven into commerce and culture worldwide. Due to the lack of common comprehension and often-unchecked cyberspace of personal information, Identity in the context of technology is facing significant hurdles. Events such as hacked databases and breached accounts are shining light on the growing problems of a technologically advanced society, without outpaced identity-based security innovations.
Alongside biometrics, blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an irrefutable, immutable, and secure manner. Current methods use problematic password-based systems of shared secrets exchanged and stored on insecure systems. Blockchain based authentication systems are based on irrefutable identity verification using digital signatures based on public key cryptography. In blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key. It is inferred that whoever has access to the private key is the owner and the exact identity of the owner is deemed irrelevant.
Blockchain Identity Use Cases
Blockchain technology can be applied to identity applications in the following areas:
- Digital Identities
- Birth Ceritificates
- Wedding Certificates
- Online Account Logins
- Many More