Blockchain has opened enormous opportunities for various sectors. Identity management is one of the tedious sectors of the digital era. The digital revolution has paved the way for doorstep services and the humungous security and encryption threats to our data. Safeguarding the personal information from hacks became hectic for every individual. Right from birth certificates to graduation, details are available over the internet in centralized servers. The centralized servers become a delight for data thefts. Hence, decentralizing the information and encrypting with strong tech can be the solution for this sector!
Here come the blockchain digital identity management solutions!
In this blog, let’s look around how blockchain renders solutions for this chaos and the areas that can be enhanced with blockchain digital identity management!
How can blockchain be the best solution for digital identity management?
The invention of the internet and digitalization has paved the way for threats too. Storing and managing the identity-related documents over the web has become a challenging task. Digitalized ID’s can be vulnerable to attacks if managed by central authorities and governments. Hence, decentralizing every individual’s identity with a consensus mechanism of verification by the federations through the blockchain network can resolve the chaos. As the data is decentralized and encrypted with cryptographic codes, the hacks, single-point failure, and natural calamity damages can be resisted. The transparency, immutability, easy reconciliation of identity records are added advantages of blockchain digital identity management.
Now, let’s scout around the areas of enhancements with blockchain twinned digital identity management!
Enriched areas of blockchain digital identity management
Voting & Validity
Physical identity cards and documents have obstacles for different populations like refugees, the homeless, non-residents, and other peculiar cases. The launch of digital identity with blockchain technology can resolve these challenges and open-up opportunities for a legitimate voting system. Blockchain in voting can be ergonomic, legitimate, and easily reconciled by the federations in a transparent manner that enhances people’s trust. The E-Voting system can open its doors for non-residents and people to cast their votes right from home, increasing participation in the poll. The selection of federation becomes more legitimate when the votes of the people are cast to the fullest.
Blockchain being the decentralized ledger technology, can manage and bring up the integrity of identity across the globe. People’s integrated digital identity by shattering the border restrictions can reduce the scams and crime rates to a greater extent. However, the federations must collaborate and come up with a consensus mechanism to validate people’s identity.
Acceptance with consensus
The globalized blockchain digital identity management system should have a consensus mechanism to pass on the individual’s identity as valid. So, the federal governments must discuss and collaborate to bring up international digital identity management solutions. The government can authorize a group of people to verify the identity of people through proof-of-concept.
Maintaining the security of private keys is the key responsibility of every blockchain solution. In blockchain digital identity solutions, the private keys can be enriched with bio-metric features, IoT, and other advanced technologies to secure the data. A step ahead, digital identity keys can be programmed with dual authentication techniques such as biometric authentication, phone taps, email verification, and one-time passcodes.
Blockchain solutions are decentralized and transparent. In this case, people may be chaotic about their data privacy. But, this leading DLT paves the way for enhanced privacy through a permissioned blockchain network. The network nodes can maintain the personal data blocks as private and could allow access to the information only for limited nodes.
Blockchain is considered one of the most important innovations in the internet era. The Internet has revolutionized the industries to bring online processes, whereas blockchain can resolve industrial operations’ flaws into a streamlined, legitimate, ergonomic process. Our near future would be twinned with blockchain technology in every application right from digital identity to the other decentralized applications(DApps)!
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