The Promise of Blockchain in Fortifying Identity ManagementAugust 1, 2018
Digital identity is needed in almost every sector globally today, from online retailing, citizen documentation, national security, healthcare to banking. The necessity has increased digitization through contemporary technology. As such, identity and user authentication is a crucial process in a digitally developed social and commercial world.
Nevertheless, traditional and centralized identity management comes with lots of benefits. First, centralizing identity needs a single point of failures. It also creates a repository of high-value data, which can attract hackers.
Although typical in cryptocurrencies sights, blockchain could fix digital identity issues. It can be done by monitoring and manage the digital identities efficiently and securely. That results are reduced fraud and flawless sign-on. Information breaches and data fraud are typical these days. Blockchain can fortify the names, phone address, addresses and email addresses. It can also prevent the countless theft and data breaches.
Issues and Concerns with Identity Management Today
The majority of existing traditional identity management systems utilizes to organize user, and client identity is centralized. These centralized database systems not just deny the consumer or customer the right to control their identities. They also leave it in the hands of governments and organizations. These also include the people who can access such systems.
There’s the danger of them being altered and changed without the consent of the user. Further, centralized databases are simpler to compromise compared to decentralized or distributed databases. For instance, a hacker would target fewer resources compared in the case of distributed databases.
For instance, Equifax, a centralized consumer credit reporting institution was hacked last year. The attack occurred exposed personal data belonging like social security numbers to over 143 million American residents.
Such conventional identity management systems are considered password-based. Those shared secrets are stored and exchanged on insecure systems. That denotes such data isn’t secure in different ways. Conventional identity systems are expensive as well regarding the technology which triggers them. It also involves the processes which require to be done to settle data, guarantee data integrity and data integration. It also rejects the customer excellent customer experience.
How Can Blockchain Technology Help?
Enforcing provenance and data integrity while distributing the recent state of data among interested parties are some of the hardest issues which integrity software and data integration have been trying to fix. Blockchain technology helps resolve such issues.
It can help organizations and users to organize countless copies of digital assets. They can also use it to find the latest versions and benefit them to people who rely on it. That applies to technology vendors, regulators, consortium, and enterprises, for example. XinFin is one of the best platforms on this front. It only enables for identity to be kept on the blockchain. It also guarantees that it’s done without revealing the identities of the executing parties. That makes it prime for adoption by companies.
Identity management is one of the strengths of blockchain technology. That’s mainly because it enables the identitiy of a person to be stored on a public ledger. That means the information can’t be changed.