Identity Management
Identity Management
Proving one’s identity is a daily activity, but one that most people don’t think about too deeply. For example, online, most sites require some type of login enabling each user to access their account. The username and password are credentials that are supposed to prove the identity and right of the user to the account assets, services and information. Access to a device that can provide online access, such as a phone, PC, or tablet, usually requires some type of passcode, password or biometric identity for access as well. In all these cases, the foundation of online interactions begins with the authentication of digital identity. The basis of most fraud is improper authentication of digital identity.
Blockchain technology provides three special capabilities that enable it to provide a better foundation for identity than current systems. First, all data is recorded on the ledger via a consensus mechanism which enlists multiple parties to verify that the data is correct before it is written. Second, all transactions in the ledger are immutable and digitally signed, which means the records are unchangeable and those who wrote the records are accountable for any issues. Third, the digital, immutable record can be linked to a biometric or set of biometrics (i.e. thumb print, facial scan, etc.) which means that it is unique, easily verifiable, and nearly indestructible.