Completed 12 Years
Last Updated: 18 Jun 2021 | 10 min read
Identity is a crucial factor in the lives of every individual. You live in a society where your identity revolves around everything you do. When you have easy access to it, your industrial aspects will shine brightly. However, your, or anybody else’s identity for that matter, is slowly stepping outside the boundaries of the age-old paper-based systems and becoming digitized. Blockchain technology has a role to play in creating digital identities.
The identity of a person plays a crucial role in his/her life. You live in a society where your identity revolves around everything you do. When you have easy access to it, your industrial aspects can shine brightly. There was a time when your identity depended on paper-based documents and an old system that accepted only those documents. As time passed by, technological innovations took the world by storm. Today, your identity is no longer restricted within the boundaries of those documents or that old system. Today, your identity is going digital.
However, digitization isn’t the solution to all the problems that come with it. You should consider making good use of blockchain technology that has been around for some time. You can rely on it to create a digital identity.
Pairing blockchain with digital identity is an excellent idea. Once you connect them, you’ll realize how wonderful a pair they make! New technological innovations are penetrating every field, but the identity sectors are still lacking digitization. Blockchain can help you tackle all problems and provide you a decentralized identity solution. The subject is somewhat complicated, though. That’s why you should take a few moments to go through this write-up before you start looking for a blockchain app development company.
An individual’s identity is one of his/her fundamental rights. Every person needs an identity to work in this social environment. The structure of identity consists of the first & last name of the person; his/her birth date, and nationality. Several other forms of unique identifiers exist too, such as driving licenses, passport numbers, social security numbers, and more. These identifiers differ from one country to the other.
There’s no point in attempting to uncover the importance of having an identity. After all, without it, you can own property, use services provided by the government, cast your vote, get a job, or open a bank account. You should always have control over your identity to be able to prove who you say you are. Identity management sectors used to rely on pen-and-paper-based database systems back in the day, but not anymore. Many nations are moving forward with digital identity schemes through which they will allow people to manage their identities easily.
You’re already familiar with the words “identity” and “digital.” Naturally, you can contemplate what it means. However, the concept isn’t simple at all.
You know who you are, but when other people step in, they must show you identity proof to tell you who they are, right? It can be their names, faces, specific documents, or something else. Basically, they need to supply you with information.
Now, when it comes to digital identities, any kind of discreet data connected to you will your identity attribute. As a result, there aren’t any boundaries limiting the number of attributes that can define you.
In short, digital identity will never incorporate a single information source, but a combination of them. That’s why it gets tricky.
All businesses rely on evolving technologies to leverage new opportunities. However, a group of obstacles follows every new piece of tech. An identity management system requires speed to be able to ensure every user gets his/her queries solved as soon as possible.
Identity management systems should also have a high level of security. IT managers find it difficult to maintain both speed and security measures simultaneously. Furthermore, cyber-attacks and problematic applications increase the challenges of maintaining digital identities. Understandably, the importance of digital identity is more than it ever was. The lack of appropriate security measures, however, doesn’t make the current scenario any better.
There’s a lot that you need to know about the hurdles associated with maintaining a digital identity. However, you can consider the matter later. For now, you have to find out how blockchain can help in digital identity maintenance.
When digital identities don’t remain in one place, they become decentralized identities. Of course, it’s the simplest answer, but the concept isn’t simple at all. Centralized institutes have the right to express claims over all the identities it stores and safeguards. As soon as you decentralize this identity bank, nobody will be able to claim anything. Your identity will be in your control and only you will have a claim over it. Decentralized systems also come with an enhanced level of security that will surely amaze you.
For decentralized identity management, blockchain can be the best solution. The services of a blockchain app development company can give you power over the framework of decentralized identities.
Apart from offering an already established infrastructure, it can give you improved security. If your enterprise starts using it, it will solve the problems that you usually have to deal with after hiring third-party agencies that misuse the information.
If you know a thing or two about blockchain technology, then you’re aware of the fact that its addresses are unique. You can resort to blockchain app development services to make DIDs. They will secure everything cryptographically, and you, the owner of the data, will generate it.
You can also use the digital identity blockchain system for registering DIDs. Essentially, you can store all the data of the IDs in one indisputable ledger-based platform. In doing so, no one will be able to gain access to your ID or steal your data.
Notarizing credentials is akin to putting seals on an ID. A blockchain platform can provide you a hash address that you can put on your information. It won’t store the credentials on the ledger, however. It will act as a timestamp and offer you an electronic seal. This feature provides an excellent way to change the way folks handle their documents, whether certifications or official documents. It will help them eliminate issues of document falsification entirely.
The platform of digital identity blockchain designed by the providers of the best blockchain app development services gives you control over the people and entities that can access your credentials. You can also limit their accessibility if you need to. For instance, you can share classified information on one or more platforms based on your requirements and then limit the amount of time those platforms can use the information you shared. You can also provide access to companies that you want to partner with to inspect if you have notarized credentials or not. You can do it in the form of a transaction with an expiry date. Once it expires, the information will no longer be in anyone’s reach.
Smart contracts have several uses. However, you’ll require your identity every time you have to deal with an official contract of some kind. For instance, it can be insurance, healthcare, or other types of services. You can utilize your identity as proof in smart contracts to trigger payment systems along the way.
If you hire blockchain developers, they can build blockchain-based identity management systems for the following commercial identities.
This industry is probably the first one that started utilizing blockchain technology to manage money. Banks can get rid of most of their problems just by using decentralized digital identities. They won’t have to deal with identity thieves, false identifications, repetitive KYC protocols, etc.
Appropriate identification gauging systems are a must-have for e-commerce businesses. With a decentralized digital identity management system, e-commerce business owners can prevent frauds of all kinds.
Those who know about the gaming industry will recognize it as a much larger entity than Hollywood itself. The department that deals specifically with online gamers often faces problems while providing security to gamers. Also, some gaming apps come with in-app purchasing features where the player has to enter his/her credit card number. Decentralized identity management systems can shape it by utilizing regulations from decentralized identity foundations.
Apart from all the other industries described above, the field of healthcare can benefit significantly from a decentralized digital identity system. Very few healthcare institutions have security measures in place to protect patient data. That’s why folks manage to gain access to patient information for private research purposes. While it may not seem like a problem, not everyone wants the data for educational and research-based purposes. Decentralized blockchain identity management systems can provide adequate protection to patient data and block all unauthorized entrants.
Everything associated with money comes with several unknown risks. In enterprises, the person who will be paying money has to check whether the recipient is legitimate or not. Conventional verification processes aren’t of any use today. A decentralized identity foundation can save the payer’s skin, as well as that of the recipient’s.
The rate at which this world is changing proves that there is a massive digital transformation taking place in the background. Now, the physical and digital worlds are about to merge and become one single reality. Understandably, the world needs a new way to sustain all those digital identities. Now that you know what to do to join the bandwagon of decentralized blockchain-based digital identity management, you need to hire blockchain developers with in-depth expertise in working with this unique tech.
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