Blockchain technology in digital identity management
Introduction to Digital identity management :
Digital identity management can even be useful for birth, wedding, and death certificates, which are important for the rights of citizens which include voting, working, and even citizenship. Instead of asking people to carry all their identification cards with them which in turn increases the risk of losing it. DIM makes it easy to store your documents like driver’s license, social security ID, keys, identity cards, or computer passwords online.
The decentralized nature of blockchain is what creates a trustworthy platform for users to use it and even provides a secure system with encryption keys of identity holders.
How does Blockchain technology work?
A blockchain platform is a type of distributed ledger or decentralized database on an online and virtual platform that keeps records of all digital transactions. It doesn’t have a central administrator like a traditional database. Instead, a distributed ledger has a network of replicated databases that are synchronized via the internet and is visible to anyone within the network.
NFT Development platforms validated blocks of the available transactions are then time-stamped and added to a chain in a linear order or even chronological order. New blocks of these validated transactions are then linked to the initial blocks which makes a chain of blocks that show every transaction made in the history of the previous blockchain. The entire chain is updated on a regular basis so that every ledger in the network remains the same and it also gives each member the ability to prove who owns that at any specific point in time.
How blockchain technology works in digital identity management?
Blockchain technology can be used in a lot of different ways. The most amazing way is that it helps to secure your identity and even protects your identity. This technology helps to encrypt your unique identity and protect you from the theft of spammers and even marketing schemes. It helps to identify these people and prevent theft from taking place. Blockchains can even be applied to the passport sector. It usually helps to take a picture of yourself and stamp it with a public key and private key. Blockchain provides keys that are encoded to prove legitimacy which in turn helps the owners to identify themselves on the online and offline field. The passport is stored on a ledger and each passport is given a Bitcoin address with a public IP which is confirmed by Blockchain users.
Blockchain platform consists of a distributed ledger on a virtual platform which is used to verify the identity of people by enabling everyone in the network to have the same source of truthful information about the credentials which are valid and to the people who attested to the validity of the data inside the credential, without actually revealing the actual data. It enables and makes it easier for everyone to create or anchor cryptographic keys on the Blockchain platform in a tamper-proof and chronologically ordered way.
Can blockchain technology be used for identity verification?
The simple answer which lies beneath this question is a big yes. Blockchain software development company provides a ledger on a virtual platform which helps in the maintenance of records. This platform is totally safe and secure for users to put their trust on.
Recently, the Blockchain platform has developed to a great extent and the services which it is offering in different industries are also multiplying each day. Each day a new sector considers the use of Blockchain on their platform. Is it by far the most trustworthy invention and has the potential to grow at a substantial rate in the coming years.
Blockchain based KYC systems and the digital identity sector is one of the key areas where innovation is taking place. In the meantime, it is better to think about the digital package of bits and data points that when collected, can represent the digital self.
Considering the birthdate of a user as its identity. No, as your birthdate and social security number can’t be your identity. It’s a better option but still narrows down to no. But if five or six other potential data points are subsequently added here, then it becomes very easy to build a representation of people on the Blockchain development program.
Blockchain consists of an immutable ledger which means that the ledger cannot be altered once the value has been entered. Either a person has to delete the existing one or create a new one. This platform holds your identity in an easy way which makes it easy to protect people who have been denied access by any means which includes (identity theft, human trafficking, or some other reason). This helps to regain their personal sovereignty.
Conclusion :
To sum up, a wide range of opportunities are present with Blockchain technology and it has immeasurable potential which can improve the quality of service provision. It can also improve the confidentiality and integrity of data at the same time. It also provides transparent transactions which account for digital data and these are just the first steps that are taken towards a better digital and sustainable world.
We at Monkhub Innovations provide NFT Development Services from our well-trained experts.
For more details feel free to reach us at https://www.monkhub.com/ or contact us at +91 9090080015.
