Blockchain in Digital Identity
A digital identity solution based on blockchain is economical, immutable, secure and easily accessible, while providing a legitimate audit trail. Blockchain has facilitated the so-called self-sovereign identity, which is inherently unalterable and more secure than traditional identity systems.
Current identity management systems have privacy and security problems. And blockchain technology may be the solution for them. Identities need to be portable and verifiable everywhere, any time, and digitization can enable that. But being digital is not enough. Identities also need to be private and secure.
Blockchain can empower users to have greater control over their own identity. Organizations can use the information only with customers’ consent and no central entity would be able to compromise a consumer’s identity.
Our solution is personal, private and portable, empowering individuals to access and share appropriate information when convenient and without the worry of using or losing paper documentation.
By acknowledging the benefits of and the need for digital identity, industry leaders can begin to work past barriers through collaboration. Identity is having its lightbulb moment, and the introduction of a digital ID system will improve services for customers, businesses and governments for decades to come.