Leveraging the facility of Blockchain in Digital Identity Management
Various cutting-edge technologies like Machine Learning, biometrics, RPA, and multiple methods are evaluated to shield the digital identity. Though many of those technologies are effective, they fail when applied to centralized digital identity management. The rationale is that the control of the info remains with one entity, tampering with the info, and loss of knowledge is straightforward, and thus digital identification takes time. This is why blockchain solutions are being adored because they carry trust and transparency to digital identity management.
Let us have a glance at the five pillars of digital identity:
In blockchain-based systems, decentralization is beneficial when it involves digital identity management because the metadata(data of data) is maintained within the distributed ledger. This blockchain mechanism is sort of useful in digital identification when national identities are used across multiple agencies.
When it involves security in any field, blockchain is one of the revolutionary technologies that removes the vulnerability related to password protection. It is been designed to take care of the info in an encrypted and immutable manner and is secured through crypto graphy.
Blockchain's identity system can maintain each identity across all the nodes within the network. The info is maintained across peer-to-peer networks and is continuously reconciled and kept to update.
Additionally, the blockchain network doesn't own one point of failure, making it difficult for the hackers to interrupt the integrity within the data set.
The blockchain framework makes digital identity management very simple and accessible to each stakeholder involved. It automates the issuance of digital identity, which successively reduces the time and manual interventions.
Regulatory bodies across the various countries within the world are trying to find ways in which their citizen's personal and sensitive data are often kept private. It affixes the digital signature to each transaction and makes it hack-proof.
CBW - External Analyst