Blockchain: The Battle To Secure Digital Identities

  • A few well-known companies such as Deloitte, IBM, and Microsoft started to ask themselves the same question and they are currently developing a few solutions for identity management.
  • This is just an example of the main reasons why identity management can only benefit from the blockchain technology, whether it is the Bitcoin or the Ethereum one; and that’s why the above companies decided to take advantage of this revolutionary tech.
  • IBM, for example, was one of the first company to study and test the blockchain to solve identity-related issues:

    Recently, IBM and SecureKey also announced they are working together with the main goal of creating a “new digital identity and attribute sharing network” to make it easier for users to verify their data in a privacy-enhanced, secure and efficient way.

  • It is an open source based on a smart identity platform available for users and companies that want to obtain, verify and identity credentials when communicating with one another.
  • Another move in this direction has been made by Microsoft Company that started a partnership with Blockstack Labs and ConsenSys to create an open-source platform for identity management based both on Bitcoin and Ethereum.

A friend of mine recently lost his wallet with all his money, cards and documents in it, of course. He was telling me how difficult and how long is the w…

@odoromex: #SteveRichFXCorp RT @zuarzalfa300: RT @sphreco: How #blockchain can help secure digital identities: by @ameerrosic

A friend of mine recently lost his wallet with all his money, cards and documents in it, of course. He was telling me how difficult and how long is the whole process to receive new documents: queues, lost time, the documents that need to be signed, etc.

So, I started thinking how it is possible that in our modern world is still necessary to make queues in public offices in order to obtain your documents back and verify your identity. How is it possible that it doesn’t happen online?

I know, this scenario seems to be impossible, something that happens only on the screen (do you remember “The Net” with Sandra Bullock?), but it is not so far from reality because identity data is typically centralized.

A solution to my answer should be the blockchain. A few well-known companies such as Deloitte, IBM, and Microsoft started to ask themselves the same question and they are currently developing a few solutions for identity management.

In case of the Ethereum blockchain, smart contracts ensure privacy and safety in order to execute each transaction;

This is just an example of the main reasons why identity management can only benefit from the blockchain technology, whether it is the Bitcoin or the Ethereum one; and that’s why the above companies decided to take advantage of this revolutionary tech.

Recently, IBM and SecureKey also announced they are working together with the main goal of creating a “new digital identity and attribute sharing network” to make it easier for users to verify their data in a privacy-enhanced, secure and efficient way.

Deloitte is doing a similar project using the Ethereum blockchain. It is an open source based on a smart identity platform available for users and companies that want to obtain, verify and identity credentials when communicating with one another.

This way, customers can create and store identity info such as ID reference, driving license or passport, which can be confirmed by third parties to create verifiable credentials to be used for any digital communication. This Deloitte’s platform provides many opportunities for the automation of identity-related process including customer registration and Know Your Customer (KYC).

Blockchain: The Battle To Secure Digital Identities