December 8, 2023

Exploiting Blockchain for Identity Management

We are using the internet rigorously for the last 15 years and we are now heavily dependent on this technology-enabled interaction between humans and machines. There are grave concerns worth noting with this growing intimidation.

Every time a person opens his or her smartphone for any activity like social media, financial transactions, or even educational purposes he or she has to pass through a login portal. He/She is asked about their basic info to enter in the portal where they are seeking information.

Here we are indirectly allowing companies like Facebook, Google, and Amazon to play with our data as 90% of Internet space is in a way end to these tech giants. At such times technology like Blockchain for Identity management can be a savior. but How?

This blog explains it further

 

Data is King

Surprisingly more than 95% of us do not give a damn about this (important step) as all they are concerned with their purpose. It can be chatting with friends or transferring money to a friend or family. Though this login activity is something that is driving the technology space crazy in the last 2 years.

With the advent of Technologies like Big data and Artificial Intelligence, the data has become now virtual gold and every time we attempt a log in our information is stored in various internet databases. So, if any person using internet on regular basis claims that he or she has made various arrangements to secure their identity then they are doing nothing but only making fool of themselves.

With digital footprints, privacy is a myth.

 

Thankfully, there are people working on this even after our sheer ignorance. Innovators and computer engineering brought as a number of security solutions and among them, Blockchain is one of the most promising ones. But it is still a dream because at present most of people out there do not have even a faint idea of blockchain technology. For them, it’s another Ponzi scheme to make money.

In fact, for most of the people, blockchain and Bitcoin is the same. But It is high time we should learn about blockchain technology as apart from the cryptocurrencies and making fortune by investing in them there are thousands of more use cases possible with this Revolutionary Technology. It does not only solve the problem of unsecured transactions but also provides more autonomy to the users.

The Inevitability of Blockchain for Identity Management

Blockchain technology is useful in almost every sect of human existence be it education, religion, medicine, society or Identity management. Blockchain roped in the secure methods of transacting between two parties where unlike the previous practices any intervention of a third party is not required at all.

The users can make transaction safely without disclosing their sensitive information to an unknown entity like Google and Amazon. The blockchain made other people see only the transaction entries (with the help of blockchain explorers) but prevented disclosure of the end users’ data.

This securitization has also rewards to reap in another manner where the discount of a third-party intervention will make the data of the two parties (making a transaction) more secure as it doesn’t require any third-party authentication. In the coming months, Lightning Network powered blockchain solutions will further enhance the user experience both in terms of security and speed.

DApps or Decentralized applications resolving this identity mishandling issue very carefully as it provides the user an autonomy to control the limit of data (or no data) he or she is willing to share with other people.

With the help of blockchain, individuals can easily create a digital identity that is sovereign in nature (and also not a part of a bulk mined data set). Extraction of such individual identities powered by blockchain technology is not only costly but also difficult as the digital identities are affixed with the blocks themselves thus leaving no scope of disintegration possibilities.

The Way Forward

Blockchain has also the power to minimize the repetitive login interactions for users as with the unique and secure digital identity (encrypted in nature) people can use it as a public key to unlock various resources on the internet which means fewer zero to minimum entries of user’s info in the internet databases.

So, by using blockchain for identity management, we can get rid of the need for multiple usernames and password before accessing a piece of information or making a financial transaction over the internet. It will be a resource and time-saving method making it a promising approach towards the autonomy of the precious data of the users and solving the privacy issues of Identity management efficiently.

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