Easy way of Identity verification by Blockchain (1/2)
This world is changing rapidly. In this world, identity verification is simple with the help of biometric verification. But this system of not perfect as there are some problems associated with biometric-based identity verification as it is vulnerable to privacy and security. So this digital world's need for strong identity verification systems has become paramount. From financial transactions to accessing online services, verifying one's identity is crucial for security and trust. The main problem with the traditional methods is centralized databases.
They are very much vulnerable to data leaks and identity theft. The growth of blockchain technology is helping to find a better solution to these challenges. Blockchain is a decentralized ledger technology behind cryptocurrencies like Bitcoin. It is gaining popularity day by day across various industries for its ability to provide transparency and immutability. Here a distributed database is maintained by a network of computers or nodes. Cryptographically one block is linked to the previous block. This way it is making a chain. This decentralized nature reduces the need for a central authority. So ultimately any system under blockchain technology is resistant to tampering and fraud.
Identity verification is a great and significant application of blockchain technology. Traditional identity verification methods are not secured as they are sharing sensitive personal information with centralized entities. These centralized databases are prime targets for hackers and malicious actors, leading to numerous data leaks and privacy concerns. Blockchain offers a decentralized alternative to traditional identity verification systems by enabling individuals to have greater control over their personal data.
Privacy and security are maintained strongly. With blockchain-based identity solutions, users can store their identity information in a secured and encrypted digital wallet known as a "self-sovereign identity" (SSI). The users relinquish control of their data to third parties, and SSI puts users in charge of their identity, allowing them to selectively disclose information as needed. I shall try to cover a couple of more facts on this topic.
Thanks.
~ Regards,
VEIGO (Community Mod)
One of my major concern about Blockchain is the fact that the security of users data might not yet be secured
You nailed it! The current method of sharing information raises serious concerns. Centralized entities already possess vast amounts of private data from millions of individuals through their verification procedures. While I'm not familiar with self-sovereign identity, it sounds like a promising tool for safeguarding personal information. Looking forward to your next article on this topic. Great read!
I believe blockchain identity verification is the best, it would be nice if we make sure that's the way we follow, the security of our asset should be a priority especially now that most asset are store digitally hence the need of Identity verification on blockchain.
Great content.
In today's fast-evolving landscape, identification confirmation is a warm subject. Biometric remedies appear practical, yet they have their problems, specifically when it concerns personal privacy plus safety and security. Blockchain innovation with its decentralized nature is getting energy as a durable option, offering openness plus strength versus meddling and also fraudulence.