Identity fraud in the UK is a serious problem. Reports show that 95 percent of recorded cases involved impersonation, and eight out of 10 of these cases took place online. Stolen data range from credit card numbers to social security numbers, tax fraud, mobile telephone accounts, and more. Thanks to its unassailable technology, the digital asset blockchain offers a revolutionary solution to this long-standing identity and data theft epidemic.
The Problem with Traditional Identity Management
Identity management refers to technologies and processes used to authenticate, identify, and authorise individuals to access data.
Conventional identity management systems are typically either paper-based or dependent on obsolete or outdated computer systems. As such, the information they manage are incredibly vulnerable to fraud, theft, or loss. This problem spans across industries, from healthcare, personal records, education, and even up to governments around the world.
Protecting Identity with the Blockchain
Cryptocurrency news experts propose the use of the blockchain as the ultimate way to secure data and identity. The technology gives users access to the same data source to check the validity of various information without actually exposing sensitive data. It does so in several ways:
- Multi-Step Identification Process
User-password log-in combinations are extremely vulnerable to hacking and are proven to be unreliable when it comes to securing accounts. In contrast, the blockchain employs several layers of verification, such as two-step authentication, before allowing access to data.
- Transparent Record
All changes to blockchain records are permanently recorded and cannot be tampered with. Blockchain users will be able to see the identity of anyone who has accessed the data, as well as the time, channel, and other relevant information about the connection. This offers a level of transparency unmatched by conventional means.
- Decentralised Protocol
The decentralised nature of the blockchain means that no single entity can have complete control over the information stored in it. This democratises the data, allowing those with the right credentials to access the data for more efficient and safe processes.
Unlike paper-based records, data stored on the digital asset blockchain can be accessed anywhere. Blockchain users can also utilise almost any imaginable filter to locate files from any point in time, dramatically reducing the issue of lost data.
The blockchain’s system of trust has a wide range of applications when it comes to managing and protecting identity. Below are some:
- Enhancing interoperability between government levels and departments
- Reducing fake academic certificates and credentials in the education sector
- Improving interoperability between different hospitals, insurance companies, pharmacies, and other parties in the healthcare industry
- Total security for banking and financial accounts
- Unified hub for personal data such as passport details, birth certificates, and more
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Identity management is just one proof that the blockchain technology is going mainstream and will be established for good. This means that investing in the fast-growing blockchain market is an excellent way to grow wealth.
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