Blockchain Solutions For Identity Management
Secure your identity from anonymous person and get a complete control over your identity by transforming your identity management into blockchain
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Blockchain Solutions For Identity Management
Identity Management
Managing an individual’s identity, their authentication and authorization is very important for every business because identity management gives access to the right person at the right time for the right reason. The current identity management system is not either secure or reliable, as a person is asked to show their identity through various ID like Passport, Aadhar Card, Pan Card, Driving Licence and we are not sure about where these identities will be stored.
To enhance security, privacy and trust, blockchain technology was incorporated in identity management.Blockchain is a powerful technology that adds value to several industries with complete transparency, strong security, immutable record and many more features. Similarly, it is believed that it has the potential to transform the current system of Identity Management, in the most secure manner.
How Identity Management System Functions?
At present, Identity is used and shared by almost everyone on a regular basis. It will be shared with the third parties without your consent and will be stored at an unknown location. It is mandatory to show your identity when you open a bank account, apply for loan, book ticket, joining a company and during immigration. In certain sectors like government institutions, banking, finance and insurance agencies, identity management system is not secure, as their current system is exposed to theft and chance of data to be hacked is more.
- Record the identity information
- Enables user with authentication and authorization.
- Allow user registration and password management
- Permit internal user enrolment
- Auditing
- Central administration
Challenges In Current Identity Management System
Identity Theft
In this online world, people share their identity information online through unknown sources for different reasons, avail various online services and this might put your identification documents into wrong hands. Similarly, since data is stored and maintained in a centralized server, it is easy for hackers to hack the server and get other confidential information.
A combination of username and passwords
The growth of internet took every business and services online. As a user, you are made to sign up on different online platforms with different username and passwords. It’s quite challenging for the user because you have to maintain different authentication profiles and remember the right combination of username and password to access different services.
KYC On-boarding
The current authentication process includes three stakeholders, namely, KYC company, the users and a third-party to check the identity of the user. Know your customer (KYC) company works to serve different industries such as banks, healthcare providers, immigration officials and much more. Since they serve different entities, they require enormous resources to process the entities needs. This in-turn will increase verification fee and third party companies have to wait quiet a long time to on-board the customers.
Lack of control
It is impossible for the users to have control over their personally identifiable information (PII) and they do not know who uses their information, how many times their PII has been shared and used. Beside this, user don’t even know where their personal information has been stored. All these happens because, the user has no control over their confidential details.
Solution To Identity Management Challenges - Blockchain Identity Management
Blockchain is an innovative technology, that stores information in a decentralized system and eliminate the need for middleman. It offers new tools for authentication and authorization in the digital world by eradicating the need for centralized administrators, resulting in creation of new digital identity.
Blockchain offers potential solution to all the present-day challenges of Identity management. It allows the users to create a unique global ID to serve multiple purposes and give them a sense of security as it enables the user to know who and why their information is viewed.
Blockchain Identity Management Process
Blockchain does not store your data or information, but the transactions made between you and the companies will be recorded on the blockchain. It is designed to protect your identities from breaches and thefts, while allowing you to encrypt digital identities, to avoid creation of multiple user names and passwords. The blockchain identity management process is explained in the below diagram.
How Blockchain Identity Management Works?
Blockchain application for identity management simplify the identity verification and authentication process. Our blockchain services comes with groundbreaking security feature, to manage your identity and save from hackers. Here is how a blockchain integrated Identity Management works.
Installation of Mobile application
We develop mobile application that support various platforms like Android, iOS, etc. You have to download the application in your mobile to establish your personal identity. Once you download the app, you have to create a profile and generate a unique ID number, which is used by other organizations to get access to your identification documents.
Uploading the documents
After generating unique ID, you need to upload the government issued IDs on the app which will be saved in the IPFS having hashed addresses stored in the blockchain. Your personal information will be extracted from these ID’s and you will have control over your information and data. Without your consent, no information can be shared with any third-parties.
Smart contract generating trust
Smart contracts usually multiply the trust. By developing a smart contract with custom terms, you can mention who can access your personal information and who can use your identity data. This will save data from frauds and reduce the complexity in remembering different combination of user names and passwords.
Third-party companies requesting access
Each time when a company access any of your details for authentication purpose, you will get a notification about who access your identity. Once you allow the company to access your details, they can use your identity information and you will be able to trace the purpose of accessing your information and where it is used.
Blockchain Technologies And Platform We Use
- Hyperledger
- Ethereum
- R3 Corda
- Hashgraph
- Hyperledger Fabric
- Hyperledger Sawtooth
- Hyperledger Caliper
Benefits Of Using Blockchain Identity Management From The User Point Of View
- Each user will be provided with unique ID
- User will have Control over their own identity information
- User details will not be stored in a centralized server
- Impossible for hackers to hack
- There is no geographical limit for users
- There is no need to remember multiple password and username
- User can save time and additional costs
Impacts Of Using Blockchain Identity Management On Business
- Business can verify an individual in short span of time
- Save cost and time
- Fake identity users can be easily found by the business
- Ensures privacy
- Reliable document for authentication
- The users identity can be verified from any place in the world.
- Decentralization reduces the chance of single point of failure
Some Use Cases Of Blockchain Identity Management
Loan application
To apply for loan, you will be asked to submit various document to proceed with loan process. The manual verification process will consume more time and entire process becomes late. Blockchain will enable the user to share information quickly and save unnecessary time in processing loan.
Immigration
When you immigrate to different country, apart from passport, you need to carry different ID’s for clearance and security checks at airport. Blockchain identity management can make the streamline the entire process from booking ticket to boarding a flight and moving to new country.
Online purchase
People now-a-days buy the necessary things from different E-commerce websites. For each site, user will have to provide their detail and create unique username passwords, leading to chaotic situation. Blockchain can save users time and avoid the need to remember multiple username and passwords.
Why Choose Us For Blockchain Identity Management?
Pre-eminent blockchain development company
5+ years of experience in developing blockchain for various clients around the globe
Extensive knowledge on advanced technologies
End-to-End support to transform your identity management system
100 % customer satisfaction
On-time completion of project
Transparent and secure process
Hire Our Blockchian Developer / Consultant for Identity Management
Procure detailed knowledge on blockchain application from our talented blockchain consultants and hire our enthusiastic blockchain developers to implement the right blockchain solutions to secure your identity from anonymous person. Our dedicated professionals build the most productive, perfect and secure blockchain application, in the most simplified way.
