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“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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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.
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.
The major functions of the current Identity Management is as follows
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.
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.
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.
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.
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 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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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