An identity management system using the blockchain technology can provide numerous benefits for the stakeholders, as well as the individuals of the ecosystem.
Blockchain digital identity management can enable us to become the owner of our own data. Then, there’s no need to gather and store data attribute, and no single party needs to verify our identity. It’s we who would decide what identity and data attribute we want to share with each organization.
The blockchain is increasingly finding significant use cases in several industries due to its the end results it provides, such as transparency, security, and many more features, increasing worth of their businesses.
Hence, we, at Oodles, believe that blockchain digital identity management is all set to transform the current landscape of identity management as well, in a highly secure and transparent manner.
The existing system is neither reliable nor secure.
Always, for any authentic work, we get asked to identify ourselves through multiple governments- authorized IDs such as Voter ID, Passport, Pan Card and so on. Sharing multiple IDs could lead to data breaches and privacy concerns.
This is where the blockchain, through its decentralized networks, finds its way to pave the path to self-sovereign identity that assures and forms privacy and trust. It helps create a self-sovereign system where identity documents get secured, verified and approved by permissioned participants.
Now, let’s read further to see how blockchain digital identity management would work and serve the masses.
If you’ve ever gone to apply a bank, then for sure, you must be aware of the hassles (processes) that one goes through.
Generally, we need to provide multiple identity documents for fulfilling the complete manual verification process.
Possibly, it consumes more than weeks to process the loan or credit.
However, blockchain digital identity management could fasten the process by sharing relevant information within seconds. Eventually, we won’t require to maintain different IDs, and the cost, as well as efforts, could also be hugely reduced.
There are numerous clearance and security checks at an airport that a traveler needs to go through along with carrying a passport and a bag of full a specific set of documents.
Not only this but from booking a ticket to passing security checks, and moving to a new country, an individual can escape all the process and present a universal blockchain based identity.
If a person possesses a decentralized identity, he would not have to undergo complicated security checks and other processes.
So, blockchain digital identity management could streamline processes for both travelers and authorities.
While dealing with any legal process, we get asked to submit numerous type of identity proofs such as address proof, proof of age, proof of occupation, and similar other documents.
With blockchain digital identity management, we might not need to carry multiple documents wherever we go.
Legal entities, as well as government bodies, will have the ease of verifying an individual from a single blockchain based identity.
Therefore, a thorough background check is not needed.