The problem
of identity theft is an exceedingly common occurrence in countries that have a
centralized system for storing identity information of their citizens. The lack
of control over people’s own identities has been one of the major issues faced
by governments around the world today. The identity badges, driving licenses,
social security numbers, bank account details, etc. seem to be hackable and/or
replicable. The incidents of a data breach are increasing day by day leading to
an increase in the data needed for verifying the identity of an individual.
The data
connected to a person has expanded due to the numerous apps and services
available on the web apart from the data needs of banks and government. Today,
personal information is highly susceptible to a data breach due to the storage
in a centralized database and a solution is needed.
“Granting
control of digital identity to centralized authorities of the online world
suffers from the same problems caused by the state authorities of the physical
world: users are locked into a single authority that can deny their identity or
even confirm a false identity. Centralization innately gives power to the
centralized entities, not to the users.”
The demandfor a secure system is the need of the hour. With the advancements in the fieldof blockchain technology, the word ‘privacy’ might actually mean something
apart from just being in a dictionary. Using blockchain technology, you can
leverage the irreversibility of information incidents to make permanent records
of identity verification that are not stored in any cloud. It will provide a
better solution than the current situation where the data is stored on a
centralized server and is “owned” by various service providers.
Data stored
on the blockchain will get distributed over the vast network of the mining
devices, granting ownership to the individuals. With the usage of public-key
cryptography and the decentralization offered by blockchain, the difficulty
level of cracking the chain will reach a new high and even the combined power
of supercomputers will fail to breach the data of individuals. Now, every user
can gain control over their digital identity with quick and secure validation
without a centralized authority and make privacy a standard.
Codezeros is
a top Blockchain Development Company changing paradigm of businesses using
Blockchain solutions. We hold wide experience in utilizing the power of
blockchain technology & delivering innovative solutions covering the
diverse needs of modern businesses & making them ready for a decentralized
future.
Looking for a quotation or need any
technology advice, let’s talk.
Contact at:
+91 9638998419, +1 3152458590, or https://bit.ly/2QXdhef
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