Identity Management Using Blockchain – More Trustworthy Solution Than Humans
Is it possible for you to remember usernames and passwords of all your social and business profiles? If no then, you might prefer keeping all those credentials information on one place like Notes app is smartphone, Sticky Notes in MS Windows, etc. But, do you think that this idea is safe??
Introduction on Identity Management Using Blockchain
When employees think of proving themselves in front of higher business authorities, they do lots of tantrums. This might include unintentional leakage of business information in front of external hackers. It is so because such employees work with enterprise records from any other Geolocation or with the mobile applications. Well, individuals might be well-known from the truth that all online transaction or interaction demands at least for digital identity. This is not an upcoming fact, it is existing in each and every person’s life who is living actively in today’s world of digitization.
Here comes the demand for a solution of identity management using blockchain. The following post will enable readers to learn what is blockchain technology and how it works at the time of cloud data security.
What is Blockchain?
The Blockchain technology is a track of records, which are collectively connected together through cryptography technique. These blocks or records, all communicate with a shared ledger at the time of transactions. Each block comprises a timestamp and transaction information, locking the data and providing prevention against unauthorized access.
Is Blockchain Just Associated with Crypto World?
In the world of cryptocurrency, the term blockchain is quite popular. But, it has diverse role in its products too. This technology can be enforced in any chunk of online data, including the personal content. It permits users to select the segments to be shared and protect the access for private information, which you want to protect.
Online transaction means exchange of identity information. On the completion of a smart contract, this transaction gets started. This smart-type of the contract involves transferring of digital data or currency when a particular criterion gets fulfilled. Customers can dictate the criteria attributes required for fulfilling them, prior to the transaction procedure.
When the stipulated criteria get fulfilled, large financial organizations begin the process of transferring the funds. For a single individual, this means the capability to limit down the data access in certain areas. Identity management using blockchain enables users to control and automate the circulation of only allowed information. Rest of the private records will be kept safe through cryptography technique.
Will Blockchain Technology Eliminate Fraud?
Advocates of blockchain technology speaks that they can eliminate the fraud. Well, the truth is that when identity management solution uses the blockchain concept, it makes it difficult for attackers to tamper the data. This means that it is not infallible! When users are doing some online payment or document transaction, they can view the information that is getting transferred with the help of blockchain. For example – You can track the last place of stolen money if you are using blockchain identity management technology.
The only issue that comes here is on the ‘conversion of money into physical currency.’ It is so because individual’s ability to track the transaction will get finished.’ Blockchain technique makes the fraud level more difficult, not allowing data to be leaked at any cost. In today’s scenario, it is observed that identity management using blockchain is a big threat for Cyberattackers.
In terms of identity management solution, several improvements can be seen in Blockchain technology. One can manage his / her online availability with privacy in a more effective manner, if he or she is able to define and declare, which data 3rd party can access.
Future of Identity Management Using Blockchain
With regards to identity management, concept of the blockchain is revolutionary. We live in an era where all our personal records are stored online. Footprints of cloud data are extensive, which combines everything including name, financial history, social records, etc. The dealers state that the aim of these personal records is to develop the profile status. However, customers cannot see or track that now their records are getting saved on the dealer’s cloud infrastructure. In this situation, blockchain technology proves itself very helpful. It allows customers to track where their data is accessed. All data will be archived in a centralized location that offers a clear picture of transaction history to help in determining the unauthorized use.
Technology in which identity management approach is using blockchain permits, users, to acquire control over their information. Citizens will be able to pick up and select that whom they want to provide information through controlling and tracking the method of sharing data.
Observational Verdict
Several opportunities to gain control over the personal data circulation are rendered by this identity management using blockchain technology. It will be able to gain access to the online data and compile it on a single location. This provides an effective and efficient way to use online services. Remember one thing that – Identity content is decentralized with several techniques, which are required for proving the identity. So being a customer do not share your personal information with anyone until and unless you are not known with the dealer’s data security policies.
