Best blockchain identity management solutions
The big problem in the sharing economy is trust. People want to know who they are getting into a business relationship with and whether their information is safe. This is why blockchain technology is emerging as a fix for managing identity and hence enhancing trust. Digital identity and blockchain technology are rapidly becoming mainstream topics for discussion. The relevance of blockchain to digital identity becomes immediately apparent when we bear in mind the importance of secure records and transactions in a virtual world that is increasingly dependent on a high degree of privacy, safety, and trust.
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DocuSign and Blockchain
Telecommunication and the digital identity revolution through blockchain. Data has become an important commodity in advancing many different digital sectors, but the management and protection of data is one area that is still lacking. Personal information breaches and hacks plague the arena and have done untold damage to reputation, leading to lost revenue and huge added costs for companies dealing in data. But, this has led to an opening for blockchain for digital identity.
Consumers have come to realize their identities online, and their digital data deserves to be protected and managed better. GDPR in Europe and social media personal information breaches have outlined why it is becoming increasingly important for companies to have rigorous consumer identity management.
The consequences, which range from fines and litigation, can go as far as irreparable brand damage and loss of consumer confidence. Communication service providers CSPs are especially at risk as the notion of removing them from the equation is gaining momentum.
Between smartphone manufacturers and Operating System Providers, there is a drive to reconnect the consumer with digital identity solutions and disintermediate the communications service provider companies. But, blockchain use cases in Telecom offers a perfect solution, and a way to seize the closing gap in the market.
For data security, blockchain operates off a decentralised model to disseminate the information away from one centralized point that would be vulnerable to attack. It is also a technology based inherently on cryptography, and as such is immutable and unhackable at its core.
There are already many different blockchain-powered identity-as-a-service solutions in the market leveraging the robustness of the technology and its ability to secure, protect and maintain data. These solutions not only offer more control to the companies but also provide a more affordable solution and a new revenue stream. Being able to offer digital identity solutions allows the CSPs to generate new revenue from their partners and the market at large.
Since the digital revolution began and we entered into Web 2. This scandal also emerged at a time when there was an awakening to the need for data protection and the emergence of new regulations and rules, such as the GDPR. Of course, the need for data protection on this level cannot be discounted, but it has also come with huge costs, both financially and operationally, for companies that deal in consumer data and identity — such as telecoms. This new era that has placed due importance on the protection of data has however failed to hit its mark, and it is still crying out for a solution that has the ability to offer robust security at a low cost.
However, blockchain technology is starting to fill that niche with its inherent cryptography and decentralised operations. Being decentralised is one of the most effective ways to counter planned hacks and attacks. The storing of data in one centralised spot becomes a beacon for nefarious actors. Hackers can target information stores and hijack the data causing breaches and in some cases hold it for ransom.
Blockchain technology disseminates information across a decentralised network while also securing it across said network with its innate cryptographic nature.
Additionally, blockchain operates with consensus mechanisms which ensure that the data is valid and guaranteed. Many CSPs have noted these pillars of blockchain technology and have begun working towards blockchain-powered identity-as-a-service solutions. This provides these companies with better oversight, better control and security of their customer data, but also with a new revenue stream.
Data is a precious commodity, and the amount that CSP companies have at their disposal through the growth and dominance of smart phones allows the CSP to become a focal point of identity and authentication through the blockchain.
CSPs are not only able to deliver blockchain-based identity-as-a-service to consumers, but they are better positioned to safely and securely provide identity verification and information to legitimate agencies such as hospitals and governments. Blockchain-powered identity-as-a-service solutions work primarily on the basis of decentralised identifiers, identity management, and embedded encryption.
In terms of a digital identity blockchain use case, the decentralized identifier DID is key. This is a pseudo-anonymous identifier for a consumer that is secured by a private key, and having this private key gives the user the power to own or control their digital identity. This DID is associated with a series of attestations that, in the case of a CSP, would allow the consumer to grant them access to only necessary data. These DIDs are secured in cryptography through the issuance of a private key, only known to the owner.
Meanwhile, public keys can be handed out to the CSP to complete an authentication pairing, where the public key verifies that a holder of the paired private key sent the message. This is then followed by encryption, where only the paired private key holder can decrypt the message encrypted with the public key. Although seemingly complicated, the entire process can operate in a user-friendly manner that need not cross the consumers path when using any blockchain jargon or complicated processes.
In fact, it is more likened to having a Bank PIN code the private key and a bank account number the public key. Having this DID leads onto the concept of self-sovereign identity SSI where the storing of data is done by the consumer rather than by a centralised company that can be vulnerable. Furthermore, this can create opportunities for CSPs to offer identity-as-a-service to benefit the protection of consumer data, but also benefit the CSP.
Less time and resources are needed to manage the data, and furthermore, there is little to no time or effort needed when it comes to potential data breaches.
Identity-as-a-service leads to increased profitability for the companies while SSI is a fundamental change in the governance of data which empowers consumers. These concepts empowered through blockchain also work seamlessly alongside regulations that have recently been put in place. Article 20 EU GDPR grants users the right to data portability, which means they have the right to have their personal data transmitted directly from one controller to another.
With DIDs and verifiable credentials — ensured through consensus mechanisms and the underlying functionalities of a specific blockchain platform — it becomes possible to seamlessly move identities that were tied to one system to another without any issues. It begins with the burden of data responsibility being removed from the company, removing also the high costs, inherent risks, and potential damage to reputation in the case of a breach. More so, CSPs can benefit from streamlined attestation where the data provided is verified as true and does not require any identity verification as a service.
KYC compliance is also attested, and can be ported, adding peace of mind for the Telecom company. In operating a network of clients, the CSP also has a solution that allows for the control of data across the ecosystem which only puts forward data that has been allowed by the user through the SSI, and is not private or personal and unnecessarily shared.
Nowadays CSPs are not simply data providers, but instead have a range of networks and business streams; where loyalty and other customer benefits can be shared and reused across the wide CSP partner network. Imagine the opportunities of reusable credentials when utilized by both the CSP and their network partners. In order to achieve this sleek solution, there is a need for a powerful and scalable blockchain platform that has the ability to permission users and organisations easily.
Blockchain technology is very broad and applicable, and so, the solutions built upon these platforms need to be specifically tailored. For Telecommunications, size, scale, and streamlining of the blockchain platform is vitally important. Utilizing the powerful ARK blockchain platform, Protokol delivers pluggable and customizable identity-as-a-service solutions for CSPs to help better manage customer data, and unlock new opportunities for revenue generation.
We understand the needs of Telecoms, and have identified how our solutions can bolster companies faced with the difficult path of data protection in this arena; especially in relation to customer data being used by both CSPs and their partner network. Book a free video consultation with our blockchain experts to explore the real value of blockchain for your organisation. How Blockchain for Digital Identity is Revolutionizing Telecom Telecommunication and the digital identity revolution through blockchain.
The difficulties of data Since the digital revolution began and we entered into Web 2. How it works Blockchain-powered identity-as-a-service solutions work primarily on the basis of decentralised identifiers, identity management, and embedded encryption. Discover Your Blockchain Use Case Book a free video consultation with our blockchain experts to explore the real value of blockchain for your organisation.
Decentralized identity management platform Magic launches from stealth with $4M
Blockchain is becoming a legitimate disruptor in a myriad of industries. The technology can revolutionize government , finance , insurance and personal identity security , among hundreds of other fields. We've rounded up 37 interesting examples of US-based companies using blockchain. While some can be categorized as fundamentally blockchain companies, others are familiar names embracing the new technology. Regardless, everyone on our list is proving blockchain as an avenue for improving the future. Related Blockchain Companies Hiring Now. The company has begun efforts to streamline NFT transactions, enabling people to not only buy items but also re-sell them.
Blockchain Identity Management: Sparking a Data Security Revolution
Skip to Main Content. A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. Use of this web site signifies your agreement to the terms and conditions. A Blockchain based Identity Management System Considering Reputation Abstract: In the era of the Internet, a user can perform some actions by being assigned with a pseudo identity, and most users' identities are stored by the certified third parties. This centralized identity management model has a potential safety concern. Once the database server is crashed or the data are leaked, the privacy of the user are exposed. In this paper, a smart contract technology on the blockchain is used to build a decentralized identity management system. The system is usercentric, allowing users to fully control their identity information, only authorized third parties allow access to their user information. Attribute-based authentication is used to achieve identity anonymity. In addition, a reputation model based on attribute reputation is proposed, which makes the user's identity credible even in a decentralized environment.
Identity: The Elephant in the Enterprise Blockchain Room
Blockchain, while still in its early stages, is being adopted confidently, and quickly across a surprising range of industries. Every day, new companies are emerging and existing companies are migrating to bring blockchain products to market-- with many of the solution based offerings focussed on identity management or resolution. This is no surprise to us at Kairos. We believe that blockchain powered identity management represents a tangible, necessary shift in the re-establishment, and redefinition, of the way our digital identities exist. So check out this video from the BBC.
Simplifying the Complex
Why could blockchain technology play an important role in identity management? Rouven Heck is working at Consensys , a leading company for blockchain technology founded by Joseph Lubin Co-founder of Ethereum. Rouven, why could blockchain technology play an important role in identity management? Trust is key for an identity management system and with the availability of public blockchains this trust infrastructure can be made available to everyone. At a basic level, the blockchain enables a user to self-register an identity without reliance or interference from a third-party. The user can now sign any type of transaction or message with his private keys, and everyone can validate the correctness by checking the blockchain.
Blockchain for Identity: 6 Hot Projects
AlphaPoint Distributed Ledger Platform is a private, permissioned protocol that leverages the inherent benefits of the blockchain—immutability, strong cryptography, instantaneous clearing—but makes significant improvements. Unlike traditional blockchains, ADLP allows firms complete control over their data and acts as a general-purpose platform for deploying financial applications. Applied Blockchain is a blockchain application development company focusing on DLT and smart contracts. Based in the Level39 FinTech Accelerator in Canary Wharf, London, Applied Blockchain has developed a blockchain agnostic application and privacy framework that sits on top of any underlying blockchain platform to improve development efficiency, add workflow functionality, and future-proof solutions to work with the best available technology. Avalanchain offers a Data-as-a-Stream blockchain platform.
People experiencing homelessness PEH are medically complex, with limited access to health care and unmet health-related social needs. People experiencing homelessness must access a wide range of health and social services, for which they must typically show proof of identity. Many PEH do not have original vital documents, which are highly susceptible to damage, loss, or theft.
Personal details are being stolen from nowhere and then utilized for increasing the market cap. In the 21st century, modern problems need modern solutions. Besides being a magical wand for the financial system, blockchain technology is gradually captivating the interest of people belonging to the non-financial sectors. You cannot avoid sharing information during resident registration, birth certificates, wedding certifications, online account logins, and at many more places, but with blockchain identity solutions, you can protect your data. This guide aims to give you clarity on the blockchain identity management solutions and some tips to build an identification app via blockchain.
Identity and access management IAM is the discipline that enables the right individuals to access the right resources at the right times for the right reasons. IAM addresses the mission-critical need to ensure appropriate access to resources across increasingly heterogeneous technology environments and to meet increasingly rigorous compliance requirements. IAM is a crucial undertaking for any enterprise. It is increasingly business-aligned, and it requires business skills, not just technical expertise. Enterprises that develop mature IAM capabilities can reduce their identity management costs and, more importantly, become significantly more agile in supporting new business initiatives. Explore our guide to initiating and running an effective IAM program to build a well framed program.
In a person-to-person business transaction, when the other person doesn't know you or know who you are, she may accept credentials that vouch for your identity. Identity management in computer networks is about the following:. Thomas Edison punching in for work at his Menlo Park laboratory, Data is being collected about you -- that much is undeniable.
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