Every post you like on your Instagram gives Meta a little information on who you are and what you like. Similarly, every video you watch on Youtube does the same for Google. Users think that these giant social media platforms are safe and free, but we are unaware of the darker side. The data we provide to them fuels a massive surveillance system that generates billions of dollars for the firms. Also, massive data breaches have become very familiar these days.
However, these data are stored in a centralized database which might increase the risk of data being stolen or leaked. With regard to record and identity protection, some have argued that blockchain technology can potentially solve the existing problem such as eliminating the need for intermediaries and allowing every individual to take control of their digital identities.
Securing your digital records and identity on a blockchain is a smart move for your business if you find having a self-sovereign important. We at Blockchain Firm, have an extensive team of experts to create a reliable blockchain-based digital record & identity management system that meets all the specifics of your business and government regulations.
From payments to voting, blockchain will allow businesses to make digital identity management more secure and transparent for users.
Blockchain based-digital identity will speed up the customer onboarding process in the financial sector. As a result, users need not have to upload additional documents to verify their identity. Thus enabling users to easily make payments, issue loans, and use other services in banks
In the healthcare sector, Blockchain-based identity management can be a reliable solution for managing patient data. The immutable feature allows both patients and healthcare providers to decide themselves to who and for how long to give access to their data.
Telecom is one of those industries that first apply the latest technologies to improve user experience and efficiency. With blockchain, telecom industries get faster remote KYC for new subscribers, improve the efficiency of identity management and reduce the level of fraudulent activity due to the traceability of records.
Signing up on various e-commerce platforms using a single identity is less time-consuming and this can be made real through blockchain. Blockchain also increases the level of security for users while making payments and for retailers reduce the cost of storing user's information.
Blockchain-based digital identity gets rid of the need to have different IDs for Different platforms. This means every citizen can have their single digital identity at the state and central level. This provides high transparency and security for country citizens.
Blockchain-based digital identity management gives users privacy and freedom to control their personal information while sharing the data in a secure way.
Since the data in blockchain are stored on several nodes, the fall of one database will not entail downtime. Users can still access their data and reduce cyber attacks.
With Blockchain it is possible to track data as all blocks are linked together. This means that information that is stored cannot be changed and can be shared with anyone by the owner.