Digital Identity & Blockchain
Digital identity is the term for a set of attributes that specifically demarcates an entity online. In layman’s terms, it’s the data that makes you, you on the Internet. Naturally, that type of data is sensitive. You don’t want it to end up in the wrong hands. What better way to protect your digital identity than to record it on a distributed ledger known as–you guessed it!–a blockchain!
So, it’s becoming pretty darn clear how safe and secure blockchain technology really is. It provides a level of encryption no centralized platform could even dream of in its dreams…..in its dream’s dreams. A peer-to-peer (P2P) network has many different systems working in tandem. As mentioned before (but if you didn’t catch it, read about P2P networks here), if a hacker is interested in breaking into a decentralized network, he must get into all of the the participating computers simultaneously. No small feat, even for the most skilled nefarious hackers.
Sovrin Foundation Moves Towards Project on Digital Identity Solutions
While there are other companies working within the digital identity space, Sovrin Foundation is moving forward with a big project. The newly founded company seeks to create a global, independent enterprise aimed at tackling the many complexities associated with digital identity. Seemingly countless problems exist in the world of verification of personal identification. Instead of keeping with the archaic ways of maintaining solely a physical ID, such as a driver’s license or passport, placing each identification card onto the blockchain helps solve many issues.
Digital identity is an issue that will persist, until the kinks have been worked out. Luckily, Sovrin Foundation, as well as other companies, are founded each and every day. It’s important to keep your online identity securely stored on a decentralized platform, and blockchain technology will help in countless other ways!