Unlocking the Power of Blockchain in Identify Management (with audio)

https://medium.com/media/4cc1e73979367d48ac70028ed3c10c50/href

Identity management, also known as identity and access management, is a framework of policies and technologies for ensuring that the proper people in an enterprise have the appropriate access to technology resources.

  • In various locations, such as banks, education establishments, local administrations, and so on, user’s data (social, personal, medical, etc.) is stored.
  • Many of these intermediaries are being more and more compromised, and criminals take advantage of user’s data, as we know about Cambridge Analytica and Facebook.
  • Banks and other organizations use KYC to scan potential clients, which is slow and costly. Banks, credit agencies, and government institutions are vulnerable to malware because they are fragile.

What will Blockchain do in this case?

  • It will provide user control which is best for their privacy and protection when sharing their details.
  • Providing resources to the vulnerable, since those with internet access can use it.
  • For organizations, it will increase productivity and ease of registration. It also avoids large-scale cyber-attacks and identity theft.

Case Study 1: Civic

  • It is a protocol for personal identity checks that utilizes distributed ledger technology to help manage digital identities.
  • The user can establish his own virtual identity using a digital identification framework and store it with personal data on the computer.

Case Study 2: BlockStack

  • It is an open-source platform for decentralized computing.
  • Blockstack software libraries allow developers to create decentralized applications. Blockstack offers authentication, data storage, and software delivery with decentralized protocols.
  • With decentralized data storage and accounts, everything users do will be private and owned by them. The Blockchain powers it, but integration is easy — all we need is a few lines of JavaScript.
  • Users self-manage their data and identity with Secret Keys. Create alternatives to everyday apps where users’ privacy is guaranteed with encryption.

Case Study 3: United Nations

  • Accenture and Microsoft unveiled a prototype identity system based on the Enterprise Ethereum Alliance’s permissioned blockchain protocol.
  • It runs on Microsoft’s Azure cloud computing platform and is designed to use fingerprint and iris biometrics, among others, for identification in a decentralized manner.
  • It is used by the UN ( United Nations ) for World Food Programme ( WFP ). Refugees go to grocery stores and scan their iris to checkout, which leads to reduced costs for WFP compared to sending food to areas of need. Reduce Banking costs and corruption in this case.

Case Study 4: Switzerland

  • Zug is the largest town and capital of the Swiss canton of Zug in Switzerland.
  • This town is using Blockchain technology to revolutionize its identity Management as 1st digital citizenship of Zug citizen happened on Ethereum.

Limitations :

  • Each application has a unique use case.
  • There is no way to prevent companies from storing our information on central servers once we give them permission to our data.
  • Poor UX / UI for the average person to use .

Hope you like it.

Hoping for a positive response.

Please Follow My @Medium profile Yash Kamal Chaturvedi


Unlocking the Power of Blockchain in Identify Management (with audio) was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.