Think about how fragmented your digital identity has become. Every time you enter a password or PIN, wherever you are, you’re leveraging some element of your digital identity. Every time you pay with a credit card or recite your Social Security number. Every time you digitally sign a contract.
That holistic digital identity is tied to your physical likeness, finances, conversations, property, and credibility, making it an exceedingly valuable asset. Unfortunately, with pieces of our digital identities being handed out to everyone from retailers to government agencies to employers, those identities are more vulnerable than ever…
Enter blockchain. Any organization can deploy blockchain — a promising, relatively new technology and methodology — to build trust among users. In its purest form, blockchain lets companies instantly make, approve, and verify many types of transactions by leveraging a collaborative digital ledger and a predetermined network of individual contributors or keepers of the blockchain. Once transactions or other data are inside the secure blockchain ledger, cryptography takes over and verification hurdles drastically decrease the chances of data being stolen.
Excerpted from the article, “Blockchain & the Battle to Secure Digital Identities”