How Blockchain is Making the World a Better Place
Verify identity: The whole world lives online now. Yes, that’s an exaggeration but we are gradually moving there. Every day millions of people connect with the internet to research, shop, comment and to pay bills. The more a person interacts online the more concrete their digital footprint.
How Blockchain Can Resolve Identity Management Issues
What’s Wrong with Online Money Transaction?
Most online transactions require a person to give identification before proceeding. If you have purchased items on Amazon, used PayPal or Google Pay, you know the drill. Usually, these companies ask you to answer personal questions.
Answering questions is not the problem, where they store them is.
Every time someone interacts with the internet this way, they leave that information on the web. Your digital identity creates clones on different platforms (wherever you interact), which is a security risk. Hacking of Equifax was one such episode where personal data was hacked. This event and many others expose how vulnerable the system is.
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How can Blockchain Help?
Blockchain offers security. It lets individuals and businesses create a peer to peer network. They can exchange information or currency through it. It also allows individuals to create digital identities or self-sovereign identities which are difficult to steal.
What is so special about Blockchain? Democracy!
Master nodes are a possible solution to verify identity online. Master nodes democratically select a node to verify the user. Similarly, they can verify documents. Nodes are the soul of the blockchain.
There are three types of nodes;
- Node: Send and receive transactions
- Full node: Whatever the node does plus it keeps the copy of the entire chain
- Master nodes: It has the power of the full node plus enables decentralized governance and budgeting. It’s the master.
Your Digital Identity is in Safe Hands with Blockchain
Blockchain basically creates your digital identity or a digital watermark that can be affixed to all your online transactions. Hence any unusual or suspicious transaction will not be approved since they won’t be wearing your digital watermark.
Blockchain not only secures your Verify identity but also helps secure the clones. Which means that you are more secure transacting online if it exists on the Blockchain. You get more freedom about your identity. The companies also get more control in who they approve or include in their blockchain network.