In our previous article we had mentioned what Blockchain Technology is and how it’s affecting the Identity Management.
In this article, we have mentioned some of the major projects that have followed Identity Management via Blockchain Technology.
Few projects which follow Identity Management through Blockchain technology-
As mentioned earlier, the Blockchain based Identity Management is more viable as well as more reliable; since the user could control his own data or credentials.
The data engaged through such an Identity process, i.e. through blockchains the advantages are –
- The redundant steps of compliance are reduced or in fact eliminated.
- Better and secure system to the users.
- Users – completely involved which makes it a good experience at the user end.
- The ability to meet the various global as well as private identity (privacy) requirements.
Every day, more and more companies are turning out to include blockchain technologies. Some projects are –
1. SelfKey: –
One of the most common as well as well-known system that includes blockchain technology is the SelfKey system.
- It allows identity management through blockchain.
- It supports an individual or a company to manage, control or even own the user identities based on blockchain technology.
- You could have new intakes for citizenships as well as residents.
- It tends to have its own ERC20.
- It is useful for companies that are incorporate, for investments; to participate in the verified sales of the tokens; to allow registers over exchanges; or to buy financial based products, etc.
Click here to know more about SelfKey.
2. Civic: –
In order to protect your data or provide secure data, Civic is among the top blockchain technology based projects.
- It allows decentralisation.
- It creates digital identities for all.
- These digital identities would follow various rules and regulations of different governments worldwide.
- There is absolutely no data storage or even no data collection done by the company.
- The data is well secure.
- The data is also well verified. Civic or their partnered companies complete the verification process.
- The verified data are transformed to non decryptable data; through a process of attestation as well as anchoring via the blockchain technology.
- CVC or the Civic Tokens – used to exchange the data; between the users and the requestor of that particular data.
- The data is stored in the form hash which is verifiable; hence this data is prevented from cyber-crimes as well as from identity thefts.
- Users would find this easy without much efforts involved.
- There is no need to exchange the same data with various different entities. Click here to know more about Civic.
3. SecureKey: –
It is one of the leading authentication as well as one of the best identity provider.
- The access to various online applications or services is made easy for the consumers with SecureKey.
- It is considered to be similar to the Civic system.
- It is built based upon the IBM’s blockchain framework known as Hyperledger.
- The system is currently (As per 2018) used in the states of Canada.
- It helps the Canadian citizens to verify as well as manage their user identities through the blockchain technology’s security aspects.
- There are no native tokens used in the SecureKey system.
- There is no need to exchange the same data with various different entities; like banks or the various credit card agencies.
- The proof of identities could be used in many places to avail new services.
- This identity proof makes sure to avoid going through the entire KYC process all over again.
Click here to know more about SecureKey.
4. uPort: –
It is also among the various safe as well as easy blockchain technology based company.
- It is developed by the well-known as well as proud blockchain based company known as ConsenSys.
- It’s indeed very easy to use.
- It is an identity which is considered to be self-sovereign.
- It’s used for businesses as well as individuals.
- It uses Ethereum’s blockchain technology.
- It’s one of the common choice among many mobile phone users.
- When you tend to configure the uPort for the first time; then uPort considers and extension of yourself as just your mobile phones.
- You would have to give uPort the permission to collect or share data from your mobile phones; much like the other blockchain technologies.
- The fetched or collected data is written on to the Ethereum’s Smart Contract. This allows the sharing or selling of data much simple and easier, anytime as well as anywhere.
- There are no native tokens just like SecureKey system; but there is a possibility of one such native token in the near future.
Click here to know more about SecureKey.
Hence, it is clearly evident that for any Blockchain technology based company or system, identity management, security as well as KYC are few of the most important use-cases for the blockchain technologies.
The process is still at the initial stages; and there are many hindrances faced as well. But this wouldn’t mean it is not useful at all or that it would die/ wear off soon.
We still have time, but not enough; since the identity management problem or the problem related to digital identity is one of the main concerns; which if not solves, could create a huge loss of almost in multi-billions worldwide.
Yet, there are few issues with blockchain as well. Few of the unresolved issues are-
- Demographics limitations
- Synthetic Identity issues(You could click here to know about more such issues)
The Blockchain technology could have its disadvantages but it is nowhere close to the problems faced by the traditional methods.
By far, there are almost 20 different platforms to resolve these digital identities.
Few would still debate over blockchain technologies and hence opt to develop their own in-house hack-able and centralised systems. The examples of such kind of countries who still oppose blockchain technology is none other than a country like India.
Hence it is up to the person if he must choose blockchain or oppose. And so you may do as you wish for the betterment of your company and its users.