Velocity Technology Partners Blogs

The Blockchain May Soon Protect Your Entire Identity

The Blockchain May Soon Protect Your Entire Identity

Blockchain is one of the latest and greatest developments to come in computing. The spotlight is on Bitcoin, Ether, Litecoin, Dogecoin, and several other cryptocurrencies that take advantage of the blockchain, but it’s important to remember that it’s not exclusive to cryptocurrencies. In fact, it has several great uses, with some of the most important being cyber security, transparency, and privacy.

The Sovrin Network
While the majority of people might only know the blockchain in regard to cryptocurrency, there are some organizations out there that understand the benefits a blockchain can bring to networking and secure online exchanges. One association like this is the Sovrin Foundation, which founded the Sovrin Network. This network allows each user to have their own digital wallet, complete with specific identification, banking, and financial credentials, as well as employment credentials or a company ID.

Their Mission
A glaring fault in the way that the Internet functions was showcased last year when 2.9 billion records were exposed to various data breaches and cyberattacks. The Sovrin Foundation was created for the purpose of discovering a way to confirm one’s identity online without exposing themselves to potentially threatening scenarios. Cybercrimes are a major issue nowadays, making it especially important to preserve the authenticity of one’s identity. The idea is to create a standardized way to take advantage of digital credentials and verify their authenticity. The blockchain is an ideal way to approach this concept.

How Does it Work for the End User?
People don’t always like to embrace change, even if it’s to their benefit. It’s unlikely that the average user will feel the need to download an application to keep them safe online with a secure online identity wallet. In an attempt to make it easier for people to embrace these changes, organizations are using QR codes and other identification methods.

The blockchain could potentially allow various organizations to make contact with others in a secure fashion, making it much less risky to share important information. Only the bare minimum amount of information will be shared. If a user wants to try taking out a bank loan, the loan provider might need access to information on salary. If each of them are part of the blockchain network, the employer could provide just enough information to confirm the salary threshold without sharing the exact number itself. Basically, the Sovrin Network aims to place the power of information sharing in the hands of the user.

In Case You Lose Your Phone…
If you’re using your phone as a digital identity wallet, you’ll want to be just as careful as you would be with your physical wallet. What can you do if your phone has been lost or stolen, and your credentials are stored in the Sovrin Network? All you would have to do is create a new credential for your digital identity.

This brings up the question of whether this method is any better than the old-fashioned way of handling security. As society continues to rely on access to data and information, the blockchain’s focus on privacy will only grow in importance. What are your thoughts on the blockchain? Let us know in the comments.

Tip of the Week: How to Better Manage Your Invoice...
Despite Blockchain Security, Cryptocurrency Has Th...


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Saturday, August 18 2018

Captcha Image

Mobile? Grab this Article!

QR-Code dieser Seite

Tag Cloud

Legal Printing Best Practice Websites Saving Money Network OneNote User Error Students Gifts Big Data Efficiency Windows 10 Wireless Technology Collaboration Data Backup Business Computing Software as a Service Specifications Employer-Employee Relationship Google WIndows Server 2008 Google Maps Computer IT budget Virtualization Unified Communications Wi-Fi Government Managed Service Provider Vulnerability Windows Remote Monitoring Spam Hosted Solutions Content Filter Bring Your Own Device Microsoft Internet of Things Project Management Virus Tech Support Softphones Data Recovery Conferencing Workers Internet Identity Microsoft Excel Ciminal Flexibility Computer Forensics Sales Data Privacy Applications Mobile Device Management Business Hardware Tech Term Proactive Outsourced IT Cast Regulation Blockchain Cost Management Storage Redundancy Outlook Networking Alert Excel Education Value Evernote Cortana Law Enforcement iPhone Managed IT services Twitter Managed IT Services IT Support Cloud Computing Language Licensing Google Assistant Gmail Apps Safety Gamification Innovation Mobile Devices IT Management Connectivity VPN FAQ History Streaming Media Identity Theft Spyware Social Engineering Server Data Theft Office 365 Work/Life Balance Retail Business Management Encryption Security Email SaaS Managing Stress VoIp Data Security Word Lifestyle Smartphone Communication Microsoft Office Management Marketing Politics Tablets Android Edge The Internet of Things Company Culture Automation Analysis Cloud Wireless Internet Small Business App store Microsoft Word Router Phishing Travel Legislation Communications Ransomware WiFi Telephone Systems Google Drive Data Protection Shortcut Fraud Wireless Charging Hackers Maintenance Gadgets Comparison Tip of the Week Data Telephone Two-factor Authentication Hybrid Cloud Sports Technology Emergency Data Storage IT Solutions User Tips Smart Tech Passwords Cybercrime Commerce Privacy Malware Cybersecurity Devices Financial BDR Data Breach Application Hosted Solution Browser Network Security Content Filtering Audit Hard Drive Artificial Intelligence Patch Management Computers Unsupported Software Mobility Smartphones Charger BYOD PowerPoint Apple NFL eWaste Cleaning Chromebook Social Media Remote Computing Managed IT HBO IT support Windows Ink intranet Data Management Antivirus Software Sync Holiday Operating System Adobe Disaster Recovery Money IoT Compliance Thank You Congratulations WannaCry Device Security Updates Memory Update Personal Information Computing Productivity Proactive IT IT Services Risk Management Identities Data Loss Financial Technology Google Docs Best Practices App Backup File Sharing Monitoring Credit Cards Mobile Security Vendor Management Business Continuity MSP Screen Mirroring Chrome