Soon, Blockchain May Be Have the Capability to Protect Your Entire Identity

Blockchain is one of the most recent and greatest developments to arrive in the computing industry. The spotlight is on Bitcoin, Litecoin, Ether, Dogecoin, and a few other cryptocurrencies that take advantage of the blockchain, but it’s important to realize that it’s not exclusive to cryptocurrencies. Blockchain has numerous great uses, with some of the most critical being cyber security, transparency, and privacy.

What is The Sovrin Network?
While many may only know the blockchain in regard to cryptocurrency, there are organizations that comprehend the advantages a blockchain can offer to networking and secure online exchanges. One such organization is the Sovrin Foundation, which founded the Sovrin Network. The Sovrin Network network allows each user to have their own digital wallet, along with specific identification, banking, and financial credentials, as well as employment credentials or a company ID.

The Sovrin Network 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 finding a way to confirm one’s identity online without leaving themselves exposed to potentially threatening scenarios. Cybercrimes are a big problem in our world today, making it especially important to preserve the authenticity of one’s identity. The idea is to construct 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?
To say people don’t always like to embrace change, even if it's to their advantage, is an understatement. It’s not likely that the average user will want 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 accept and adopt these changes, organizations are utilizing QR codes and other identification methods.

The blockchain could potentialy allow various organizations to make contact with others in a secure fashion, making it much safer to share important information. Only the bare minimum amount of information will be shared. If a user wants to try to take out a bank loan, the loan provider might need access to information on salary. If both 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. In short, the Sovrin Network aims to place the power of information sharing in the hands of the user.

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

Is this method any better than the old-fashioned way of dealing with security? As society continues to rely more and more on access to data and information, the blockchain’s focus on privacy will only increase in importance. What are your thoughts on the blockchain? Let us know in the comments and call Macro Systems at 703-359-9211.