Industries That Blockchain Will Radically Transform Digital Identity Management
Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry. Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:
Digital Identity Management
Digital storage is now the go-to medium for the storing of data. It’s faster and has less of an impact on the environment. However, it’s not the safest. Numerous cyber attacks have taken place over the years and this has put the valuable personal data of millions of individuals at risk.
Blockchain’s encrypted ledger is the perfect solution to this shortcoming. SelfKey, a blockchain-based identity network, allows users, both individuals and companies, to control and manage their identities. The platform will connect users to utility providers and other requestors of personal data, such as bank accounts, residency, citizenship by investment and passport services. The provision of these services and validation of data will be fueled by the use of the KEY token.
There are several competitors in this space, including Civic and TheKey.
Civic provides multi-factor authentication through its blockchain platform and biometrics. The identity that is stored on your phone can be used to access a variety of services securely, and is shared with a particular entity upon request. Partners of Civic include Jaxx, Lykke, WikiHow, BitGo and TokenMarket, among many others. TheKey also functions in essentially the same way; it has a multi-dimensional authentication tool that securely stores personal data on a blockchain which can be used to access different services.
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