The world gets more advanced each and every day due to technological advancements and new technological models. So there is a need to establish more advanced security models in order to tackle the upcoming technological advancements. The methods of password protection and centralized databases used in previous generations have proved to be low-security models. Hence, there is a need to update the previous generation of security models with more security features. One of the advanced security models provided by blockchain in identity management promises improved security, convenience, and privacy.
Great Alternative for a Paper-Based System:
The core reason to jump into blockchain-based identity management is to get relief from traditional paper-based systems. Blockchain identity management solution greatly helps users claim ID proofs in case they miss the original documents. People who miss their ID proofs have to undergo a serious procedural and complex process to gain new documents. For this process, they have to visit government offices, wait for hours in line, fill out forms, and submit them to the required officer. This probably costs the valuable time of users, and it is also associated with a large amount of paperwork. In such cases, people living away from the offices suffer a lot when claiming their new ID proofs. Blockchain identity management plays a major role in eliminating such issues. Government organizations can store the ID proofs on the blockchain, which is permanent and cannot be duplicated.
Enhancing the overall online user experience:
Normally, users entering a social media platform must enter passwords and OTPs to access their accounts. Blockchain identity management systems can store users' passcodes and fingerprints, which can be directly accessed by social media platforms for authentication purposes.
Faster verification process:
IDs stored in a blockchain identity management system can be used for a variety of purposes, like claiming driving licenses, passports, KYC verification for financial reasons, and other necessary warranties. This will significantly reduce users' time since completing the formalities for claiming ID proofs separately requires more time.
Security:
Blockchain identity management provides a hack-free zone for storing user's personal identifications. The decentralization nature of blockchain ensures security with high protocols, like cryptographic methods, where the possibility of hacking is completely low.
Self-Sovereign Identity:
Self-Sovereign Identity (SSI) is the concept that people can store their own identification data on their own devices. The quality of decentralization makes this approach possible since there are no intermediaries or third parties in a decentralization network to take control of the data. Decentralized Identifiers (DID) refer to the identities that are controlled by the respective identity owners on their own devices. Since these DIDs are decentralized, the chance of data theft or hacking is comparatively lower than in centralized networks.
Concluding thought:
From the dawn of technology until now, the world of security has remained questionable. Even though many advancements have been made in modern security systems, there are still some loopholes for cracking such systems. In such cases, cutting-edge technology like blockchain has come forward to provide its service on identity management systems. These blockchain-based identity management systems incorporate higher technical security measures than any other previous technology. The services offered by Blockchain Identity Management Solutions can be utilized in almost every field. In the future, blockchain-based identity management will be the top choice for companies due to its advanced security protocols
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