Contact us today!

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
Sunday, July 22 2018

Captcha Image

Mobile? Grab this Article!


Tag Cloud

Malware Mobile Device Google Docs Risk Management Financial Managed IT Service Outlook Unified Communications Battery Workers Document Management Office Tips Computer Fan NFL Wireless Charging Lifestyle WIndows Server 2008 PowerPoint Value End of Support Redundancy Two-factor Authentication Flexibility Physical Security Small Business Security Training Conferencing Computing Infrastructure Upgrades Settings Advertising Budget Loyalty Sync Screen Mirroring Password Project Management IoT Saving Money Bluetooth Government Cloud Shadow IT Amazon User Error OneNote Apps Identity Theft Hosted Solutions Mobility CrashOverride Maintenance Mobile Downtime IT solutions Black Market Emergency Google Maps Video Games Mobile Security Artificial Intelligence Google Drive Root Cause Analysis Transportation Hacking Connectivity Money Data Theft Telephone Systems Proactive IT Touchscreen Router Data Loss intranet Remote Computing Humor Search Communication How To Smartphones Patch Management Printing Websites Mobile Devices Adobe Storage Best Practices Solid State Drive Spam Hackers Worker Samsung Webinar Cast Unsupported Software Software Instant Messaging Applications Devices Hard Disk Drive Business Intelligence Analysis PDF Excel Electronic Medical Records Work/Life Balance Networking Big Data Entertainment Health Nanotechnology Data Breach Scalability Network Public Computer Tip of the Week Alert Gifts Facebook Data storage Identity Operating System Vendor Management Computer Forensics Keyboard Reputation Managing Stress BDR Company Culture Hard Drives Consultant Business Management Compliance Law Enforcement Television Email Business Continuity Audit Content History The Internet of Things Financial Technology Gamification Application Data Privacy Microsoft Internet Wireless Robot Language Social Media hacker Technology Marketing Office 365 Update Users Specifications Encryption WiFi HIPAA IT Support Remote Monitoring Meetings Spyware Management Managed IT Services Files Sports Education Chromebook Memory Monitors VoIP Data Storage Computer Software as a Service Customer Hybrid Cloud Disaster Recovery Best Practice Internet of Things How to Microsoft Word File Sharing Spam Blocking Troubleshooting Data Computer Care Google Assistant Commerce Miscellaneous Identities Workplace Tips Business Owner Managed Service Provider Cleaning Emails Data Security iOS MSP Collaboration Fraud Cybersecurity Virus Server IT budget Productivity Employer Employee Relationship Android Employer-Employee Relationship Outsourced IT Cache Unified Threat Management Wasting Money Experience Shortcut Browser Private Cloud Office Cost Management Legal Windows Phone System Regulation FAQ Communications Data Management Ransomware Microsoft Excel Privacy Administration IT Support Twitter Social Engineering Alexa for Business Computing Benefits Gmail Business Monitor Edge Licensing Retail Quick Tips Managed IT Virtual Reality Internet exploMicrosoft Relocation Hardware IT Solutions Save Money Efficiency Cortana Updates Chromecast WannaCry iPhone Virtual Assistant Content Filter Hosted Solution Going Green Techology Business Technology Internet Exlporer Antivirus Two Factor Authentication Ciminal Windows 10 Business Computing Holiday Safety App store VPN Comparison Information Thank You Bandwidth User Tips Innovation Scam Windows 10 Books Politics Charger Blockchain Smart Tech USB Laptop Cybercrime Colocation Data Recovery Chrome Vulnerability Smartphone HBO Travel Managed IT Services Hiring/Firing Apple Device Security Streaming Media Recovery Students Computer Accessories Phishing BYOD Passwords Hard Drive Firewall Microsoft Office Information Technology Virtualization Tablets Personal Information Wireless Technology Computers Rootkit Public Cloud Proactive IT Management Automobile Audiobook Content Filtering Word Backup Touchpad Google Wireless Internet Productivity Dark Web Monitoring Smart Technology App Evernote Legislation Bring Your Own Device Sales Mobile Device Management IT Services Credit Cards Windows Ink Cloud Computing Automation Wi-Fi eWaste Data Protection Windows 10s Data Backup Upgrade Professional Services Tech Support Augmented Reality Assessment Network Security Congratulations SaaS Avoiding Downtime Tech Term Save Time Gadgets Worker Commute HaaS