Contact us today!
217-428-6449

Network Solutions Unlimited Blog

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...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Wednesday, November 21 2018

Captcha Image

Mobile? Grab this Article!

QR-Code

Tag Cloud

Chromecast Application iOS Hosted Solution Laptop Hard Disk Drive Chromebook Cybercrime Identities Printers Peripheral Advertising Internet Transportation Government Content Filter Business Owner Retail Virtual Assistant Battery Shortcut HBO IT solutions Proactive Cost Management Microsoft Office hacker Internet of Things Managed IT Service Projects eWaste Tech Term OneNote Instant Messaging Assessment Social Engineering Managing Stress Virtualization Managed IT Windows 7 Managed IT Services Mobile Utility Computing Microsoft Excel Google Maps Chrome Gamification Information Electronic Medical Records Data storage Employer Employee Relationship Keyboard Personal Information Health How to Mobile Security Internet Exlporer Productivity Smart Technology Cybersecurity File Storage Financial Flexibility Emails Nanotechnology Telephone Alert Access Control Financial Technology Data Loss Commerce Two-factor Authentication Computers IT Services User Error Hyperlink Redundancy Networking Edge Keyboard Shortcuts Windows 10 Applications Education Spam Blocking Smart Tech Maintenance Phone System Android Operating System Wireless Internet Computer Fan Data Management Meetings Wi-Fi Cloud Computing Browser Automobile Colocation Emergency Network Security Document Management Data Recovery Network Experience Data Security Best Practices Language IT Management Websites Gmail Samsung Streaming Media Spam Students Data Theft WannaCry iPhone Scam Telephone Systems Law Enforcement Employee-Employer Relationship Conferencing Books IoT Hiring/Firing Computing Update Going Green Passwords Benefits Password SaaS Computer Care App Outsourced IT Legislation Bluetooth Tech Support Productivity Management Vendor Malware Amazon Compliance Wireless Technology Twitter WIndows Server 2008 Device Security Apps Efficiency PDF Video Games Files Cortana Monitors Settings Saving Time Email End of Support Audiobook Devices Spyware Firewall Encryption Work/Life Balance Windows Ink Computer Accessories Value Budget Google Managed IT Services Microsoft Word Money Gadgets Apple Bring Your Own Device Relocation Accessory Automation Dark Web Windows How To Wasting Money Sports Shadow IT Search Cloud Software as a Service Collaboration Two Factor Authentication Adobe Unified Communications Regulation Business Technology Tip of the Week Unsupported Software Data Privacy Charger Excel Lifestyle Audit Quick Tips Mobile Device Management Business Computing Business Management Sync Monitor Display MSP Patch Management Facebook Connectivity Politics Windows 10 WPA3 Avoiding Downtime Tablets Data Breach Business Continuity Data Protection Hybrid Cloud Word Alexa for Business Consultant Project Management Computer Screen Mirroring Humor Managed Service Provider Hosted Solutions Risk Management HaaS Safety Technology Server CrashOverride Reputation Best Practice Business Office Tips Workers File Sharing Windows 10s Touchpad Google Drive IT budget IT Support Loyalty Unified Threat Management Wireless Charging Save Money Co-Managed Services Sales HIPAA WiFi Hard Drives Admin Specifications Small Business Worker IT Solutions Router Save Time Content Filtering Microsoft Identity Theft Rootkit Solid State Drive Thank You Worker Commute VPN Travel Upgrades Wasting Time Innovation Physical Security History Remote Computing Analysis Hardware Licensing Ciminal Black Market Business Intelligence Virus Hard Drive Remote Monitoring Data Robot Printing Augmented Reality Legal Google Assistant Downtime Updates Bandwidth IT Support Social Media Hackers Television Smartphones Comparison Holiday Miscellaneous Software Content Communication Customer Private Cloud Congratulations Communications Recovery Troubleshooting Security Root Cause Analysis Credit Cards Big Data USB The Internet of Things Professional Services Data Storage Cast Data Backup Entertainment Users Scalability Storage Fraud Upgrade Hacking Wireless Antivirus Public Cloud Outlook Memory Workplace Tips Camera VoIP Office Gifts Proactive IT Office 365 NFL Mobile Device Webinar Artificial Intelligence Company Culture Disaster Recovery Employer-Employee Relationship Monitoring Public Computer Managed Service Touchscreen App store Mobility User Tips Computer Forensics Mobile Devices Information Technology BDR Cache Vendor Management Virtual Reality Evernote Blockchain FAQ Identity Smartphone intranet PowerPoint Training Backup Ransomware Vulnerability BYOD Administration Phishing Cleaning Saving Money Techology Internet exploMicrosoft Testing Marketing Google Docs Privacy Computing Infrastructure