Imagine a world where you only have 1 true version of your ID, and if anyone wanted access to it, they had to get permission from you, and you decide HOW LONG they can have access for and what PART of your ID they can see.
What if we told you this is in the pipeline and it could be made possible through the underlying technology in Cryptocurrencies.
Read on….we’re closer than you think (if you thought it).
How can DLT / Blockchain achieve this?
As detailed in our previous on DLT, the attributes that DLT gives are perfect to apply to identification. The key relevant attribute being; immutable (cannot be changed). Although a decentralised system is also useful as it increases the security and lowers risks of system failure, immutability is the most relevant as this will prevent fraud and corrupt records being produced.
For the longest time, DLT being applied to I.D has been talked about in the Cryptocurrency space however the fruits are starting to ripen now. A consortium of banks in brazil have launched their identification blockchain system, aimed at…surprise suprise…..’reducing corruption and increasing compliance’. The name of the solution is called ‘Device ID’ which will use mobile technology to authenticate and verify digital signatures. The blockchain system will use a technology borrowed from IBM which shows the magnitude of corporations involved, you don’t get much bigger than IBM.
IBM themselves have also joined hands with other organisations who are interested in taking traditional forms of identification to the next level using DLT/Blockchain technology, see the YouTube video below for an amazing insight into the work they’ve done collectively.
Check out their full article here; https://www.ibm.com/blogs/blockchain/2018/10/decentralized-identity-an-alternative-to-password-based-authentication/
Soon your I.D will be on the blockchain, instead of taking your passport, drivers license and some proof of address to register for something. You will have access to your entire digital ID at your fingertips. It could very well become as easy as using your contactless bank card to pay for something.
As always, if you found this informative, please share to those who could find it useful and DM us directly for any queries or guidance on Cryptocurrencies.