The concept of identification is an important aspect of ascertaining the legality of an individual’s access to a particular service, place, or system. Institutions, corporations, organizations, and government agencies document sensitive information of their users, customers, or citizens. Part of the documented information is individuals’ identity, which gives them access to services or benefits.
The world is faced with the crisis of identity management. Consensys reported that approximately 1.1 billion people worldwide do not have a way to claim ownership over their identity. Going by the above, there is a need for proper identity management. One way this could be a reality is through the institutionalizing of a decentralized form of identity recognition that ensures individuals’ identities are rightly captured and protected.
What is Identity Management?
According to tykn, Identity Management is also known as “Identity and access management” or IAM. It comprises all the processes and technologies within an organization that are used to identify, authorize, and authenticate someone to access services or systems in that said organization or other associated ones.
There is a problem of identity management in the world today. Individuals who have their identities documented through paper works are losing them as a result of theft, fire outbreak, or misplacement of documents. Those who have their identities captured digitally through a centralized system are losing them to hackers and unreliable storage protocols.
It is said that about 600 million personal details of individuals such as their address, credit numbers, and personal information have been leaked, hacked, or breached by their respective organizations. We are faced with a weak identity management system, and in a world where everything is digitalized, this calls for great concern. There is a need to have a more secure model of identity management, and having a decentralized digital means of identity capturing and management might seem to be the proven way out of this nemesis.
How can Blockchain enhance Identity Management?
Blockchain can help eliminate the current issues we have with identity management. This will be made possible through what is known as Decentralized identifiers or DID. DID is simply an identifier for an individual, corporation, or object. Every DID is secured using a private key, and only the private key owner can prove control over their identity. DIDs are not linked to any centralized body or identity providers.
Blockchain offers individuals a better platform for the protection of their identities from theft, compromise, or any form of manipulation. It helps individuals create a form of identity that is portable. By this, it means individuals can easily have access to and claim their identities when in need of them.
As a way of ensuring better identity management, NexBloc stands as one of the leading entities building a safe place for internet users, and securing their identities through a blockchain domain name system. The aim is to create a decentralized web and build a form of internet that guarantees 100% personal identity protection.