What blockchain identity solutions are and what’s their application?
What is blockchain technology?
Blockchain is a technology that transmits and stores information about internet transactions. You could say that it is something like a digital transaction ledger. Information relating to internet transactions is arranged in the form of consecutive data blocks. One block contains information about a certain number of transactions, then after it is saturated, another block of data is created, etc. All data is stored in chronological order. Blockchain is a decentralized, digital record of all operations. Its most important advantages are that it is safe, anonymous and non-modifiable backwards. Many experts predict that blockchain-based solutions can significantly affect not only the world of technology, but also play a huge role in the economy and contribute to the development of the economy.
Examples of blockchain technology applications!
Blockchain can be used in any industry where data is transferred:
– payment systems (reissue, sending money)
– currencies (electronic payment system, no intermediaries)
– digital identity (electronically signed identity cards, identity certificates)
– digital resources (information exchange)
– data verification (confirming the authenticity of data or processes)
– smart contracts (software that works without the involvement of third parties)
Blockchain has a ton of advantages. Financial industry was the first to recognize blockchain technology and its advantages. One of them is that it confirms the authenticity of each transaction and prevents the user from spending money twice for the same purpose. Blockchain technology allows you to carry out analytical and control processes between financial institutions in an integrated manner.
Blockchain solutions in identity management!
Identity management and digital identity verification are areas for which blockchain technology is revolutionary. It enables the secure storage, transmission and verification of sensitive data. Digital data can be accessed and authenticated digitally using a variety of cryptographic techniques such as hash, digital signatures and zero-knowledge proofs. The combination of an extensive government infrastructure for identifying identities with a digital identity platform designed for security, privacy and scalability is a great value for both citizens and private sector enterprises. Digital identity lowers risk and costs for enterprises in all industries. In addition, it provides citizens with greater security, privacy and control over their personal data. Blockchain identity solutions is the best-known technology to ensure the security of personal data. Therefore, TrustGrid by creating a digital identity ecosystem used power of confidential computing, distributed ledger technologies, and data privacy. The key components of TrustGrid are among others Distributed Ledger Technology (blockchain) used to implement a consortium layer, providing distributed management and supervision.