Various blockchain startups are focusing on bringing digital identities to the table. Creating a more secure environment for personal information is direly needed. With the number of data breaches on the rise, better solutions have to be created. Some of these firms are even seeing a spectacular growth already.
A Digital Identity On The Blockchain
Many people associate blockchain technology with the financial sector. Even though that industry has the most to gain from distributed ledgers, the technology can be used on a much broader scale. With a stronger focus on creating digital identities, blockchain technology becomes a valuable ally for governments and consumers all over the world.
In fact, several blockchain companies are working on this concept already. Blockstack Labs is one of the most prominent companies in this field. Formerly known as OneName, they were among the first to offer blockchain-based personal identities. So far, their user base exceeds 50,000 registered identities, and more growth is expected over the coming years.
Evernym is another company working towards the same goal, albeit with a different approach. The team moved from open blockchain standards to permissioned solutions, while still maintaining the public element. If everything goes according to plan, the company will see its public demo on September 29 of 2016. We are looking forward to it.
Managing an online identity on the blockchain is a whole different matter. KYC-Chain uses a mix of blockchain technology and smart contracts to provide this service. Users can open their account online, and the user will own the private key to their encrypted data. Moreover, they can also determine which information should be visible to whom.
UniquID is perhaps the most intriguing company on this shortlist. By offering a wallet service, users can obtain the private key to their data. For additional verification, users can make use of biometric authentication. Moreover, this project is taking steps in the right direction to be fully IoT compatible.
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