Author: Koyel Ghosh
Authentication methods created and modelled on the blockchain are certainly about more than personal security and expediency. Ensuring that employees are the only ones who are able to have access to an electrical web or other important control panels requires absolute security and here, blockchain appears as an immediate solution to provide unique means of authentication.
Signing into an online database – be it into the server of a business venture or into any online shopping account – means delegating or consigning a custodian to make sure that the given information does not get tampered with or become compromised by any means. This is especially so when it comes to protecting passwords or keeping any sensitive information of paramount importance safe and secure; one should actually not be so quick to trust, even their employees. After all, hacks in the corporate sector are no more an unusual occurrence.
At the same time, it is pretty much impossible for users to have full access over PII (Personally Identifiable Information). When they hardly have an idea of how frequently the PII has been utilized without their permission, they are also not likely to know where exactly their private information has been put in store. In such a milieu, the existing identity management course does demand for an inventive change. Taking recourse to blockchain for identity management can permit individuals to have full proprietorship of their identity by simply crafting a global ID to serve an array of purposes. Here, blockchain comes in handy by offering an excellent solution to the above challenge, as it enables users to have a sense of reliability that no other party can share their PII without any approval from the respective individuals.
While technological innovations have often proved to be a boon to mankind, they have also posed certain threats at times. For instance, autonomous systems, IoT, and mobile outlook & techniques have brought along added coercions, thereby welcoming chances for security extortions. Here, blockchain identity management comes to change that. Making the most out of data encryption, digital signatures, and certain algorithms, the technology saves important data from being fiddled and tinkered with.
Blockchain can be well utilized to build a platform that safeguards individuals’ identities from unwanted larceny and huge moderates as well as curtailing deceitful activities. The technology can also aid companies in forming robust blockchain models that deal with the issues of verification and settlement often seen in several trade and production houses. Moreover, it provides individuals with the much-needed autonomy or liberty to craft encoded digital characteristics that would replace multiple credentials along with offering all-inclusive security skins capable of saving valuable expedients, assets, and time of the respective organization.
Be it about getting into employer’s networks or clocking into an internet-based endowment, business ventures are often seen to rely on a third party to make sure the employees’ IDs are safe and secure. Here, central servers work as the chief forum to allow the required permits. However, with blockchain technology and its enhanced security features on board, the entire system can be renewed to a novel stance. The fact that blockchain-based services don’t take recourse to central servers any more has made the technology way more beneficial to business organizations. Instead, public and private key chains are utilized for the sign-in purpose. This way, employers can have a great peace of mind knowing that their systems are in the right hands and only authenticated individuals can log into their systems.
Had there been no worthwhile alternative to the highly susceptible means of identity proof, the apparent negligence or failure in safeguarding users’ login credentials would have been justifiable. However, keeping in mind that the technology’s multi-factor identity certification processes have largely been proven to work best and are embraced by a number of business organizations, it is actually hard to figure out why the blockchain identity model has not clinched more adoption yet. Nonetheless, in the last few years, considering the stakes of pilfered credentials & identities, companies have started using the blockchain authentication system as a mainstream solution to such veritable threats.
According to Allied Market Research, the global blockchain identity management market is expected to register a significant CAGR from 2019 to 2026. There is certainly no doubt that blockchain is an imperious technology, provided it is utilized in the right way. Doling out real-time facts and figures about individuals, blockchain identity management helps industries such as healthcare, retail, and banks authenticate important testimonies. Also, with its high-end cryptographic proficiency, blockchain guaranteed security, uniformity, and validity of users’ data. To conclude, it can be averted that the global market has already showcased a steady growth and in the next few years to come, it’s projected to balloon up yet more.
