As Blockchain Identity Becomes Real, 2017 Will See An Explosion of Blockchain Profitability
Blockchain identity is already in use in various sectors of data management and technological development. With its applications so far, can we say that the Blockchain has lived up to expectations? Some experts think it’s overhyped, others see that late 2016/2017 will be the year of explosion for real-world Blockchain profitability and usage. That is, as long as politics doesn’t get in the way. What is Blockchain identity? Blockchain identity is also defined by Christopher Bates of Bitland as the representation of a 100% verifiable identity which can be established through a series of....
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South African fintech company ThisIsMe (TIM), which focuses on identity verification, has announced that it will be adding blockchain technology to boost its services and is expected to go live in 2017. More companies are turning their attention to bitcoin’s underlying distributed ledger, the blockchain, as they realize the potentials it can deliver. Only recently, the major Spanish energy company Endesa revealed that it is planning on opening a blockchain laboratory in a bid to boost development of blockchain-based solutions for the energy industry. It’s also being used in other areas....
The Identity & KYC conference in London hosted a workshop on using blockchain technology to improve know-your-customer processes earlier this week. Led by blockchain compliance consultant Siân Jones, the workshop was attended by a group drawn from banks, financial institutions, startups and regulators. The group discussed several challenges faced by banks and financial institutions when it comes to identity, and whether or not the blockchain can help solve these problems. The overwhelming consensus was that even though the blockchain is very promising, it has many real-world....
Identity is one use case of the blockchain that has many people excited. For the first time, an individual has the potential to create a true, immutable identity distributed across an entire network. As Consensus 2016 wrapped up earlier this week, a group of thought-leaders who have been working in the identity space for decades presented their beliefs on what to consider when building an identity system using blockchain. Christopher Allen, the principal architect at bitcoin sidechain firm Blockstream, echoed the sentiment of other panelists about the duality of identity on the blockchain.....
A universally compatible Blockchain-based smart identity project by Deloitte has the potential to impact every aspect of our lives. In an era where we are increasingly using mobile and electronic devices to move data around, identity management is still stuck in the era of paper. Crossing borders, being able to drive, getting benefits from the state, all require some form of paper or plastic based identification. Different public and private organizations routinely request identity information from people and companies and often this information has to be given repeatedly even in one day.....
JPMorgan Chase now recognizes blockchain's profitability and has created a new business dedicated to digital currency and blockchain work. A year-and-a-half after it was first announced, JPM Coin — JPMorgan Chase's in-house stablecoin — is now live and in use by a major transnational tech firm for round-the-clock cross-border payments.According to a report on Oct. 27, this real-world proof that the technology is increasing efficiency and reducing costs has bolstered the megabank's confidence in the technology's promise and profitability. With the expectation that further commercial clients....