Blockchain And Identity Verification: Anonymity Versus Trusted Participant
Blockchain technology has won accolades for improving efficiency and transparency in business operations. It has also been seen as improving security. But blockchain security is a complex issue that pits anonymity against trust, according to IBM’s Security Intelligence, a thought leadership and technical expertise hub for executives who manage enterprise risk and security. Permissionless blockchains such as bitcoin’s do not require identity information from their participants. The bitcoin blockchain achieves trust through encryption. After each transaction, the cryptographic operation....
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The Science and Technology (S&T) Directorate of the US Department of Homeland Security is supporting four small firms with funds to use Blockchain technology to support identity management. What are those Blockchain firms? Digital Bazaar, Respect Network, Narf Industries and Celerity Government Solutions will all get $100,000 each. They fall under the Applicability of Blockchain Technology to Identity Management and Privacy Protection research topic. The topic is to use Blockchain technology, which centralizes and validates new entries added into an existing data field to support....
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 anonymity of bitcoin transactions has been a challenge for financial regulation. But it has also been a challenge for those users who wish to hide their identity. Using the same Bitcoin address: not recommended. The only reason to provide a different bitcoin address for each transaction is to protect your anonymity. If you reuse the same address, your entire transaction history can be instantly available to anyone simply by logging on to blockchain.info Your transaction can be traced and anyone can calculate how much money you have and how you spend it. On the contrary, with the use of....
If you are someone who takes privacy and anonymity seriously, then the probability of you being familiar with VPN (Virtual Private Network), TOR and other widely used proxy tools to mask ones identity and location. VPN is one of the widely used service provided by number of companies across the world. These VPN services help internet users circumvent internet censorship and access blocked content in different geographies. VPN is also being increasingly used as a way to hide one's identity as companies offering VPN services claims they offer anonymity and privacy. Bitcoin is known for....
The exchange moved deadline for identity verification from Feb. 2021 to Nov. 2020