Decentralized identity is the way to fighting data and privacy theft
In the digitizing world, identity is everything and blockchain is to make it safe for everyone: users, businesses and governments. Decentralized identity is a function of blockchain technology that delivers real-world benefits to users quickly and easily, allowing them to benefit from things such as easier logins, faster credit checks and an overall smoother online experience.The proliferation of websites, e-commerce hubs and social media platforms means we can all have a huge database of logins, passwords and usernames to remember. As these increase, the use of password managers has....
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According to a study conducted by the US Department of Commerce, almost half of Americans are reluctant to shop online due to concerns over privacy and security. The study, conducted by the Department of Commerce’s National Telecommunications and Information Administration (NTIA), revealed that 45% of American households polled online reported limiting online activity because of security and privacy concerns. Fear of identity theft and government hearing unpopular opinions. According to the NTIA’s study, almost half of citizens were concerned about either transacting financially,....
A new protocol called “BitID” promises to streamline identity verification for online services while protecting privacy – with tokens on the Bitcoin blockchain. Replacing User-Unfriendly ID Systems. BitID is now concluding a successful testing period, and should be ready for other services to use in the near future. Although credit cards and e-commerce....
Using cash or checks more often is another great way to avoid the majority of identity theft threats, although any paper trail is still a line of breadcrumbs waiting to be used maliciously. Bitcoin is often referred to as a way to avoid taxes and conduct illegal activity online. However, a recent report by Harris Poll on behalf of the American Institute of CPA shows that 10% of respondents use Bitcoin to avoid identity theft during tax time. It only happens once a year, but tax time is a stressful period for all parties involved. Not only is there a lot of paperwork to fill in and verify,....
Blockchain tech is pushing the boundaries of ID management as governments look for scalable solutions that promote privacy, control and decentralized data management. The last 13 years have seen blockchain technology evolve into numerous use cases — finance, data, logistics and security, among others. However, the idea of using blockchain’s immutable capabilities to ID humans got new life when Changpeng “CZ” Zhao visited the island country of Palau to kick off its digital residency program. The blockchain identity management market is estimated to grow by $3.58 billion in the span of five....
What is a decentralized identity, and why does it matter? In this guide, we break it down for you. Decentralized identity protocolsSeveral identity protocols, from crypto startups to big tech solutions, deal with decentralized identification, and each has its specifics and features.Though the decentralized identity technology is fairly new, initiatives and players in the decentralized identity space, software for implementing decentralized identity wallets and supporting services are plentiful. They range from the Hyperledger open-source developing community, through a range of....