Decentralized Identity Management on Blockchain
Decentralized Identity Management on Blockchain can add integrity, transparency, and combat differential versioning of individual’s identity, organization’s identity to allow for security verification.
The old ways of verifying identity, through username-password combinations and other rote methods, will be remnants of the past as soon as businesses and government entities begin to seriously consider how flawed these methods have been. The gulf between unreasonably complicated passwords and the value we put on our time has meant that, for many, risking having their credentials compromised is simply the consequence of not spending decades of our lives conceiving and entering absurdly convoluted passwords and usernames. As a result, a reported 86% of internet users continued to use passwords that were likely compromised in previous data breaches, meaning that hackers had virtually free reign throughout their numerous internet accounts.
At least 7 in 10 people no longer trust passwords to protect their accounts, and why should they?By one estimation, hacked passwords account for 81% of data breaches, while a Google report found that 3.3 billion credentials were stolen during third-party breaches, and 12 million were stolen via phishing attacks. In other words, the system is broken.
Where there no viable alternative to the highly vulnerable legacy means of identity verification, the seeming dereliction in protecting users’ login capabilities might be forgivable. But, considering that blockchain’s multi-step, multi-factor identity verification processes have proven to work and are implemented by numerous companies, it is hard to gather why the blockchain authentication model hasn’t gained more mainstream adoption, especially considering the stakes of stolen identities and credentials.
We at BeyondBlocksLabs want to give people, organizations, and things the freedom to collect and carry their own lifelong verifiable digital credentials. BeyondBlockLabs provides you with solutions and tools to help you create an ecosystem for Self Sovereign identity through an easy process to own and control your digital identity and protect your privacy with secure user experiences.