Blockchain powdered identity verification platforms

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Greetings to you all!

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Technology of blockchain have changed away of approaching identity verification. There are centralized systems which are traditional and these are also more susceptible of data breach and cyber attacks.Blockchains are used for offering one of most secure, decentralized solution used to enable individuals for controlling personal information.Platforms which are related to identity verification use blockchains for creating tamper proof recordings.

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Blockchain identity verification comprises of numerous benefits that I am going to explain here;

• First benefit is is decentralization characteristic because then point of failure becomes zero.

• Immutable storage of data in which there are Temple proof recording remain safe is another benefit.

• It also provides more security by cryptographic encryption.

• Real time tracking may also occur by this so in this way it is providing transparency which is another benefit.

• It provides good control to users so individuals can manage their personal data according to themselves.

Some famous blockchain platforms that are for identity verification include Ethereum that use smart contract functionality.One more is hyper ledger fabric which is enterprise focused.After that Corda comes which is oriented and surrounded by financial services.At last Polkadot platform comes which is an interoperable blockchain network.

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When I talk about identity verification protocols then some of standardized protocol are used for ensuring seamless interaction like self sovereign identity which is based on Ethereum blockchain.After that decentralized Identity comes which is W3C standard based.There is identity verification protocol which is blockchain agnostic.

Blockchain identity verification has versatile applications in different fields like in finance service for knowing your customer verifications process,in field of health for managing and recording of data of patient,in government like for securing ID of a citizen.in social media for security of logins and in many other fields there are applications.

There are some use cases which are useful for demonstrating blockchain versatility.Blockchain identity verification platforms should have their compliance with General data protection regulation, California customer privacy art,Know your customer regulations,anti money laundering law and data protecting acts etc.

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Now I want to discuss about some of its challanges so first major challenge is issue of scalability,then interoperability issue, regulatory framework issues, adoption of users issues and at last issues related to awareness and education.When we address these type of challanges then it drives diverse adoption.

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There are some notable blockchain identity verification implementations and successful example like Estonia's e-residency program, Singapore's national digital identity,IBM's blockchain identity platform and Microsoft identity overlay networks etc.

Blockchain powered identity verification platforms are revolutionizing the way in which we manage identities. Safest, decentralized and user centric solutions are important for diverse adoption. As technology is developing we may expect more efficiency, safety and user control.It was about my topic so hopefully everything is clear to all of you.....

Have a blessed day