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The problem of identity theft is an exceedingly common occurrence in countries that have a centralized system for storing identity information of their citizens. The lack of control over people’s own identities has been one of the major issues faced by governments around the world today. The identity badges, driving licenses, social security numbers, bank account details, etc. seem to be hackable and/or replicable. The incidents of data breach are increasing day by day leading to an increase in the data needed for verifying the identity of an individual.
The data connected to a person has expanded due to the numerous apps and services available on the web apart from the data needs of banks and government. Today, personal information is highly susceptible to data breach due to the storage in a centralized database and a solution is needed.
— Christopher Allen
The demand for a secure system is the need of the hour. With the advancements in the field of blockchain technology, the word ‘privacy’ might actually mean something apart from just being in a dictionary. Using blockchain technology, you can leverage the irreversibility of information incidents to make permanent records of identity verification that are not stored in any cloud. It will provide a better solution than the current situation where the data is stored on a centralized server and is “owned” by various service providers.
Data stored on blockchain will get distributed over the vast network of the mining devices, granting ownership to the individuals. With the usage of public-key cryptography and the decentralization offered by blockchain, the difficulty level of cracking the chain will reach a new high and even the combined power of supercomputers will fail to breach the data of individuals. Now, every user can gain control over their digital identity with quick and secure validation without a centralized authority and make privacy a standard.