Blockchain Technology for Identity Management
Identity Management is one such sector of the industry which involves the greatest factor “security”. This sector is existing in providing a high range of security and to keep the data & information much secure.
In the traditional sectors, it involves the usage of Username and Password for Identifying. Though people come up with complex & complicated passwords for security, there are still risks of security breaches.
One such shocking data is, around 3.3 billion credentials have been stolen during third-party breaches while 12 million of data was stolen via phishing attacks. But with Blockchain, there are multiple security factors involved.
SOURCE: LEEWAYHERTZ (BLOCKCHAIN IDENTITY MANAGEMENT USE CASE)
Application of Blockchain technology:
By leveraging Use cases of Blockchain Technology for Identity Management, here are the things which can happen:
- With Blockchain technology, we can come up with security factors such as Multi-Step Verification, Multi-factor Authentication process, etc to make the process more secure.
- When it comes to non-custodial logins based on Blockchain, there is no central entity for an employee. This includes the power of the usernames, passwords, and access to the database.