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.

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