Blockchain has evolved significantly from the distributed ledger technology created to track bitcoin ownership. This technology can replace traditional systems with a highly trusted mechanism of managing identities. Blockchain technology also has the ability to empower users to have greater control over their own identity. Organizations can use the information only with customers’ consent and no central entity would be able to compromise a consumer’s identity.
DIGITAL IDENTITY
A rising key component of the digital economy is the ability to collect, verify, and manage users’ identities while they complete transactions and access services online. Current approaches for sharing personal data and information with companies and digital platforms lead to privacy vulnerabilities from hacks or poor data management. Blockchain allows individuals or companies to maintain more direct control over their own confidential information. Further, processes along the identity collection, verification, and management lifecycle can be streamlined by both more seamless attestations and more direct data sharing.
Digital Identity on the Blockchain is an idea whose time has come. Two things are happening at the same time. One is the realization by millions of people that our digital identity data is at least as valuable as our money. The second is that thanks to Blockchain technology we have all been given the tools to control assets that we own.
CONCEPTS OF DIGITAL IDENTITY DRIVEN BY BLOCKCHAIN TECHNOLOGY
1. Your Digital Identity is an asset that you control through a private key. You control Digital Identity on Blockchain just like you control cryptocurrencies on Blockchain.
2. Nobody can change that data. Not you, not your government, not some corporation. Data can be appended, but never deleted or changed. Think of this like a private key to your bitcoin that allows you to view your crypto stash but not to magically make the stash bigger. Your biggest asset is safely under your control, but you cannot simply write your own history of yourself.
3. Granular control. You can reveal one part to one company and only that one part. The only person who sees the whole picture is you. For example, only you can see your health records, friends, financial records, political opinions and all the intelligence you gather by combining those data sets.
USE CASES
Blockchain and digital ID platforms have already come a long way since last year. This is evident in the number of notable organizations that have recently involved themselves in the sector, some of them include:
THEKEY is an identity verification tool powered by the blockchain. It incorporates Blockchain-based dynamic multi-dimension identification (BDMI, for short) to help authenticate that somebody is who they are claiming to be. This level of authentication is in lockstep with what government agencies require. Advantages of this level of security and identity management technology, THEKEY team states, is lower cost, more reliable results, and better user experience.
KABN is a suite of financial services that begins with identity security built on the blockchain. The platform arose out of a growing need for greater regulatory compliance with initial coin offerings (ICOs). The end-to-end suite of services includes a patent-pending B2B2C infrastructure that will let clients and consumers cut chunks of time off of KYC and identity-verification process through the use of smart contract technology. This is critical in the ICO climate, where on boarding processes are rapid and, if not done right, messy. Verifying identity and user data through KABN represents a step towards making ICOs a more above-board way to raise funds.
Palo Alto-based Civic is a blockchain-enabled ecosystem equipped with tools for individual users and businesses to maintain power over their digital identities. Civic is the launching pad for those who want to access outside sites and apps, but are unsure that their identity will be protected when they do. By using the Civic platform as a buffer, users can access untrusted locations on the web without the need for a login and password. Third-party keys are generated to serve as a barrier between Civic and a user’s keys while still verifying that the user is who they claim to be. All identity information entered on Civic is completely encrypted; so, despite using the platform to login to all sorts of sites, the information used remains private and insulated from outside threats.
Enter Tokoin, a platform dedicated to accelerating growth of micro, small and medium enterprises (MSME) with the aid of blockchain Technology. To tackle the growing frustrations of MSME holders who are unable to leverage their businesses. Tokoin platform offers a solution to them through establishing a digital business identity and acceptable credibility scoring to enable them have better access to benefits from credible financial institutions. Tokoin’s gradual emergence on to the blockchain scene has been making the headlines globally for quite a while now being one of the few breakout blockchain technology powered projects to come out of Indonesia.
CONCLUSION
Companies are saying enough’s enough, developing blockchain-powered tools to turn the tables in favor of people protecting and managing their identities. By creating hyper-secure storage lockers of sorts for our identifying information and letting us know who tries to access, they aim to put the bad guys out of business. However, Tokoin stands out amongst these companies because Tokoin will use its platform as a tool to facilitate MSME growth, starting from Indonesia.
Website: https://tokoin.io
Whitepaper: https://www.tokoin.io/whitepaper/Whitepaper.pdf?id=05f5c9d62d22ae24ea82
Telegram Chat: http://t.me/tokoinglobal
Twitter: https://twitter.com/TokoinOfficial
Facebook: https://www.facebook.com/TokoinOfficial
Medium: https://medium.com/@tokoin
Instagram: https://www.instagram.com/tokoinofficial
Linkedin: https://www.linkedin.com/company/tokoinofficial/
