Contact us today!
561-795-2000 
844-795-2001

FRS Pros Blog

The Blockchain May Soon Protect Your Entire Identity

The Blockchain May Soon Protect Your Entire Identity

Blockchain is one of the latest and greatest developments to come in computing. The spotlight is on Bitcoin, Ether, Litecoin, Dogecoin, and several other cryptocurrencies that take advantage of the blockchain, but it’s important to remember that it’s not exclusive to cryptocurrencies. In fact, it has several great uses, with some of the most important being cyber security, transparency, and privacy.

The Sovrin Network
While the majority of people might only know the blockchain in regard to cryptocurrency, there are some organizations out there that understand the benefits a blockchain can bring to networking and secure online exchanges. One association like this is the Sovrin Foundation, which founded the Sovrin Network. This network allows each user to have their own digital wallet, complete with specific identification, banking, and financial credentials, as well as employment credentials or a company ID.

Their Mission
A glaring fault in the way that the Internet functions was showcased last year when 2.9 billion records were exposed to various data breaches and cyberattacks. The Sovrin Foundation was created for the purpose of discovering a way to confirm one’s identity online without exposing themselves to potentially threatening scenarios. Cybercrimes are a major issue nowadays, making it especially important to preserve the authenticity of one’s identity. The idea is to create a standardized way to take advantage of digital credentials and verify their authenticity. The blockchain is an ideal way to approach this concept.

How Does it Work for the End User?
People don’t always like to embrace change, even if it’s to their benefit. It’s unlikely that the average user will feel the need to download an application to keep them safe online with a secure online identity wallet. In an attempt to make it easier for people to embrace these changes, organizations are using QR codes and other identification methods.

The blockchain could potentially allow various organizations to make contact with others in a secure fashion, making it much less risky to share important information. Only the bare minimum amount of information will be shared. If a user wants to try taking out a bank loan, the loan provider might need access to information on salary. If each of them are part of the blockchain network, the employer could provide just enough information to confirm the salary threshold without sharing the exact number itself. Basically, the Sovrin Network aims to place the power of information sharing in the hands of the user.

In Case You Lose Your Phone…
If you’re using your phone as a digital identity wallet, you’ll want to be just as careful as you would be with your physical wallet. What can you do if your phone has been lost or stolen, and your credentials are stored in the Sovrin Network? All you would have to do is create a new credential for your digital identity.

This brings up the question of whether this method is any better than the old-fashioned way of handling security. As society continues to rely on access to data and information, the blockchain’s focus on privacy will only grow in importance. What are your thoughts on the blockchain? Let us know in the comments.

Tip of the Week: How to Better Manage Your Invoice...
Despite Blockchain Security, Cryptocurrency Has Th...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, November 15 2018

Captcha Image

Mobile? Grab this Article!

QR-Code

Tag Cloud

Tip of the Week Security Technology Best Practices Privacy Internet Network Security Tech Term Cloud Business Management Google Business Computing Software User Tips Hardware Malware Microsoft Computer Hackers Browser Productivity Efficiency Mobile Devices Cybersecurity Windows Hosted Solutions Data Backup Apps Smartphone Internet of Things Innovation Cybercrime Operating System Windows 10 Data Recovery Data Security Android Office 365 IT Services Backup Email Smartphones Outsourced IT Business Continuity Law Enforcement Disaster Recovery Ransomware Upgrade VoIP Mobile Device Management Vulnerability Data Business Money Phishing IT Support Alert Saving Money IT Support Communications Server Employer-Employee Relationship Applications Chrome Microsoft Office Best Practice Collaboration Network Managed IT Services Passwords Windows 10 Managed Service Provider Managed IT Miscellaneous Computers Virtualization Unsupported Software App Blockchain Cloud Computing Spam Router Two-factor Authentication Google Drive Telephone Systems Gadgets Tech Support Information Small Business Information Technology Gmail Devices Wi-Fi Robot Save Money Update Cost Management Managed IT Services Politics The Internet of Things Social Media Data Breach Shortcut Augmented Reality Workplace Tips VPN iPhone Travel BDR Commerce Budget WannaCry Wireless Technology Facebook Excel Data Management Fraud Users Quick Tips Application SaaS Hosted Solution Productivity Proactive IT Evernote Avoiding Downtime Sports User Error Encryption Touchscreen Data Storage Safety WiFi Cortana Managed Service Networking Mobile Device OneNote Password Communication Holiday Automation Artificial Intelligence Word Risk Management Bring Your Own Device Mobile Security Government Audit Google Assistant Google Docs Project Management Data Protection Hacking Patch Management Wireless Charging Humor Windows Ink Identity Theft Hybrid Cloud Emails Cast Gifts Computing Identity Root Cause Analysis Licensing Updates Wireless Internet Upgrades Comparison Employee-Employer Relationship Computer Fan Value Wasting Time Files Microsoft Excel IT budget Hard Disk Drive IT Management DDoS Outlook Disaster Google Maps Spyware Vendor Management Amazon Marketing BYOD Recovery Credit Cards App store Data Privacy Windows 7 Microsoft Word Scam Gamification Reputation Specifications Virus Business Technology Accessory History File Sharing Software as a Service IT Solutions Data storage Display Apple Samsung Virtual Assistant Webinar Remote Computing Health Administrator Hard Drive Tablets Maintenance Memory Consultant Streaming Media Sales Proactive Testing Lithium-ion battery Computer Forensics Peripheral Remote Monitoring Wireless Storage Social Engineering Legal Bandwidth Settings Sync Chromebook Co-Managed Services Mobility Edge Antivirus Alexa for Business IT solutions Search Access FAQ Laptop NFL eWaste Financial Transportation Chromecast Retail Websites Camera Management Access Control Private Cloud Identities iOS WIndows Server 2008 Telephony Printing Telephone Data Loss Ciminal Windows 10s HBO Internet Exlporer Charger Touchpad Device Security Screen Mirroring Going Green Social Conferencing Data Theft Emergency Computer Care Projects Nanotechnology Workers Point of Sale PowerPoint Unified Threat Management Admin Legislation Language Vendor Uninterrupted Power Supply Adobe Hyperlink Meetings Solid State Drive Relocation Black Market Cleaning Printers Automobile Office Big Data Personal Information Regulation Managing Stress USB Worker How To Books PDF Education Hiring/Firing Twitter Cache Mobile Computing Video Games Experience es Work/Life Balance Virtual Reality Text Messaging Crowdsourcing Employer Employee Relationship Current Events Electronic Medical Records Training Monitors Benefits Phone System Thank You Television CrashOverride Save Time Office tips Computer Accessories Company Culture Battery Smart Technology Flexibility Music Congratulations Advertising Instant Messaging Hacker Scalability Analytics HaaS Entertainment Compliance End of Support Keyboard