Blockchain is touted as the answer to personal identity management because it is secure and pseudonymous.
Blockchain has many purposes — usually, there is a tendency to link it only to its original application cryptocurrency, specifically Bitcoin. But, blockchain can also be applied to supply chain management, data validation, payments, and identity protection.
The technology blockchain is made to withstand and hold off data breaches and even the most unscrupulous and experienced hacker. In off-chain or traditional identity storage and management, data can be highly susceptible to fraud as its storage is centralized and more than likely with a single hackable point of entry.
The decentralized and distributed nature of blockchain changes the nature of identity protection.
A person’s identity can be secured with blockchain-based cryptography, allowing them to use various applications without leaving a significant digital footprint. Blockchain minimizes data sharing and ticks the two main identity management criteria: authentication of a person; and authorization of access to personal data.
As time progresses your identity will become a more and more valuable asset.
Blockchain technology puts the power back in the user/consumers’ hands by keeping them in full control of their identity assets. To be indeed in control of your personally identifiable information (PII) on the blockchain, you need to control the cryptographic keys that allow access to your data; thus, the blockchain itself does not guarantee full data security.
The very thing that makes blockchain so secure for individual data protection can be its undoing because humans control those keys, and they are indeed fallible. A myriad of things could happen to those keys — lost, forgotten, stolen. And once they are gone, it can be extremely difficult if not impossible, to retrieve them depending on the blockchain or protocol you were using.
Another consideration for individuals and companies seeking to protect their information is that blockchain technology can be daunting. An average-Joe may be intimidated by the technical jargon, the mass of abbreviations, busy developer communities, let alone overwhelmed by user interfaces not designed for an average person — even if they are C-level executives.
Furthermore, blockchains association with cryptocurrency can make ordinary consumers wary of it owing to the bad press around massive gains or losses or the rug pulls associated with early DeFi.
Blockchain’s complexity has inhibited the industry’s growth.
If blockchain tech were easy to use, the general public would already be adopting it to protect their digital identity. It has been over 12 years since Satoshi Nakamoto introduced the world to blockchain, and despite its potential, most people have never used it.
The problem is it’s just not that simple to adopt blockchain but there are projects that are stepping up to make blockchain apps more user-friendly. AIKON has a platform called ORE ID that’s tackling that exact issue.
ORE ID utilizes social logins for blockchain identity verification. Companies can seamlessly create blockchain identities for their user base with their existing login. Adoption could not be any easier — it is commonplace in traditional settings to sign into various accounts using existing log-ins.
It makes sense to have a universal authentication and authorization platform for blockchain that works on mobile and legacy applications. And AIKON has done it! With ORE ID, access to blockchain DApps is given via the most popular OAuth providers — Google, Facebook, GitHub, LinkedIn, Twitch, and Twitter — with minimal information sharing.
ORE ID is also a great way to manage multi-sig wallets — it allows access to multiple people, logging in with existing social media and email accounts. AIKON’s solution lets users decide how much of their personal and sensitive information is shared on the Internet and with whom. At the same time, they can establish a secure presence in multiple blockchain networks and use several DApps consistently with a single click.
Blockchain is the future of identity management. Are you ready?