Blockchain technology can protect a consumer’s identity from theft and reduce fraudulent activities. The companies use blockchain to encounters reconciliation in several industries.
The technology allows individuals freedom to create encrypted digital identities which replace multiple usernames and passwords offering comprehensive security feature. These features are capable of saving companies and customers valuable time and resources.
The nodes of blockchain are critical to keeping the blockchains functioning effectively. Blockchain has nodes play a crucial role in protecting the data.
The business that uses the combination of decentralized blockchain principle and comprehensive system also verifies identity and is suggested that a digital ID can be created for each online user to serve as a digital watermark affixed for all transactions done by the users. With blockchain technology, any company can build decentralized applications or even create them.
Blockchain keeps the authenticity and integrity of any information of individuals who input their personal data on the blockchain-based application. With the installation of blockchain-based applications, companies stand a chance to reduce the risks and improve data compliance. Big companies such as IBM, has its own blockchain platform development strategy.
With blockchain, identity management solutions give control of personal identity data back to the end users. The engagement of data identity with blockchain systems benefits both the users and the business such as reducing or eliminating redundant compliance and also gives better security and experience to end users. Another benefit is that it can meet global identity or privacy requirements through blockchain-based identity management.