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The Surging Need to reduce Identity Theft and Data Breaches On The Blockchain
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Identity management is a complex process involving individuals' identification, authentication, and authorization to access systems, networks, and applications. Robust digital identity solutions are implemented to reduce the risk of fraud, identity theft, and data breaches.

A blockchain-based identity management system won't keep any user data on the archive. The system also uses smart contracts to allow for controlled data disclosure. Therefore, on the blockchain, data manipulation is not possible. For identity holders as well, a blockchain-connected identity management system is highly secure.

Blockchain identity management systems could be used to eradicate current identity issues like data insecurities and fraudulent identities. In centralized identity systems, the entity providing the identity is generally responsible for the security of the identity data. In a decentralized identity framework, security becomes the responsibility of the user, who may decide to implement his or her own security measures or outsource the task to some service like a digital bank vault or a password-manager-like app. Additionally, blockchain-powered, decentralized identity solutions force hackers to attack individual data stores, which is costly and generally unprofitable.

I strongly believe that identity management projects should be given serious attention so that the issues surrounding identity theft of the blockchain could be reduced to the nearest minimum.

What projects are already providing identity management solutions on the blockchain? I know of a few but I would like to have your opinions as no one is an island of knowledge.

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1 year ago