People are the heart and soul of commerce and are a focus of every business. However, trust is the dynamic transaction and in terms of business relationships, it is built on knowledge. That is why banks and other business organizations have KYC (Know Your Customer) necessities for recognizing and confirming the distinctiveness of anyone they interact with. Identity management is presently carried out in a decentralized manner. Businesses and government entities have access to incongruent data and individuals must source their peculiar information over and over but have petite control over how that data is used or replaced. These challenges and impending solutions such as ‘Blockchain’ was deliberated in the K (NO) W Conference that was held on 15th May in Washington DC.
Identity in the digital age –
Due to identity burglary and scam, industry initiatives and government agencies have been tasked with a perilous, time-consuming and expensive undertaking which also includes authenticating, handling and defending the identities of the individuals in their business grids. Many organizations see blockchain as an innovative way to handle these responsibilities as it can allow individuals to consent and rheostat access to their data as well as provide businesses a reliable view of a person’s identity.
Building Blockchain for identity management –
Let’s take a ride to the three guidelines that can help organizations when they develop this type of blockchain:
- Design with a future end-state in mind – A user-centric model should be based on self-sovereign and should have the prospect to manage the consensus and control of personal data across a blockchain in a simplified way. Application based on different businesses must also be fully interoperable.
- Evolve from exclusive to fully open platforms – Evolution requires suppleness. With open, interoperable platforms, uniqueness can be substantiated in a much tougher manner which can help create the right levels of conviction for individuals and businesses that are looking forward to making business and subjective transactions.
- Adapt the enterprise business model – Blockchain helps in finding the new way of doing business. With a well-versed wealth of past presentation, peer-to-peer business models could become more feasible.