An article published on the Technology Review Magazine of the prestigious Massachusetts Institute of Technology has argued that ‘Blockchains are Poised to End the Password Era’.
The article states:
“the way we prove our identities online is in need of a major upgrade. A growing chorus of technologists and entrepreneurs is convinced that the key to revolutionizing digital identity can be found in the same technology that runs cryptocurrencies.”
Blockchain Technology allows the User to be in full control of their identity information, unlike the contemporary models in which the identity information of all the Users is stored in large databases with companies which are vulnerable to mass data breaches & identity theft. Consider the case of Uber and Zomato data breaches, for example, which ended up compromising the personal information of more than 57 million and 17 million people respectively.
Blockchain Technology allows for the omission of the need for a “middleman” to store and verify the information.
With blockchain, Velix.ID, our startup, for example, has built a platform to allow frictionless identity verification globally. Utilizing blockchain technology, smart contracts, HD Wallets, and Stellar Consensus Protocol (SCP), Velix.ID has built a platform that allows the users to sign-up for various consumer services on the web instantly without having to sign-up using ‘usernames’ and ‘passwords’.
Not only that Velix.ID helps protect your identity, but it also helps you save time, as the process of filling out several sign-up & sign-in forms everywhere on the internet is significantly reduced.
With Velix.ID, a User can sign up for any web service without having to store their personal information with Velix.ID or any other third-party.
The main advantages of Velix.ID over the traditional methods of managing digital identity can be summarised as follows:
Universal: Identity information can be transacted globally in a secure manner without any restriction of nationality or geographical limitations.
Secure: User’s data is not stored with Velix.ID. Even if Velix.ID systems are breached, it does nothing to compromise the data of the User.
Obscure Using zero-knowledge-proofs, the latest in the blockchain technology, Velix.ID blockchain ensures the privacy of transacting parties from other users, i.e., the details of transactions cannot be seen by other users on the ecosystem.
Transparent The fact that a transaction has occurred on the Velix.ID Blockchain can be seen by any individual; there is verifiable authenticity for every transaction made on the blockchain.
Decentralized: No single point of failure can occur in the Velix.ID ecosystem, since there is no central database in the first place. Since all of the User’s data is stored on their own devices, even if a single User’s data is compromised, it does nothing to compromise the data of other users.
User-Optimized: The Velix.ID ecosystem is both time & cost efficient; the time and cost incurred in verifying identities is reduced significantly both for users and businesses.
This is, of course, just one of the many use-cases of Velix.ID, as the mission is to disrupt all contemporary methods of identity verification in every sphere.