Every second, the cyberspace keeps thriving with activity; these activities are of different types, carried out for different reasons, by different people, and in different places. The activities taking place on the cyberspace all contribute to the success of the internet, which has been a major vessel for the sharing and transfer of data. The internet is a big place with tons of data flowing in every direction, most of these data are private and owners of private data are mindful of its security, hence the need to adequately secure the data. While there is the need to secure data, there is also the need for its verification, and to this effect, there have been different methods of ID verifications that have been implemented.
With the internet teeming with data containing billions of personal information, the susceptibility of the internet to cyber criminals and malicious attacks cannot be overemphasized, as they stay lurking on the internet looking for unsuspecting victims, to use victims’ personal information for their selfish and evil purposes. While there are different reasons why the internet is a vulnerable place to keep your personal information, one major reason is:
- Centralization: There are various websites available on the internet, and before you can access many of them, there is the need for you to register on such websites with your personal details. After registration, your personal information gets stored on their personal server or cloud storage, which you do not have control over. Because there is a 3rd party system, you are not the only one that can use your personal identity to access the website, as the website itself has the power to manipulate your account if needs be. Most importantly, the 3rd party is susceptible to attacks, and hackers can get access to your personal information and use it for different purposes like identity theft, frauds, counterfeiting, etc. there are a thousand and one examples of these cases, but one prominent one was when a credit reporting agency called Equifax lost a huge amount of money, in the sum of $4 Billion to hackers who gained access to the server and got the personal information/identities of about 145.5 million of its registered users.
Different methods of identity verification have been created and used, each becoming more complex than the previous, but all methods are just a sheer waste of resources in terms of effort, money, and time if these identities are still centralized.
The only basic solution is decentralizing the system such that users are the only ones in control of the storage of their personal data, and the only reliable system to make that possible is the Blockchain technology. The blockchain technology is cryptographic in nature, employs high-grade security while being a completely decentralized structure, and there are other features of the blockchain that make it impossible for 3rd parties to gain access to people’s personal information. A blockchain based identity verification system is just the perfect answer to the problem of centralized personal information collection, identification/verification, and storage.