By Joshlin Sheridan, Marketing —
Blockchain is a technology originally created to support the digital currency, Bitcoin. It is now finding foothold in other industries such as file storage, governance, protecting intellectual property, identity management, and more. But what exactly is this new technology?
Comparing Blockchain with a Google Doc
Consider this example: Let’s say you are working with several other coworkers on a grant proposal. Ten years ago, you might have collaborated on this project by creating a single Word document and then sending copies of it to others to make revisions. You would need to wait for them to send the copy back before you could see changes or make other edits and there would be several copies of the document at once. Today, collaboration is easier and faster by using Google Docs so that everyone can see the document simultaneously and make changes in real time.
Blockchain technology works in a similar way but for a database of information. The database isn’t stored in a single place and is not centralized. Therefore, this digital ledger is public, easily verifiable, and hosted by millions at the same time.
A New Kind of Digital Identity
Most of today’s online security and identity websites use a username/password system. Blockchain is changing the face of online identity because it decentralizes data and uses encryption technology though assigning people public and private keys as means of network access. These measures could decrease the risk of your personal information being stolen or corrupted.
Digital Identity Verification through IdentityDetect
In our world where online interactions and a shared economy are becoming increasingly popular, it is vital that your online identity be protected, either through distributed ledgers or other methods. IdentityDetect™ is a new identity verification solution that fits in with the new blockchain technology and provides an extra layer of security for identity verification. It is a three minute test that uses a machine-learning system to determine the credibility of individuals providing identity-related information. This online test can help banks and other financial institutions verify customer identity, of both current or prospective customers. This technology could also be used in other industries such as immigration, dating websites, or driver’s license applications.
Learn more about IdentityDetect here