How blockchain may kill the password
Imagine a company that can verify the background of a new employee and onboard them with the click of a single virtual button, or a banking customer who can verify their identity for a loan without exposing personally identifiable information – again with a click of a button.
That’s the potential blockchain holds for decentralized identity management. It’s done by creating a digital wallet that serves as a repository for all kinds of personal and financial data, info that can only be shared after a specific request and only with the permission of the owner.
Blockchain distributed ledger technology (DLT) – in combination with digital identity verification – holds the potential to solve online privacy issues that plague everything from consumer sales and bank know-your-customer regulations to employee credentials that allow access to confidential business systems.