Blockchain for identity management and the three main problems concerning digital identity that blockchain will solve panel discussion.
What are the three main problems plaguing the digital identity space which the blockchain can solve?
Digital units shouldn’t be easy to replicate.
If someone attempts to double spend using the same Bitcoin, then both the transactions will get automatically rejected. Once a transaction is verified for a particular bitcoin, its details get added into a block.
Digital files should be tamper proof.
All the blocks are also linked to each other via hash functions. Each block in the blockchain has the hash of the previous block. As such, if tampering does occur, it changes the entire structure of the chain, which is an impossibility.
Digital processes should be tamper proof.
Blockchain can ensure a seamless, secure data storing process which is free from human emotions/negligence.
Blockchain: Definition and Features
A blockchain is, in the simplest of terms, a time-stamped series of immutable data that is managed by a cluster of computers and isn’t owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).
The reason why everyone is so excited about the blockchain is for its following three features:
Decentralization: None of the data in the blockchain is owned by one centralized entity. All the nodes in the blockchain’s network hold the data.
Immutability: Once data has been entered in the blockchain, it cannot be tampered with. This happens because of cryptographic hash functions.
Transparency: All the nodes of the network can see all the data that has been entered into the blockchain.
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