The digital landscape is rapidly transforming and verifying digital identities is now more paramount than ever noted Bahaa Abdul Hadi. As virtual connections proliferate and more people work from home, it is vital to authenticate the identities of the people we interact with online. It has become very easy for cyber fraudsters to target unaware consumers for financial theft, ransomware attacks, phishing emails, identity theft and so on.
In this era of growing digital anxieties, the promise that decentralized identity systems guarantee is truly a silver lining. Since they harness blockchain tech to implement decentralized identity systems, there are a number of areas where we can bolster security and boost privacy of users.
Trust and verification in the era of decentralized tech
Blockchain-based technologies are paving the way for a future where consumers can traverse the virtual world with surety that their personal information is safe and protected. Self-governance of data and holistic ownership of sensitive information in the hands of consumers is the core tenet of decentralized identity systems.
The use of decentralized tech further guarantees seamless data exchange and immutable communication. It is virtually impossible to alter data that is once recorded on the blockchain. Information breach is also difficult as decentralized tech uses superior security measures to store our data on decentralized ledgers. One need not worry about external parties tampering with our personal information and can easily manage their virtual identity by choosing how much to share.
How it differs from centralized systems?
Usually in centralized identity and information verification systems, a central party like the government or an organization collects and stores data. Your credentials are always at the risk of being leaked from a central database, which is not the case in decentralized systems that store information across multiple places. They use encrypted digital ledger technologies (DLT) to power our portable digital wallets.
It’s becoming common from social media platforms and app giants to allow interconnectivity and cross-posting of information, which makes data vulnerable to numerous third parties. All it takes is for you to download an erroneous app or game on your phone to become a victim of financial fraud. Centralized identity tech has a lot of loopholes that are conquered by blockchain technologies used by decentralized identity mechanisms.
Bottomline
The level of confidence and trust inspired by decentralized tech is unmatched by existing modes of data protection. Manual identity verification will soon become a thing of the past as it consumes a lot of time and money for both consumers and companies. It is also more prone to fraud and it is now more crucial than ever to make the switch to decentralized identity systems. Thank you for your information for more information, please visit www.bahaaabdulhadi.com.
