Solve identity theft and data leaks issues with blockchain technology!!

Posted by finterra on December 12th, 2018

We all have heard about identity theft and data leaks cases increasing across the globe day by day. And this has made authentication a major concern. Can you imagine someone using your credit card to make large purchases without your knowledge? Yes, it happens, and all that you are left with is to tackle the mess of convincing credit card companies about the fraud. You would ask them to change all your cards and dispute the charges involved.

Not only the credit cards, someone may call your cell phone provider with your personal information to commit a SIM porting hack and access all your text messages. In fact, finding access to your personal text messages is the gateway to various online services as service providers use it for two-factor authentication like one-time passwords.

While managing our digital identity, the major risk we face is when the personal systems are compromised. We update our identity proofs every few years. If anybody checks a proof of who we are, they don’t remember the details for future. But if someone wants to compromise your ID, he will not go from person to person who has seen your proof of identity rather they have to find you personally to hack the information from your wallet or phone.

Blockchain and digital identity

Want to avoid identity threats or insecurities that someone may steal your personal details anytime? If yes, blockchain technology works as a savior for sure.

Advantages of blockchain as authentication provider

• Although, use of blockchain technology is at the early stage at present it is increasing at a fast pace. The concerned technology proves to be useful in varied sectors such as banking, voting, insurance and retail etc. And it works great as an authentication provider.

• With blockchain technology, you can easily prove that you are the person you are claiming to be. It would be easier to authenticate yourself at banks, government offices, airports or wherever you need to show your identity proof.

• The technology use key-pair for the users to register their respective identity. Basically, information is stored in the form of hashes which can be used for various identity-related attributes such as name, unique identity number finger-print, social security number or any other kind of biometric information.

• Once the registration is completed, user can request a recognized party to verify hashes through authenticating which confirms that the details provided on the blockchain is real.

All in all, if someone needs user’s identity for authentication purposes or identification mechanism, you can use hashes of the block pre-verified by the reliable recognized party.

Finterra is a credible app with plethora of above discussed benefits involved and a huge credit goes to Blockchain technology. Follow us on Instagram.

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