Blockchain Applications for Identity Verification

September 25, 2018

Blockchain Applications for Identity Verification

Companies of all sizes have shown increasing interest in blockchain – the latest in a long line of technological novelties – as a solution for a broad range of business issues.

With the advent and subsequent media coverage of topics like Bitcoin billionaires and Initial Coin Offerings (ICOs), the public has inadvertently fixated on blockchain’s successful cryptocurrency applications, leading many to consider it a panacea for all industries and organizations.

The truth is that blockchain is far more likely to have a positive impact on specific industries and frameworks when it’s applied strategically, not haphazardly. Blockchain has potential to support identity management and verification processes, but it’s not an ideal option for every application within the identity ecosystem.

General comprehension of blockchain functionality varies widely, even among those with technical backgrounds, which leads to continued confusion surrounding this highly nuanced subject.

A common misconception is that blockchain offers anonymity, when in reality, it provides pseudonymity, a security measure that identifies an individual but does not disclose their legal name. This makes blockchain a great fit for some applications, and less practical for others, if at all.

In this white paper, we’ll pragmatically explore three specific identity verification applications of digital ledger technology, and discuss where we believe it aligns best, where we believe it doesn’t, and where we are optimistic that it could in the future.

Tell us a little about yourself and we’ll send you this white paper right away.

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