Last year was flooded with headlining news of data breaches, with organizations across the globe falling victim to massive breaches. The overwhelming frustration among consumers for the lack of control over their own information has left a void for a solution – here enters blockchain technology. Blockchain technology, as an immutable ledger, introduces a concept that was unable to be accomplished ahead of its creation and mass adoption. Identity can now be verified and exchanged in a way similar to bitcoin, eliminating the need for companies to keep large amounts of data on their customers, clients or users, finally giving them control over the data they share and the access companies have to their identifying information.
In 2018, we can expect to see exponential growth in blockchain-based identity management systems (IMSs), driving the concept of “Bring Your Own Identity” or BYOID. BYOID allows users to keep all of their personally identifiable information (PII) on their own device, such as a mobile device, and use the blockchain to verify that information for a third party, such as a bank. No PII is ever stored on the blockchain.
In addition to users gaining constant and direct control over their information, BYOID is valuable because the information becomes virtually un-hackable.
- Verification certificates are the only thing stored on the blockchain, while PII is locked under a private key on the user’s device.
- Blockchain itself is a highly distributed ledger, as opposed to a central database, so records cannot be rewritten or changed.
Consumer-facing products are not the only industry that will experience growth in IMSs. Many enterprises will also turn to blockchain-based IMSs for employee identity management, like ShoBadge, as it provides a solution that protects against data breaches of a company’s system.
Finally, with the European Union’s General Data Protection Regulation (GDPR) taking
effect in May, we can expect to see many organizations seeking GDPR-compliant solutions for data handling. The legislation not only affects companies operating within the European Union, but all companies processing or holding the personal data of persons residing in the EU, no matter where they are located or where its data is processed. ShoCard’s solutions, founded on the concept of BYOID, are equipped and ready to help your company comply with GDPR, whether you are looking to protect customers, prospects, employees or contractors.
For more information on ShoCard and ShoBadge,