One of the hot topics of today is digital identities, and in particular, digital identities on the blockchain. We’re pleased to present you with our latest infographic, entitled “Putting Digital Identities On The Blockchain. How Does It Work?” To begin, we cover what a digital identity actually is. You’ll also learn things such as that key areas of concern with digital identities include security and privacy. And that a digital identity is linked to one or more digital identifiers, like an email address, URL, or domain name. You’ll find out what types of data points can help in forming a digital identity, including things like your purchasing behaviour, online search activities, social security number, etc.

The infographic continues on to show that there are a number of pros of digital identities, including making it easier to research, explore, and learn more efficiently, effectively, and inexpensively to better your education. They can also help you build a positive online presence for professional opportunities, among other benefits. But, there are also challenges as well, particularly for the way in which digital identities have traditionally been done. For example, for cybersecurity, the rise of identity theft can be difficult to stop. Also, today it’s very difficult for individuals to know who is gathering information about them, and how information has been or is being used without their knowledge.

From there, we discuss trends that are driving the need for digital identity systems. Trends like new user behaviour, with many customers today expecting 24/7 omni-channel service delivery, and being willing to change services for the best customer experience. Or trends like the rise of exponential technology, with new technologies emerging, which are improving the ability, speed, and efficiency of identity management systems. There’s also the need for trust (among other trends mentioned in the infographic below), which has always been a necessity, and which digital identities can help individuals and businesses improve their trust by proving who they are.

The infographic also discusses what to expect next in this area. You’ll learn expectations like the expansion of national ID schemes and federated systems. In fact, according to Gemalto, the number of electronic National ID cards in circulation will reach 3.6 billion by 2021. And expectations like that ID will be more mobile in the future, given that there are plenty of signs to indicate that mobile phones will be the most suitable platform for a secure, digital identity solution in the future.

Next, we talk about blockchain and identity, about how blockchain technology can help improve digital identities. We talk about how blockchain technology can provide solutions to many digital identity concerns, since identities can be uniquely authenticated in an immutable and safe ledger. Among many other benefits.

From there, the infographic will tell you about use cases related to digital identities and blockchain technology, ranging from property buyer benefits to food chain identities. We also talk about Civic, SelfKey, and Peer Mountain, which are digital identity companies, and let you know more about these innovative ventures. You’ll also be privy to numbers and facts about identity theft, including how many, the most common types, etc.

Lastly, we discuss our BCMY.IO (blockchains.my) digital wallet app, and its various levels of security.

Hope you enjoy the infographic below,
The Blockchains.my team.