Today, millions of people around the world are sharing their personal information with 3rd parties in order to watch, comment, learn, shop and bank online.
Every interaction that requires your identifiable information essentially creates a digital clone of yourself that’s stored in a database somewhere. There is likely hundreds of your clones living in hundreds of databases around the world right now.
Why is this a problem?
Each of these databases that store your information create another point of attack for hackers to target. As an example, an american credit scoring company Equifax, collected personal identifiable information from a 145 million Americans via retailers, employers and social media.
In 2017 they were hacked and 145 millions users had there social security numbers, birthdays, driver’s license numbers, passport numbers, email addresses and street addresses exposed. With this data hackers are now able to open lines of credit in your name, submit fraudulent tax returns or even fake immigration papers.
How can Blockchain technology protect your identity?
Blockchains by nature are decentralised and do not have a centralised point that can be targeted. As a result, blockchain technology lends itself to being a great use case for storing and managing digital identities. In fact, there are a numbers of companies like Civic, Uport and Bridge Protocol that now allow investors to satisfy KYC requirements, enable users to safely access website content or allow users to monitor and manage their online ID with ease.
Interestingly enough, we are now starting to see larger companies like Microsoft and IBM looking into similar blockchain technologies to secure their customer information. In my opinion, use cases like this will accelerate mass adoption of blockchain technology and I believe we will see this type of adoption begin to take flight in the next 12 to 24 months.