The expansion of the internet has coincided with a rapid rise in identity theft and fraud. In 2017 alone, 2.6 billion records were lost, stolen, or exposed across the globe according to data collected by the Breach Level Index, with identity theft alone accounting for 69% of all data breaches. Even improving security has not been enough to counter evolving threats. Thankfully, blockchain’s immutability and engrained authentication tools are ideal for preventing identity theft.
Using blockchain for identity verification gives a new dimension to security, removing verification bottlenecks and providing more accurate results. For instance, Civic’s Secure Identity Platform (SIP) is designed for multi-factor authentication without the need for passwords or usernames and relies instead on biometric information verified by the blockchain ledger.
Each user goes through an identity check, creating a verifiable user ID that has been validated. From there, partnering organizations like banks or governments can review a user’s personal identifying information in an encrypted format.
Blockchain holds the key to many forms of disruption across industries, sectors, and activities. Whether via more accessible data intelligence and predictive capabilities or better educational tools, blockchain-based services display immense potential thanks to transparency and a revolutionary take on consensus-building.