Benefits Of Identity Verification To Trade Bitcoin In Blockchain

By Author: Block chain council
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Blockchain has made some remarkable development in recent years. It finds its use cases in different industries. Blockchain's growth can be deciphered from the fact that the market size of Blockchain is expected to reach grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025. It will witness a CAGR (Compound Annual Growth Rate) of 67.3% from 2020–2025. One of the key areas of application of Blockchain is identity management. In this blog, we are going to discuss the use of Blockchain in identity management.

Blockchain and identity management- ID management identifies individuals or uses by authorizing them access to the organization system and network. This process can also revoke user access when it's not valid.

The Identity and Management market is growing; it is estimated that the global market is expected to reach $14.82 billion by 2021, with a CAGR of 12.9%.

How is Blockchain helping?

Some of the key features of Blockchain that will find use cases in Identity management are:
1. Decentralisation
2. Peer-to-peer interaction
3. Transparency
4. Data security

Let's ...
... understand how these features will help make the identity management system free from errors.

1. Self Sovereign Identity- Threat to data and misuse of data have become concerns. It is no surprise the companies like Facebook have compromised on data. So, what's the solution to this? Well, Blockchain comes in the picture. It gives the user complete authority over the identity creation and control over it. Here is how it happens:
• The user owns and controls their digital identity
• Other parties can only access the identity, but only when the user grants access.
• You don't have to rely on third-party
• Since it works on the Blockchain platform, it is secure and free from a hacking attack.
2. Identity verification using Blockchain- Another area of application of Blockchain is in identity verification. Implementing an identity management system can be tricky, especially when you have the silos and predominance. However, there has been a considerable change in this, and we have Blockchain startups, which are making a significant impact on it. One of the examples is Blockpass. The company provides a Blockchain-based identity management solution.
Blockpass offers a Blockchain-based-"Know Your Customer" (KYC) portal.

Companies that wish to use this system can do the onboarding using this portal. It makes use of smart contracts for KYC and "Anti Money Laundering" (AML) compliance. The company offers easy-to-install tools. It is an ERC20-compliant crypto token and is named PASS. Companies can make use of these services for the onboarding and ID management process.

3. Identity management for the decentralized web- Another area of application of Blockchain could be using the decentralized web for storing the identity, which can be used anywhere in the virtual world to login. Since the information will be stored on the Blockchain network, there will be a lesser probability of identity theft or hacking.

Conclusion- This set of use cases of Blockchain in identity management brings forth this technology's universal use. Owing to this, many startups are venturing into this. It is time to take the first-mover advantage and become a part of this growing industry. One of the ways to achieve this is by opting for Blockchain certification. You can enroll for Blockchain Council's Blockchain certification program. Once you have completed this certification, you become an expert in this domain. So, don't delay; its time to enroll for the Blockchain certification program today.

Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/