Blockchain is coming for your digital identity.
That may sound scary … but I mean it in a good way.
After all, do you really want corporations to control your personal information?
I definitely don’t.
Remember in 2017 when hackers breached Equifax?
Nearly 150 million people had their personal information exposed.
There’s a good chance you were one of them.
Today, data breaches are commonplace.
There are 68 records stolen every second.
Fortunately, blockchain now offers a way to keep your sensitive data out of the wrong hands.
You Can’t Do Anything Without a Digital Identity
Our digital identities have become intertwined with our everyday lives.
You have no choice but to provide your personal information when you transact online.
And you can’t do anything without a digital identity.
You need it to use social media, apply for credit cards or do almost anything else online.
Digital identities have made our lives easier. But the current status quo has tons of problems.
Luckily, blockchain offers a solution.
Digital Wallets Are Secure and Convenient
Blockchain lets us store our personal data in our own digital wallets.
Each wallet has a unique ID. That gives you anonymity.
And each ID has a private key. That way, you can prove ownership of your digital identity.
The wallet is then added to the blockchain. And the blockchain verifies each user’s identity.
These digital identities are secure. And they’re also convenient.
As the technology scales, I expect that digital wallets will contain nearly every important document.
Medical records, diplomas, travel documents and pay stubs are just a few examples.
And sharing your digital identity is as simple as scanning a QR code or providing a public wallet address.
This will streamline processes like traveling, applying for a mortgage or even changing your name.
The Best Option for Digital Identities
One thing is for certain: Digital IDs aren’t going away.
In a 2021 study, Pymnts and Equifax found that more than two-thirds of businesses plan to invest in digital ID solutions.
And based on the safe and transparent nature of the blockchain, it’s the best option for digital identities.
But that’s just one of the many use cases for blockchain.
In his new report, Ian King outlines 7 cryptos that take full advantage of blockchain technology.
Each one of these amazing cryptos has the potential to produce 7 figures in profits.
Research Analyst, Strategic Fortunes
The stock market is closed in observance of Independence Day.