Is Blockchain the Solution to Identity Fraud?

The crypto rush with digital currency is expanding capabilities and options for blockchain certification development, which is the heart of how cryptocurrency functions. The blockchain is de-centralized, making it an appealing option for those worried about data breaches. Companies including Saks Fifth Avenue, Orbitz, and Delta was recently intercepted from infiltration in the database. More and more commerce and banking activities are conducted online, making it easier and more convenient for hackers and thieves to break through security measures. Blockchain decentralization could be the answer based solely on the fact that it is decentralized.

In the latest blockchain news is the option to secure data such as financial records, health history, and other personal information susceptible to interception. The shift to everything being online is convenient but raises questions about security and the ability of these companies to keep personal data out of the hands of third parties.

Blockchain news focuses light on shifting towards giving individuals more control over their personal information. For complete control, individuals need to possess cryptographic keys to access data. Simply put, the fact that its blockchain technology alone won’t be enough to keep data secure. The keys are unique and function similar to passwords, but are complex and each transaction possesses its own key.

A key component of the change would be limiting information to providers on an “as needed” basis, to prevent entire breaches where everything on the record is accessible to an unauthorized third party. Another possibility that might inspire more people to consider blockchain investing could be segmentation of the data with individual permissions, which are set by the customer, giving an individual significantly more control over who and how others access sensitive personal information. An example could be limiting your bank to only seeing financial information while providing your insurance company with access to information regarding your health. This cuts accessible information down to an “as needed” basis for stronger security.

Thieves won’t be able to use a central database to steal information. They would need to go through transactions one at a time, making the process cumbersome and eliminating a one-stop shop for criminals to take data.

Currently, our data is accessible to too many people with countless opportunities for data breaches. Companies such as DHL, Walmart, and Nestle have already embraced the concept to help secure customer’s sensitive data. Blockchain technology puts control back in your hands and can help by allowing you to control how your data is accessed.

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