We are expecting that with its encrypted and immutable record, Blockchain is going be our savior. We are looking forward to using digital identities which will make every transaction transparent. Blockchain basically allows identities to be confirmed and things that hold value can be easily audited to ensure they’re authentic. But how will this have any role to play in securing our Internet privacy? To understand this entirely, read the blog further!
Recently, several organizations have joined hands to make sure they can develop a Blockchain-based network that will be competent enough of exchanging digital credentials online without risk of exposing any sort of data. Companies are being part of Sovrin Foundation that is developing a network known as Sovrin Network. It is supposed to globally exchange a pre-verified data. The online credentials would akin to the identity information that people have in their physical wallets. But things would work differently as instead of the physical wallet, the IDs would be encrypted and linked back to the organization that created them. This will automatically verify the information without much hassles and we’ll be able to resolve the problem of Internet privacy!
Are you wondering how will we take control? Well, the owner of the digital wallet will be able to decide which information should the business receive. Earlier this week, IBM announced that it will join Sovrin Network to assist businesses. Also, IBM itself is working on a project to ensure homogeneous interface. Experts have also conveyed that IBM will dedicate hardware, security and network capacity to assist in the operation on which it’s working.
If we keep aside IBM, there are approximately 22 businesses that are working vigorously to make self-Sovrin identity that will be competent enough to work on Sovrin network. In the era of digital economy, consumers and businesses often buy merchandises, send identify verification information, apply for mortgages and loans, etc. for a variety of purpose. This ensures data privacy is of paramount importance especially after so many data breaches that have been witnessed lately.
How Can Online Security Problem Get Solved?
Last year we witnessed that over 2.9 Billion records got compromised in different instances. To address what is commonly known as the Internet infrastructure flaw, the new network thus developed will add a missing identity layer. This will be done based on an inflexible Blockchain record, thus making secure digital identity. Therefore, we’ll be able to secure our data without much hassles. This network is currently in beta version, but it will be available to masses soon!
Well, Sovrin is not the only one in race that is creating such network. Tech-savvy institutes such as MIT have started using Blockchain for issuing degrees so that they don’t need to verify their degrees to the employers. Also, Microsoft has initiated a global partnership and joined ID2020 alliance in order to create a Blockchain-based digital identity systems. Basically, they all are striving hard to create digital wallets, but why?
Why Is There So Much Hype to Create Digital Wallets?
The concept of digital wallets has been used for years by cryptocurrencies to verify whether someone has actual funds to purchase digital currency or not and if their identity is kept anonymous all the time. Simply put, this is like the process followed when you go and apply for loan in a bank. It does check whether you have sufficient funds to leverage but will never expose your identity!
The updated network or the Sovrin Network will ensure a few things. Every individual is his own identity provider and he himself controls who has access to his information. This is more or less like a privilege that can be revoked anytime. Moreover, the Sovrin will become a legal authority that determines who can join Blockchain network and do business across it. Organizations that will verify identities, their data would be called “trust anchors” of the network and these will have authority to delete or reissue users’ privileges. As we wish to avail all these features, we need advanced digital wallets and thus the hype exists!
Are We Establishing A New Trust Economy?
The Sovrin Network is based on Linux Foundation’s Hyperledger Indy specification. This will have the potential to satisfy more requirements than before for business and will protect the identity of users. So yes, we are looking forward to establishing a new trust economy to realize the goals of Blockchain.
With this, we might get the privacy we’re looking for! Keep your eyes open for this fellas! Let us know what do you think in the comments section below!