Blockchain Technology in Digital Identity
One of the fastest-growing blockchain technology giants, Belgium based SettleMint, unveiled the official launch of IdentiMint – a customer-centric approach to digital identity. The Blockchain technology for digital identity is another milestone in the ownership of customer’s identity that enables full control over their data on how it is distributed and utilized in the immutable digital ledger. Through unified, interoperable, and tamper-proof infrastructure, blockchain technology enables more secure management and storage of digital identities that benefits users, enterprises, and IoT management systems.
IdentiMint – Digital identity platform
IdentiMint - the self-sovereign identity solution, is the reference implementation based on blockchain, the decentralized identity showcasing real-life use cases of customer interaction with service providers. SettleMint is a low-code platform and the core technology of IdentiMint for rapid blockchain innovation. Self-sovereign identity is an essential part of the user side and becomes one entity; where the user controls their ID information, subscriptions, or even more. Thus the digital identity could be viewed from an organizational perspective rather than an individual one.
The big data as credentials are collected from governments, banks, hospitals, and the like. They become verifiable by others, enabling people to collect from all in one digitized and encrypted pieces of information about themselves and manage them. In the form of a ‘mobile wallet’ on the phone, a particular piece of information with a trusted party can instantly be verified by an individual.
Self-sovereign identity is rising as a crucial demand for identity security, freedom, and democracy in the information age. And thus, “It can be considered a counter to the prevailing model that has centralized corporations collecting, managing, owning, and profiting from individuals’ identity data, which can include everything from home address and telephone number to health status and income bracket.” – SettleMint.
The three elements to the digital identity argued by SettleMint are:
• ‘Upending predatory surveillance capitalism business practices’ of news as Facebook’s purported changes to WhatsApp in mind.
• Improving the experience of customers by organization
• Cost reduction, particularly expenses for data security
SettleMint connects with few companies as leaders and game-changers within blockchain technology, such as ConsenSys, Hedera Hashgraph, and Bitfury. In parallel, SettleMint recently selected to join the World Economic Forum’s(WEF) Global innovators community on Blockchain and digital assets as a platform partner for its work. This publication has variously reported from Covid-19 vaccine rollouts to more significant social impact around blockchain technologies. According to the WEF article, Blockchain has played a vital role in distributing Covid-19 vaccines.
“A better balance than we have today is long overdue” – Mathew Van Niekerk, co-founder, and CEO of SettleMint. He added that adequate infrastructure is required to identify providers who can easily verify data while safeguarding individuals' data privacy rights.
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