Blockchain, the secure distributed ledger technology first created to track bitcoin ownership, has taken on a number of new roles in recent years tracking anything of value from diamonds to real estate deeds to contracts. The blockchain offers the promise of a trusted record that can reduce fraud. Some industry experts say that over the coming years, it could be used to control identity information in a more secure fashion.
As we have seen, just last week with the massive Equifax hack, our personal information is highly vulnerable in online databases in their current form. The fact is that whenever we have to identify ourselves, we are forced to present a variety of information to prove we are who we say we are, whether that’s to register for an online service, to cross a border or even prove you are old enough to drink at a bar.