At present various companies across all industry verticals are more enthusiastic and eager to embrace applications of modern technologies. However, privacy and security problems are one of the major bottlenecks in this adoption. Every year we face massive data breaches especially identity theft. For ensuring foolproof identity management, the best solution is blockchain. This technology has the potential to manage and confirm the user identity and credentials in a much better, secure way. It is essential to enforce adequate measures for blockchain identity management, in case we do not want another Equifax. The Equifax Breach had affected the more than 145 million US citizens, as they had their personal data hacked.
Blockchains uses cryptography to store blocks of data that are chronologically chained together through virtual networks distributed throughout the world. Due to the absence of a central repository from which hackers can steal data, information stored on the blockchain is safe from data breaches that centralized databases frequently suffer from. Many blockchain startups are extending these core principles to allow users to manage their identity on the blockchain effectively. Here is a list of some esteemed startups providing Blockchain identity management.
1. Peer Mountain is an enterprise blockchain built as a mobile-first distributed ID-management network. All members of the network, whether they’re businesses or individuals, own and control their data, and can use it to several ends. First, members’ identities are consolidated in a single source – the Peer Mountain mobile application. Users can then share their self-sovereign, Peer Mountain-enabled identity how they please without worrying that data is being taken from them without consent. Business can insulate their form-reliant processes from breach through PM’s built-in blockchain protections, and identity verifiers can earn Peer Mountain Token (PMTN) for validating credentials that go into the platform.
2. Hu-manity is a blockchain-powered start-up that aims to establish decentralized human rights and corollary sovereign laws on the blockchain. Their priority is to protect personal data from poaching and illicit propagation. Whether it is geospatial data, spending habits, or medical history, the Hu-manity mission is to establish rights around ownership of that data in a similar way to how property rights are established. Establishing these rights will be possible through ‘decentralized democracy’ by which a community can come to agreement on a standard regardless of where they are geographically located.
3. Evernym is the software company behind a number of decentralized, self-sovereign identity applications. They have created an open source ledger dedicated entirely to preserving user identity protections. The ledger, Sovrin, has been made available to everyone, everywhere since Evernym donated it the theHyperledger project. What this means is that users who join and access the ledger can verify the authenticity of claims made by another person or organization, so much as such a thing can be checked. Partners with Evernym include R3, the Illinois Blockchain Initiative, the US Department of Homeland Security, and others. Not so much a single project or product as it is an incubator, Evernym has several identity-focused, blockchain-powered projects in the pipeline.
4. Palo Alto-based Civic is a blockchain-enabled ecosystem equipped with tools for individual users and businesses to maintain power over their digital identities. Civic is the launching pad for those who want to access outside sites and apps, but are unsure that their identity will be protected when they do. By using the Civic platform as a buffer, users can access untrusted locations on the web without the need for a login and password. Third-party keys are generated to serve as a barrier between Civic and a user’s keys while still verifying that the user is whom they claim to be. All identity information entered on Civic is entirely encrypted, so, despite using the platform to login to all sorts of sites, the information used remains private and insulated from outside threats.
5. Keyp is looking to take on the digital identity paradigm by offering an open digital identity ecosystem – solutions, partners, etc. – to all of Europe. The broad goal: to create an environment where the cutting-edge in identity protection is made readily available to businesses willing to pay for it. Some of its most-used offerings are intended for hiring and onboarding processes. Their Identity Framework brings onboarding and logins under a single umbrella, making these processes highly-customizable and secure. The Keyp Identity Terminal allows users to design customer access workflows, while the Keyp Wallet lets users establish a decentralized identity for individual control over data. While this may seem like a lot for a single platform, know that it is an ambitious project, but also one with serious promise.
6. Metadium is a ‘next-generation identity protocol’ helping users manage, protect, and utilize their online identity. Created with blockchain-capability, the Meta ID offers a single source of users’ personal information securely stored using blockchain protections. The self-sovereign identity is also intended to be usable with off-chain and inter-blockchain services so that it has real usefulness in the real digital world. Though the Meta ID can store a plethora of data, users decide what to share and what to keep hidden on a case-by-case basis, lending a measure of versatility to the digital identity solution.
7. Trusti is an Israel-based, blockchain-enabled platform providing identification technology for cross-chain transactions. The platform also offers services that are critical to identity management, namely, compliance, fraud detection, and identity authentication. Users can do several things on the Trusti network – create an accredited crypto wallet, send and receive funds, transact using security tokens, and more. Most importantly, they can do all of this on a platform that operates within the confines of the law and regulators’ expectations.
8. Finnish start-up Moni has developed its own MasterCard. The card is linked to a unique digital identity on the blockchain, acting like a bank account and an ID card in one. For those without official documents, MONI allows them to pay bills, buy groceries, and gain employment. Immigration Services can monitor transactions, but only public keys will be visible concerning these transactions. No one will have direct access to accounts except for account holders.The MONI app can also be used by travelers, who can link all their credit and debit accounts to the app. If their MONI card gets stolen while abroad, or they lose their smartphone, they can monitor transactions and block the card altogether from any web browser.
9. Fractal is a Berlin-based company seeking to help create a future where the business world governs itself. They want to create a decentralized, shared economy in which communities are self-governed, and accountability is not created through the threat of punishment from a single regulatory body, but through well-defined community standards regarding fairness and ethics. They’ll do this by automating critical mechanisms using blockchain technology. From know-your-client (KYC) and anti-money laundering (AML) processes to data protection, security, and identity management, Fractal is taking a multi-pronged approach to secure the shared economy of tomorrow so that regulators don’t have to.
10. Edge is a US-based start-up that develops secure identity solutions to help protectcrypto-assets. It empowers individuals to take control of their own online data by developing the proprietary tools, software, and systems needed to keep their information tightly secured. Through the use of advanced client-side Blockchain encryption, the Edge Security platform eliminates large-scale data breaches, helping safely propel users into the emerging networks of the future. Edge secures the data client-side, encrypting it on a device that you control. It also provides decentralized non-custodial login solutions.