Guide

Blockchain Identity Management: Complete Guide 2022

Published
November 23, 2022
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Dock’s expert team has developed cutting-edge blockchain-based solutions that empower organizations and individuals to create, control, fully own, and manage their digital identities. In this article, you’ll learn how blockchain identity management works and its top benefits.

TL;DR

  • Identity management encompasses the processes, policies, and technologies to ensure that only authorized people have access to the technology resources.  
  • Many of the current digital identity management systems have downsides, including the risk of data breaches, a bad user experience with people having to manage so many accounts, and lack of control of user data.
  • Benefits of blockchain identity management: enhances data security, faster verification/authentication processes, prevents identity fraud, reduces costs, creates an auditable trail of records, automates processes, facilitates data compliance, and improves accessibility to identity.
  • Blockchain identity management can be applied to a growing number of use cases across a variety of industries and sectors including healthcare, financial services, supply chain, Web3, and retail.
  • No personal identifiable information (PII) is stored on the blockchain.

Introduction

A man logging into a website powered by blockchain identity management

Identity management, or identity and access management (IAM), applies to any situation where someone uses a login process to use an app or website and has specific levels of access to information, technology, or service. IAM is used for a variety of cases whether an individual is logging into websites for personal use or an employee using technology to do their job at an organization. 

Because there have been so many problems around the world as a result of older, less secure identity management systems including data breaches, large-scale hacks, and sharing people’s sensitive information without their knowledge, there have been increasing regulations about how personal data is collected, stored, used, and shared. 

Thankfully, blockchain identity management technology can effectively solve these problems by enhancing security, efficiencies, data accuracy, and accessibility at much lower costs.

What Is Identity Management?

Identity management is the framework of processes, policies, and technologies to ensure that only authorized people have access to technology resources, information, or services. Identity and access management systems are continuously evolving to improve security and the user experience.

Problems With Current Digital Identity Management Systems

A digital identity is the total information about an individual or organization that exists online. Data that forms a digital identity includes usernames, buying history, ID number, and search history. Almost all of our digital identities are connected through devices, services, and apps that have dominantly used centralized and federated identity systems. 

As organizations collect sensitive information about users and store them, this can create business risks with increasing privacy regulations around the world like the General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act  (CCPA). GDPR is the toughest privacy and security law in the world that applies to any organizations outside of the EU that collect data from people in the EU. 

Risk of Data Breaches With Centralized and Federated Identity Management Systems

Centralized identity management is when a single authority collects and stores user data. Federated identity management allows authorized users to access multiple applications and domains with a single set of credentials such as when people use their Google or Facebook account to sign into apps and websites. A federated identity system is also referred to as single sign-on (SSO). 

One big downside of centralized and federated identity systems is that people’s information is more vulnerable to data breaches, including identity theft. Because so much user data is kept in one place, hackers could potentially access a large amount of information. In recent years, personally identifiable information (PII) has been the most common type of breach representing 97% of all breaches. Centralized systems also create a single point of failure.

While federated systems make logging in easier, the risk is if the password gets stolen, all of the other sites you use with a single sign-on account could get exposed. 

Bad User Experience Managing Many Login Accounts

Another problem with centralized identity systems is every time someone signs up to a new website or app, they have to create another account and password. This results in more personal data being added online and more information to manage. The average person has 100 passwords and as they make more accounts, this increases their security risk. 

Expensive and Time-Consuming Know Your Customer (KYC)/Anti-Money Laundering (AML) Checks

Know Your Customer onboarding processes involve the verifying organization, user, and third parties. Anti-Money Laundering processes are a fundamental requirement for financial institutions and almost every country in the world has strict AML regulations. Global spending on AML/KYC data and services is projected to total $1.6 billion in 2022. 

Conventional processes to verify a user’s identity, documents, and background are often manual, time-consuming, and expensive for all of the stakeholders, particularly the KYC company that requires more resources to process the needs of their clients in diverse industries quickly including banks, healthcare providers, and immigration officials. 

Identity Theft

Key statistics about identity fraud:

Lack of Data Control and Ownership

With the dominant centralized and federated identity systems, it’s often impossible for people to have control and ownership over their personally identifiable information (PII). They have no idea if their data has been shared without their consent and where their PII has been stored. 

Inaccessibility to Official Identity

Around one billion people have no way to prove their identity and about 1.7 billion adults are unbanked around the world. Not having an identity results in not being able to enrol in school, get jobs, receive financial services, or access government services among other problems. 

How Is Blockchain Used in Identity Management?

Blockchain identity management systems are tamper-resistant

Blockchain technology makes information about identity verifiable and auditable in seconds. Before diving into how blockchain is used in identity management, it’s important to first understand the key features of blockchain and how it works.

What Is a Blockchain?

A blockchain is a system of recording information on a shared database where every computer in the blockchain network has a copy of the digital ledger of transactions. A ledger is a digital record of bookkeeping entries. Blockchain makes it very difficult for someone to change, hack, or cheat the system because records can’t be changed retroactively without changing the subsequent blocks of information.

Key Features of a Blockchain

Benefits of a blockchain

These are the key advantages of blockchain technology:

Decentralized, shared database (distributed ledger)

Unlike a centralized system where only one or a limited group of people can see, alter, and access records of information, with blockchain technology, every computer in the network has a copy of the ledger. 

To add a transaction, every computer needs to check its validity. When there’s a majority that thinks the transaction is valid, it is added to the ledger which creates more transparency and makes this record-keeping system corruption-free. Without the consent from the majority of computers, no one can add any transaction blocks to the ledger. Decentralized data storage also means there will be no single point of failure.

Tamper-resistant 

Once the transaction blocks get added on the ledger, information on the blockchain can’t be changed, backdated, or altered by anyone which creates a permanent, unalterable network. This maintains the integrity and accuracy of the data while establishing and sustaining trust between stakeholders.  

Highly secure

The blockchain system processes and stores transactions with the use of cryptography, an area of computer science that focuses on transforming data so that it can’t be accessed by unauthorized users. Personally identifiable information and credential details are not stored on the blockchain itself. Rather, the issuer’s public cryptographic key is stored on the blockchain so that anyone can verify if a Verifiable Credential was really issued by them. 

Transparent and auditable data

Everyone in the blockchain network can trace the recorded transactions and the data is verified. There is an auditable trail of data. 

Enables privacy and consent

There is growing regulation around the world to provide more privacy protection for citizens, including the rule that data can’t be shared without a user’s explicit consent. Using an identity management system that leverages blockchain tech, only the users store their data and only they can decide whether to share it or not. Also, blockchain technology can enable data to be verified without necessarily revealing personally identifiable details or more information than is necessary for a purpose. For example, someone could confirm they are over 19 years old without revealing their birth date.

Consensus maintains identity data integrity

A blockchain uses consensus mechanisms to help keep inaccurate or potentially fraudulent information transactions off the blockchain. Consensus mechanisms are the systems of agreement that determine the validity of transactions and governance of the blockchain.

The Difference Between Public Permissionless, Private, and Public Permissioned Blockchain Networks

These are the main types of blockchains: 

  1. Public permissionless
  2. Private
  3. Public permissioned (hybrid)

Public Permissionless Blockchain 

A public permissionless blockchain network is completely open and anyone can join and participate in the core activities of the network. Anyone can read, write, and audit the network to help maintain the shared ledger and execute the consensus protocol. A public network operates with incentives to encourage new participants to join and the more participants there are, the safer the blockchain is from data breaches and other cybersecurity issues. Dock is a public permissionless blockchain. By integrating public blockchains in operations, anyone will be able to read the data that doesn’t contain personally identifiable information while creating an auditable trail. 

For example, our partner BurstIQ has integrated Dock’s Verifiable Credential technology into their LifeGraph ecosystem to help their clients maintain data integrity as information is exchanged between parties within and outside of their system. LifeGraph gives businesses a secure way to manage sensitive data and comply with people's data rights while giving people ownership and control over their personal information. 

Whenever an action is taken, an audit record can be written to the ledger referencing an externally stored VC that contains the relevant details about the individual. That VC uses cryptography to ensure that its contents haven't been tampered with and was signed by the stated issuer based on publicly available keys. By doing this, an immutable audit record is recorded on the blockchain while the private user information is stored securely elsewhere.

Private blockchain

In contrast, private blockchains control who is allowed to participate in the network and someone needs to be invited and validated first. Only select users might maintain the shared ledger and the owner or operator has the right to override, edit, or delete the necessary entries on the blockchain as required or as they see fit. Private blockchains prioritize efficiency and immutability over protecting user identities and promoting transparency. These features may be used in payroll, finances, and accounting.

The downsides of private blockchains is that a few powerful computers in the network are responsible for validating transactions which can create a lack of trust. Because there are a fewer number of users on a private blockchain, it’s easier for a single entity to gain control and use it for fraudulent purposes and making it more susceptible to data breaches.

Public Permissioned Blockchain (aka hybrid blockchain)

Public permissioned blockchains have a mix of characteristics of private and public permissionless blockchains. With this type of blockchain, blockchain members can decide who can participate in the blockchain or which transactions are made public. Basically, some processes are kept private while others are public. While the blockchain isn’t closed to the public, it mainly has prerequisites for users. 

Organizations can control who has access to specific data stored on the blockchain and which data will be publicly accessible. Usually, even though some types of transactions and records aren’t made public, they can be verified when needed. This type of blockchain isn’t completely transparent because information can be shielded and it can be hard to upgrade because there is no incentive for users to participate or contribute to the network. 

The Role of Decentralized Identifiers and Verifiable Credentials In Blockchain Identity Management

Decentralized Identifiers (DIDs)

Currently we dominantly use emails, passwords, usernames and other information to authenticate our identity online. But these are the downsides of logging in with these kinds of digital identifiers:

  • They can be taken away anytime by the provider and remove your access to their services, site, or app.
  • You don’t own and control these identifiers. Your information associated with them can be shared to other parties without your knowledge and track you online to show you ads. 
  • They are often stored on centralized systems that can be vulnerable to data breaches and cyber attacks.

A solution to these problems is the use of decentralized identifiers (DIDs) to log in and access websites, apps, and services. A decentralized identifier is a globally unique identifier made up of a string of letters and numbers that is stored and managed in a digital wallet. DIDs can be assigned to a person, company, or object. 

Here is an example of a Dock DID:

Benefits of Decentralized Identifiers

  • Organizations and individuals have full control and ownership over their DIDs and no party can take them away
  • Enable the owner to prove cryptographic control of them 
  • Don’t contain personal data or wallet information
  • Enables private and secure connections between two parties and can be verified anywhere at any time

Someone can create as many DIDs as they want for different relationships and interactions. 

Examples: 

  • DID 1: For a gaming platform
  • DID 2: Online banking
  • DID 3: Identity cards
  • DID 4: Ordering on online stores

Verifiable Credentials (VCs)

Example of how Verifiable Credentials are associated with DIDs

Verifiable Credentials are a digital, cryptographically secured version of both paper and digital credentials that people can present to organizations that need them for verification. Identity documents like passports, IDs issued by the government, and driver’s licenses can be issued as Verifiable Credentials. 

Each DID can have multiple Verifiable Credentials associated with them that are digitally (cryptographically) signed by their issuers like a government driver’s licensing department. DID owners store the credentials themselves on their phones and don’t have to rely on a single provider like Facebook or Google. 

Here is how blockchain identity management works:

Graphic of how blockchain identity management works

Benefits of Blockchain Identity Management for Organizations

Sensitive user data is often stored on centralized databases with older, less secure technology that is more vulnerable to data breaches Data security: People store their own data which makes it more difficult for a hacker to access a lot of data at the same time.
It’s time-consuming to verify identities and authenticate users Faster verification and authentication processes: Blockchain makes it much faster to verify and authenticate identities because the application of cryptography guarantees that the data is valid and a verifier can instantly check the authenticity of the credential without having to contact the issuer.
Traditional verification and authentication processes require more tools, manual processes, and staff, which is expensive Significantly lower costs: Far less staff and resources are needed for verification which greatly reduces costs because a credential can be instantly verified without having to contact the issuer as cryptography guarantees that the data is authentic.
Bad actors create fraudulent digital identities with people’s data Prevent identity fraud: Digital decentralized identifiers (DIDs) enable the owner to cryptographically prove ownership over it and the associated data.
Fraudsters within and outside an organization often manipulate records for their own interests without anyone knowing especially when there is a less visible trail of transactions Creates an auditable trail of records:
An issuer has to digitally sign a Verifiable Credential which is secured with the use of cryptography and can’t be falsified. Their public DID is verifiable on the blockchain which enables data accountability.
It’s risky to trust the claims of someone or a small group of people that have full access and control to data as there are often limited to no ways to verify if the information is true Automated data visibility: The system automatically updates verified data to all of the stakeholders in the network and acts as a trusted single source of truth that is maintained by the blockchain.
It’s difficult for organizations to keep up and change their systems to comply with increasing user privacy regulations Facilitates legal data compliance: Blockchain identity management makes it easier, cost-effective, and more efficient for organizations to comply with privacy regulations like GDPR and CCPA because the privacy features of a blockchain-based identity system enable people to control their own data and require explicit consent to share data.
1.1 billion people in the world have no identity proof which creates barriers to access school, jobs, government services, and financial resources among other problems. Increases accessibility to identity: Because many people, even in poorer countries and communities, have a mobile phone, blockchain can enable them to have a verifiable identity with phone apps that they can take everywhere with them.

Benefits of Blockchain Identity Management for Users

Consent to share identity data

Identity data can’t be shared without people’s explicit consent. Every time a request for data is made, the user will be prompted to give permission to show a credential. A blockchain-based identity system enables data minimization meaning that people can have the option to only share parts of a credential needed by the verifier such as being able to show the city they live in without revealing their whole address. Another privacy feature that can be implemented with blockchain is called Zero-Knowledge Proofs where people can prove claims without revealing the data at all. For example, someone can confirm that they are at least 18 years old to buy alcohol without needing to reveal their birth date.

Secure global ID

The personally identifiable information associated with each DID is securely encrypted and usually stored in a user’s mobile phone. The DID can be used to share with any third party to authenticate themselves through the blockchain. 

Complete data ownership and control

Individuals who are accessing sites and apps have full control and ownership of their digital identity. No party can take their DID away or get access to their data without someone’s consent. 

Decentralized data storage

Unlike centralized storage systems, identity data and Verifiable Credentials are stored on people’s individual devices and not even on the blockchain itself. This makes it harder for bad actors to access a lot of personal information at once. With centralized storage systems, a hacker could obtain 20 million accounts at once. But with decentralized storage, the hacker would have to hack 20 million devices.

Universally accessible system

Anyone in the world can be part of the network with a digital identity as long as they have at least a mobile phone. 

Easier and faster blockchain identity verification

When someone’s DID is stored on the blockchain, it can be used for a variety of applications including mandatory Know Your Customer (KYC) requirements for financial institutions. People’s driver’s license, passport, and other necessary credentials for verification can be associated with their DID. Once people complete the KYC onboarding process the first time, they could be issued a VC confirming that KYC which could potentially be reused for other verification processes. This way, subsequent companies wouldn't have to do an expensive KYC processes because they can trust the KYC VC. 

The faster verification process is enabled by the use of cryptography and the instant verification of the issuer such as a driver’s licensing organization or bank. A verifier can check the blockchain to see the Issuer’s public cryptographic key and confirm if the VC was really issued by them. There is no need to directly contact the issuer.

Improved online user experience

People can simply log in to websites and apps efficiently with a DID without having to manage a growing number of passwords and accounts. People can store their DID on a blockchain network just once and internet-based service providers can access that for user authentication purposes. Dock’s Web3 ID is one example of a blockchain-based authentication and authorization system that allows organizations to verify users by requesting private data from their identity wallet apps. 

Reduces the need for paper-based identity management

Paper credentials are easy to lose, destroy, and forge. If someone loses a physical document, they will have to go to an office and undergo a time-consuming process to get another proof of ID or digital document. In addition to being able to be reissued more efficiently than physical documents, documents issued as digital Verifiable Credentials are harder to misplace and fake.  

Blockchain Identity Management Use Cases

Dock's digital identity wallet can hold DIDs and Verifiable Credentials

There are a variety of use cases that are currently implementing blockchain identity management and potential applications are continuously in development. 

Blockchain in healthcare

Keeping patient health records secure and easily transferable between health care providers Blockchain identity management technology can ensure the integrity of confidential health records while making it easier for doctors, laboratories, hospitals, and other health care providers to securely transfer patient information to authorized people. BurstIQ has implemented Dock’s technology in order to turn any health data into a Verifiable Credential that is portable and secure while enabling their customers to respect users’ data privacy and data ownership rights.
Credential verification of medical staff Blockchain can be used to quickly verify the experience and the certifications of medical professionals to streamline the verification and hiring process. Credentials can be issued by educational institutions and health employers that will be on their lifelong record of experience and skills.
Patients have full control and ownership over their health data People can give permission to health care providers to get immediate access to their health records through their phones.

Blockchain for employee verification, proving skill development, and IDs

Instantly verifying educational degrees and certificates Most employers don’t have the time to spend weeks calling up post-secondary institutions to verify if a candidate’s certification or degree is authentic. But with blockchain, employers can scan a candidate’s QR code and instantly know in seconds if their credential is legitimate or not. A candidate can have a DID that is associated with all of the professional certificates and degrees.
Verifying employment history and skill development Blockchain identity management systems could help verify employment information efficiently. Employees can have a professional DID where they can add VCs issued by their employer such as information that confirms their job title, salary, workshops they attended, and company awards. They will be able to carry these credentials permanently to present to future employees to prove their experience and skill development.
Passwordless employee logins for remote and office workers Many companies have experienced data breaches from hackers taking over employee accounts when they login to access business information. To help prevent this, employees can securely sign in without a password with their DIDs.

Blockchain identity management in supply chain

Creating data transparency across the entire supply chain Every stakeholder in the supply chain can be issued a DID and given authorization to access and add data as Verifiable Credentials about the products being transported. Stakeholders receiving a DID include the farmer, processor, distributor, and retailer. The VC data that is accessible to all supply chain stakeholders act as a shared source of truth that can’t be tampered with.
Enabling food traceability A batch of food can be given a DID and Verifiable Credentials can be added to the DID that contains details such as organic certification, the farming community, and quantity. If there was contamination, the affected food can be traced back to the batch through the blockchain quickly to contain the spread rather than discarding the entire product inventory.
Preventing product knock-offs of luxury brand items Every product is given a DID that tracks the status from production to the market. The product credentials are integrated on a company’s website and customers can scan a QR code with their phone to see if the product is authentic or not.

Government-issued blockchain identities and licensing services

Managing government registries with a blockchain-based system When registries such as land titles, marriage records, and criminal records, are maintained with blockchain, it can help eliminate fraud and corruption. Land titles, for example, can be legally and securely transferred with multiparty digital signatures in minutes compared to what would conventionally be a very slow process.
Providing digital state IDs to citizens to access online services Each DID that’s on the blockchain can be used to log in. People can have tax information, services received, and important documentation added to their DID as Verifiable Credentials.
Being able to prove identity without sharing unnecessary data through a government platform powered by a blockchain-based identity management system People can have their identity initially verified by an authorized body like a government’s national ID department. Individuals will have full control over which parts of their data they want to reveal to a verifier without showing unnecessary information. For example, if a company needs someone’s identification to confirm location eligibility for a service, someone can present their city without sharing their entire address.

Licenses and training certifications as Verifiable Credentials

Food safety certification Food safety training courses can issue completion certificates as Verifiable Credentials to participants who will each have their own DID. They can carry this credential with them on their phones to be verified by restaurants or hospitality employers.
Health and safety training Health and safety training organizations can verify the identity of participants through their DIDs and issue certifications as Verifiable Credentials when they pass the course that participants can show to employers like construction companies or companies in oil and gas. Companies can ensure they hire qualified people with minimal time spent on verification.
Nursing licenses Schools can issue nursing licenses as Verifiable Credentials to each nurse who has their own DID. Nursing licenses can take weeks to months to issue and verify after they successfully pass their training which causes a delay in qualified nurses getting into the workforce. Issuing licenses with a blockchain identity management system is much faster and cost-effective.

Blockchain identity data management

Providing accessible digital identity proof for people in poorer areas so they can use important services and products 1.1 billion people around the world don’t have any proof of identity which limits their access to government, financial, and social services among other problems. A blockchain identity management system can help provide people with access to a verifiable digital identity as long as they have a mobile phone and internet access.
Data portability GDPR grants users the right to data portability so they can have their personal data transferred from one provider to another for their convenience so they don’t have to reverify across different services and platforms. DIDs allows people to reuse their credentials to re-verify themselves.
Blockchain can enhance data security on IoT systems Many IoT (Internet of Things) devices are a big target for fraudsters and leave a lot of opportunity for device hacking. One example of how blockchain’s authentication and decentralized storage features can bring more security in IoT systems is that each device will have strong cryptographic capabilities to ensure secure communication with other devices while providing anonymity in IoT use cases.

Online services integrating blockchain technology that helps organizations comply with the GDPR requirement of data minimization

Checkout on e-commerce stores Instead of filling out details like name, credit card information, and address every time someone buys something on another e-commerce site for the first time, someone could check out more conveniently by using their DID and credential that has all of the necessary information. DIDs and VCs enable companies to request less data needed to authenticate users and organizations won’t need to store personal data on their systems. People have full control of their data.
Sports camp management platform Verified camp organizers will be issued a Verifiable Credential associated with their DID by the platform. Only authorized organizers can access and use the company’s services to manage camp participants, payments, and schedules.
Online gaming sites Instead of making a new account filling out all of your details, gaming sites could integrate blockchain identity management technology to easily verify users in a privacy-preserving way, including sites that require that players be over 18.

How blockchain can impact financial services

Applying for a loan Rather than going through a manual verification process to verify someone’s income and assets, banks can request proof of their income and assets through the client’s DID. The DID can have Verifiable Credentials that confirm their salary (issued by the employer) and ownership of their house through the land title document (issued by a government department).
Faster loans to people and businesses based on their credit history Blockchain can allow borrowers to make their credit reports more accurate and securely shareable. Credit reports can be issued as Verifiable Credentials and added to a borrower’s DID. The credentials can be verified faster by the lender rather than going through a third-party credit reporting service.
Managing investments online A company can enable secure login with DIDs such as Dock’s Web3 ID in order to efficiently authenticate users to access investment services.

Blockchain in education

Student IDs and records University, college, and any post-secondary institution can issue Verifiable Credentials to every student. Students can create their DIDs and the associated VCs can prove their academic records, graduation certificates, scholarships, and awards. The VCs can be instantly checked by verifiers including employers.
Authenticating student statuses for discounts Students can hold their credential that confirms that they are students on their phone without even needing to reveal their personal details. Businesses that offer student discounts can instantly check their status by scanning a QR code so they know if they can apply the discount. DIDs and VCs offer much more privacy than showing a physical student card.
Verifying Co-operative Education Work experience and skill development of university and college students Many students get at least one year of work experience to develop valuable and relevant skills in their field of study while they’re in post-secondary school as part of the school’s program. Whenever they finish a work term with an organization, their experience can be issued as a Verifiable Credential by the program and added to their DID. These Verifiable Credentials create a lifelong record of their cumulative work experiences and skill development.

Blockchain identity management for Web3 sites 

Student IDs and records University, college, and any post-secondary institution can issue Verifiable Credentials to every student. Students can create their DIDs and the associated VCs can prove their academic records, graduation certificates, scholarships, and awards. The VCs can be instantly checked by verifiers including employers.
Authenticating student statuses for discounts Students can hold their credential that confirms that they are students on their phone without even needing to reveal their personal details. Businesses that offer student discounts can instantly check their status by scanning a QR code so they know if they can apply the discount. DIDs and VCs offer much more privacy than showing a physical student card.
Verifying Co-operative Education Work experience and skill development of university and college students Many students get at least one year of work experience to develop valuable and relevant skills in their field of study while they’re in post-secondary school as part of the school’s program. Whenever they finish a work term with an organization, their experience can be issued as a Verifiable Credential by the program and added to their DID. These Verifiable Credentials create a lifelong record of their cumulative work experiences and skill development.

Why Personally Identifiable Information Should Never Be Stored on a Blockchain

Once information is added to a blockchain, it can never be completely deleted or altered, which is why it is crucial to never add personally identifiable information on a blockchain. Doing so can potentially lead to issues with data compliance and privacy laws such as GDPR's "right to be forgotten.” Hypothetically, if for example in 10 years if the unlikely event that a hacker cracked the encryption, he would be able to access all of the data.  

With Dock, people have the option to store a registry of DIDs that don’t contain personally identifiable information and their associated Verifiable Credentials are stored in a user’s wallet and not on the blockchain. 

The Future Blockchain Identity Management

A report by Market Research Future says that the blockchain identity market valuation will reach 17.81 billion by 2030 with a compound annual growth rate at 56.60% between 2022 to 2030. The market expansion is predicted to be helped through the expansion of governmental initiatives for blockchain technology development in both developed and emerging countries.

Right now, North America has the highest market share in the blockchain identity management market largely because of the continent’s highly developed infrastructure and technological breakthroughs. A growing number of merchants are looking for ways to enhance data security. 

Some of the few drivers for this growth is the increasing need for digitization in a variety of industries including manufacturing, healthcare, and retail. The increasing problem of data breaches and cyber attacks can be effectively addressed with blockchain identity management solutions.

Conclusion

Identity and access management is the framework of processes, policies, and technologies to ensure that only authorized people have access to technology resources, information, or services. 

The problems with conventional identity management systems include:

  • The risk of data breaches
  • A bad user experience with people having to manage so many login accounts
  • Expensive verification processes
  • Identity theft
  • Lack of data ownership and control 
  • Inaccessibility to identity

Blockchain identity management technology can effectively solve these problems and has these benefits:

  • Provide more data security
  • Enable faster verification
  • Reducing costs
  • Prevent identity fraud
  • Create an auditable trail of records
  • Facilitating legal data compliance
  • Creating automated processes
  • Increasing accessibility to identity

Learn More

About Dock

Dock is a Verifiable Credentials company that provides Dock Certs, a user-friendly, no-code platform, and developer solutions that enable organizations to issue, manage and verify fraud-proof credentials efficiently, securely, and at a lower cost. Dock enables organizations and individuals to create and share verified data.

“We’ve looked at a lot of the systems that allow you to issue DIDs and VCs and generally what we’ve found is that Dock is far easier to use than many of the existing tools out there. It can deploy very quickly and it will be very easy for our developers to use the tool.”
Amber Hartley
Chief Strategy Officer, BurstlQ

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Dock Certs is an all-in-one suite of Verifiable Credential (VC) tools built for organizations to issue digital credentials and certificates that are automatically and instantly verifiable, fraud-proof and auditable.