Four blockchain companies are focusing on secure digital identity solutions

Baozou Comment : The current data leakage situation is very serious. Everyone wants to protect their sensitive information. Therefore, various blockchain companies are committed to launching digital identity authentication solutions to provide a safe environment for personal information. Users can choose the objects and types of information to disclose. The four blockchain companies that provide secure digital solutions are Blockstack, Evernym, KYC-Chain and UniquID.

Translation: Nicole

Blockchain startups are coming up with digital identity verification solutions because there is a pressing need to create a more secure environment for personal information. With data breaches on the rise, there is a need to create a better solution. Some of these companies are developing at an alarming rate.

Blockchain digital identity verification

Many people associate blockchain technology with the financial sector. While the financial sector is the industry that can benefit most from distributed ledger technology, the technology’s applications are much broader. With increased focus on creating digital identity verification applications, blockchain technology can become a reliable ally for governments and consumers around the world.

In fact, some blockchain companies are already working on this concept. Blockstack Labs is one of the most well-known companies in this field. Previously known as OneName, it is the first company to provide a blockchain-based personal identity solution. So far, their user base of registered identity information exceeds 50,000, and it is expected that this number will increase significantly in the next few years.

Evernym is another company working on identity verification, but with a different approach. The team is moving from open blockchain standards to a permissioned solution. If all goes well, the company will be releasing a demo on September 29, 2016.

Managing online identity verification services on the blockchain is a completely different matter, and KYC-Chain provides this service by combining blockchain technology and smart contracts. Users can open an account online, and they can own the private key to encrypt their data. In addition, they can decide what information to disclose to whom.

UniquID is probably the most intriguing company on the list because by providing a wallet service, users can obtain a private key to access their data. For further verification, users can use fingerprint recognition technology. Moreover, this project is moving in the right direction to fully coexist with the Internet of Things.