One of the most intriguing uses of the blockchain may be the enhancement of identity solutions.
As we know, the blockchain offers enhancements over current mechanisms for creating and storing digital identities, such as security and resilience built in by design, a greater ability to control the uses of encrypted information, and the ability to provide standardization across a range of legacy IT systems. But what does this actually mean for identity applications in different industries?
A lot, actually. Identity validation for internet applications is a persistent problem. As the New Yorker cartoon famously says, “On the Internet, nobody knows you’re a dog.” Yet as we have seen, the use of fraudulent identity on the internet leads to mistrust in electronic transactions, a mistrust of the identity of individuals and organizations posting materials to social media, crowdsourced reviewing applications, and other sites, and an inability to take forward applications such as internet polling and voting.