Identity-Based Blockchain is a new blockchain architecture that addresses some of the biggest challenges in the blockchain industry today. It introduces a new paradigm that allows users to have complete control of their digital identity and personal information.
This new system is based on personal identity and user consent. As a result, identity-based blockchain unlocks a lot of value by removing many of the risks and inefficiencies associated users currently have with their personal data.
What is Identity-Based Blockchain?
Identity-Based Blockchain is a new decentralized architecture for blockchain. It is a new way of thinking about how to design and build a system that cannot be corrupted by any one entity. In this system, users have complete control over their digital identity and personal data.
Benefits of Identity-Based Blockchain
Any blockchain protocol like accumulate is a must-have because it introduces a new paradigm that allows users to have complete control of their digital identity and personal information.
This new system is based on personal identity and user consent. As a result, Identity-Based Blockchain unlocks a lot of value by removing many of the risks and inefficiencies associated with current systems that use personal data. Below are some benefits:
- Users will have the ability to restore their digital identity should it become compromised or hacked which can happen often.
- Users will be able to monetize a share of their data.
- Data providers can verify the accuracy of data being provided.
- Lastly, it offers great scalability.
How Identity-Based Blockchain Works
The protocol’s architecture is the next step in the blockchain. It is a decentralized and secure system that gives users control over their own data, and it’s built on a new paradigm for digital identity.
Identity-based blockchain works by assigning an individual an open ID that can be stored securely on the blockchain. This means that you don’t need to trust any third party with your data because it has been encrypted and can only be accessed with your permission.
Identity-based blockchain also lets users create smart contracts which allow them to manage their digital identity and make decisions about who they want to share their data with, how they want to share it, and what they want to be paid. The personal information of each user is stored securely in the blockchain without needing any central authority or middleman service provider.
How to Implement Identity-Based Blockchain
Users can choose to selectively share their identity data with the entities they want to engage with, and the recipient of that data will only have access to the information for as long as it is relevant.
Furthermore, users have complete control over who can use their identity data and how it is used. In order to implement ID-B, there are a few steps you need to take:
- Establish a governance model and create an institutional framework.
- Design the digital identity blueprint.
- Build infrastructure with key components (e.g., encryption).
- Develop a codebase of system logic that defines how all parts interact.
- Set up a decentralized application on top of ID-B.
This new blockchain architecture makes digital identities more secure and gives users more control over their personal information. This is why you have to get and use this technology now!