Identity Management

The Complete Blockchain Professional Course Blockchain Use Cases in Finance
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Transcript

Another problem in the financial sector for which multiple industries are working to find a concrete solution is the online identities management. online identity management is a time consuming and costly process. Most of the parties do their individual online identity management, and also making the users share their identities again and again, for different services. The solution to this problem would be a permission based blockchain to store digital identities. immutably storing the user identities will provide a tamper proof solution. Moreover, users can choose how they identify themselves.

They can give permission to the organizations and people with whom they want to share their identity. banks will also have a single source of getting the identity users would not have to submit their details again and again, at multiple places, banks can directly get the user details from the blockchain. The benefits of using such a solution are that this will remove the middleman and provide access to the same source of information for multiple parties. Providing user identities over the blockchain will help users protect their data and only provide identity to the authorized parties. This will also reduce the users overhead as they do not require to submit their identities again and again. Once connected to the network and verified, the user identities could be accessed from the same source of truth.

Now let's visualize the identity management solution with the help of a diagram as you can see In the diagram, we have a user who either uses the mobile or web based application to create a digital identity. This digital identity will be like a digital certificate for the user. The user will call the smart contract function to store the digital identity over the blockchain. The smart contract, provides proper licenses and stores the digital identity over the blockchain. Once the digital identities available over the blockchain, integrity is maintained as the digital identities are stored immutably inside a block over the blockchain. different organizations can retry the digital user certificate from the blockchain as per the authorization services like transport agencies, banks, government services, and hospitals will share the same source of truth for the user identities.

This kind of solution will also help users maintain the licenses and they can provide the permissions on who can view their identities. For example, users can provide the authority to banks, governments and hospitals to see their identities and not allow transport agencies to look at their digital identities. There are many more use cases which you can come up with finance industries, you need to analyze where you can employ blockchain as a solution and in what aspects it should be a solution which is helping to solve the problem most effectively. In this lecture, we discuss some of the use cases which can be taken up for the finance industry. In the next lecture, we are going to take up the use cases related to another significant sector, which is the medical industry Thank you for attending this lecture. If you have any queries feel free to contact us at info at the rate v two blocks.com

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