Digital Blockchain Technology - Identity and Access Management
The progress of digital technology has revolutionized every aspect of our lives. Whether it's the way we shop, collaborate with colleagues, entertain or manage our money, all have become part of the digital world.
Identity and access management has been a problem to be solved since the inception of the Internet, and the market has invested billions of dollars in succession to improve the usability, security, and privacy of identity and access management. The identity and access management market share is expected to grow from USD 8.09 billion in 2016 to USD 14.82 billion by 2021, at a CAGR of 12.9%.
Although the market has invested so much in this field, identity and access management as a security measure is still plagued by three problems - cumbersome, expensive, and challenging.
As digitization takes hold in today's world, identity ID is critical to most business and social transactions, which affects the behavior of people or applications entering and accessing systems. However, traditional identity systems are still very vulnerable.
From an enterprise perspective, the customer experience is greatly diminished as enterprises prioritize cybersecurity, identity protection, and compliance management.
From a personal perspective, we should remember not only many online IDs and passwords but also process many documents, including passports, driver's licenses, social security cards, and medical insurance cards.
These overburdens have overwhelmed everyone, and digital identity and access management solution is urgently needed.
1. Blockchain Digital Identity and Access Management Solutions
Blockchain technology has developed significantly from the previous Bitcoin blockchain. This technology can replace traditional systems with highly trusted identity and access management mechanisms, thus giving users greater control over their IDs and ensuring that people and entities with digital identities can practice setting appropriate levels of access to enterprise resources, such as networks and databases. User roles and access rights are defined and managed through the system.
At the same time, companies can only use this information with the customer's consent, and no central entity can reveal the consumer's identity.
2. What is the identity of "I"?
(Characteristics of Self-Sovereign Identity)
Blockchain creates a "self-sovereign" identity that is inherently immutable and more secure than traditional identity systems. These digital identities have the potential to revolutionize the way we connect to different online services.
In principle, a self-sovereign identity would allow the user to：
- Restrict one's authority;
- Access and update information (although some information may require third-party verification);
- Select the information they wish to keep confidential;
- Transfer data (if they move to another organization or another jurisdiction).
- Remove the identity if needed.
Such a system needs to ensure the following :
- Powerful algorithms are used to authenticate identities and their lives;
- Independence from a specific platform or architecture;
- The validity period of the identity is long (preferably permanent);
- Interactivity (for widespread use);
- Sharing data only with the consent of the user.
- Organizations should only have access to the information they need, not the complete information;
- User rights protection.
3. More Empowerment for Individuals
With the support of blockchain, identity and access management solutions provide individuals with complete privacy and control over their personal information. At the same time, they share data on trusted networks and ensure the security of identity transactions.
4. Managing Multiple Identities
A person may have the same identity on multiple platforms or may want to use different identities to support various "roles" such as colleagues, friends, and family members. Blockchain can help this flexibility and provide a secret key for each identity, giving users the right to decide which role to choose in a particular situation.
5. Anonymous Authentication
The solution uses anonymous authentication to ensure maximum security. If a public key is required to access a person's digital identity, that secret key is vulnerable to hackers. Anonymous authentication allows individuals to use the only attribute that identifies them without needing a public key.
Source: Self-Sovereign Identity
An identity and access management system solution offers significant cost savings to organizations. For individuals, it also means improved security, transaction speed, and user experience, making user login easier and more secure.