We all know blockchain technology can be sued for different purposes. Outside of the financial sector, the number of use cases is virtually unlimited. Identity services, for example, are a great business opportunity waiting to be explored. Canadian provincial government and several local lending institutions are exploring this option as we speak. An interesting development, considering there are a few other similar platforms in existence already.
There are many opportunities to explore when it comes to blockchain technology. It is good to see some projects not focus on the financial aspect, for a change. Canada is a pretty open-minded country when it comes to different blockchain initiatives. Focusing on identity management systems using this innovative technology is an interesting idea. With the support of leading wireless carriers, lending institutions, and provincial governments, good things are bound to happen.
A new era of Identity Management
The main purpose of this service is to make it easily accessible. The new protocol will be built on top of a blockchain platform built by IBM. We all know the technology giant has a solid reputation when it comes to distributed ledgers. Their existing solutions are widely appreciated by both corporations and consumers. More importantly, this identity management service will be available on both mobile and desktop. Dedicated applications will need to be built for this purpose, though
For now, a lot of the details remain shrouded in mystery. More specifically, we don’t know which provincial governments are involved in this trial. This blockchain-based identity management service will be of great interest to a lot of parties, though. The goal is to make this service available in all of Canada soon. No specific timelines have been provided at this point, which isn’t entirely surprising. Using a decentralized approach to identity management simply makes a lot of sense.
Right now, honeypots are a big problem when it comes to services like these. More specifically, a honeypot is a large repository of customer information. Hackers often target such treasure troves with varying degrees of success. A blockchain-based solution would nullify this method of attack. That is, assuming this project can effectively come to market in a convenient manner. No pricing has been announced for this service either. It may be free of charge, but we won’t know for sure until the project is finalized
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