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December 5, 2017

Blockchain for Digital Identity: 2017 highlights and 2018 outlook

By Andre Boysen

Looking back, 2017 stands out when compared to previous years.

In the past year, we have seen a significant shift in the online marketplace – with several technological advances emerging and changing the way business is conducted online. Consumer buying patterns have shifted, while businesses have altered their strategy to adhere to the changing norm.

In the last year, among a long list of new technologies, one in particular – blockchain – has transitioned from an unknown concept to a household name. Blockchain has emerged as one of the most important tools in developing strong, secure digital identity in an online world full of bad actors and dark alleys.

In 2017, IBM released blockchain-based software Hyperledger Fabric 1.0, UPS joined the Blockchain in Trucking Alliance to create standards and education for the freight industry and most recently, American Express introduced blockchain-enabled cross-border payments using fintech startup Ripple.

It’s clear that what began as a tool for solving problems associated with digital currency transactions has now become a critical element for a variety of sectors, making transactions easier and more secure for both businesses and consumers – problems that possess a multi-party trust issue.

Looking forward to 2018, blockchain will become one of the most important tools in developing SecureKey’s digital identity ecosystem, in which consumers will be given complete control over the information they share, with whom and when.

Blockchain’s distributed ledger technology enables new data architectures with distributed storage schemes while increasing data integrity – ultimately reducing the risk of hacks or mass breaches and providing consumers with the peace of mind that the personal information they give out is protected, and providing better information assurance to businesses.

The future is now, and blockchain won’t be disappearing anytime soon.

Andre Boysen from Securekey

 

 

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