Blockchain Technology: The Solution to Global Digital Identity
Introduction:- For many years, the world has been grappling with the challenge of digital identity. The current centralized root of trust model, which relies on CAs, consortia, or governments, has been found to be vulnerable to breaches and hacking attempts. However, with blockchain technology, we can finally solve this global digital identity problem. Blockchain Technology:- A public blockchain is a decentralized root of trust that nobody owns, but everyone can use. It uses a consensus algorithm operating over many different machines and replicated by many different entities in a decentralized network, turning the centralized root of trust model on its head. The Bitcoin network has proven the effectiveness of this model by operating for eight years without a breach. The fundamental idea behind blockchain technology is to replace trust in humans with trust in mathematics. Every transaction in the blockchain is digitally signed by the originator and chained to the prior via a digital ha...