Blockchain: The New Technology of Trust

Blockchain: The New Technology of TrustExperts agree that the blockchain technology can at some point eliminate the need to create and store various types of digital identifiers, passwords or conclusions that are currently the real nightmare of every computer or smartphone owner.

Imagine life without having to worry about such data. And this applies not only to individuals, but also – and, maybe, even above all – to business. For example, a company will be able to check the entire professional history of a newly hired employee within a few seconds by pressing a button on the computer that opens the application based on the blockchain technology.

Thanks to this technology, the bank will also have an easier task. He will be able to quickly confirm the identity of the client who applied for the loan, without the need to carry out complex procedures, which in some cases may not work.

The blockchain technology always gives us a 100% certainty that we are dealing with the right person. It is important to note that it should not disclose details to third parties, often under the condition of special data protection, which should be accessible to standard user authentication systems.

This is possible due to the fact that the blockchain technology uses more than one large database that provides the necessary information, but from a decentralized system for managing user identities. Such a system creates a digital wallet that acts as a specific type of storage. It contains a complete set of personal and financial data and all other information that can be transferred only after a specific system request and only with the consent of the owner of this data.

The heart of this system is the solution behind the abbreviation DLT (distributed register technology). In combination with verification of the digital identifier, the DLT solves the problems associated with the need to provide personal security data in case you need to quickly confirm the identity of the user when the entire operation, such as financial, is performed in real time online. In these situations, the blockchain technology demonstrates its advantages and is irreplaceable.

Picture Credit: TheDigitalArtist

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