Cybersecurity and Blockchain
Blockchains are distributed databases that distribute data among network nodes and ensure the fidelity and security of data stored on the chain. Digital IDs (DIDs) can be created for both users and endpoints within an organization. After generating a digital identity for each user/endpoint, they present the verified identifier to a service provider in the form of a QR code or a signed digital certificate. There are several advantages to using blockchains for digital identity management for endpoint devices, including tamper-proofness, low transaction rates, and data portability. Before implementing this technology, CIOs (Chief Information Officers) and decision-makers should consider some disadvantages. Some of the disadvantages may be mitigated by implementing and managing private blockchains, also known as "permission blockchains."
The use of blockchains for decentralized identifiers has the potential to reduce the use of forged identities and compromised credentials. To adopt these technologies, CIOs and enterprise IT decision-makers should continue to closely monitor new developments in these areas. There are still ecosystem challenges to overcome before digital identity verification can be widely adopted.