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Benefits of Identity verification to trade bitcoin in Blockchain

Blockchain has made some remarkable development in recent years. It finds its use cases in different industries. Blockchain's growth can be deciphered from the fact that the market size of Blockchain is expected to reach grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025. It will witness a CAGR (Compound Annual Growth Rate) of 67.3% from 2020u20132025. One of the key areas of application of Blockchain is identity management. In this blog, we are going to discuss the use of Blockchain in identity management.

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Benefits of Identity verification to trade bitcoin in Blockchain

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  1. Benefits Of Identity Verification To Trade Bitcoin In Blockchain Blockchain has made some remarkable development in recent years. It finds its use cases in different industries. Blockchain's growth can be deciphered from the fact that the market size of Blockchain is expected to reach grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025. It will witness a CAGR (Compound Annual Growth Rate) of 67.3% from 2020–2025. One of the key areas of application of Blockchain is identity management. In this blog, we are going to discuss the use of Blockchain in identity management.

  2. Blockchain and identity management- ID management identifies individuals or uses by authorizing them access to the organization system and network. This process can also revoke user access when it's not valid. The Identity and Management market is growing; it is estimated that the global market is expected to reach $14.82 billion by 2021, with a CAGR of 12.9%. .

  3. How is Blockchain helping? Some of the key features of Blockchain that will find use cases in Identity management are: 1. Decentralisation 2. Peer-to-peer interaction 3. Transparency 4. Data security

  4. 1.Self Sovereign Identity- Threat to data and misuse of data have become concerns. It is no surprise the companies like Facebook have compromised on data. So, what's the solution to this? Well, Blockchain comes in the picture. It gives the user complete authority over the identity creation and control over it. Here is how it happens: ·The user owns and controls their digital identity ·Other parties can only access the identity, but only when the user grants access. ·You don't have to rely on third-party ·Since it works on the Blockchain platform, it is secure and free from a hacking attack.

  5. 2.Identity verification using Blockchain- Another area of application of Blockchain is in identity verification. Implementing an identity management system can be tricky, especially when you have the silos and predominance. However, there has been a considerable change in this, and we have Blockchain startups, which are making a significant impact on it. One of the examples is Blockpass. The company provides a Blockchain-based identity management solution. Blockpass offers a Blockchain-based-"Know Your Customer" (KYC) portal.

  6. Companies that wish to use this system can do the onboarding using this portal. It makes use of smart contracts for KYC and "Anti Money Laundering" (AML) compliance. The company offers easy-to-install tools. It is an ERC20-compliant crypto token and is named PASS. Companies can make use of these services for the onboarding and ID management process.

  7. 3. Identity management for the decentralized web- Another area of application of Blockchain could be using the decentralized web for storing the identity, which can be used anywhere in the virtual world to login. Since the information will be stored on the Blockchain network, there will be a lesser probability of identity theft or hacking.

  8. Conclusion- This set of use cases of Blockchain in identity management brings forth this technology's universal use. Owing to this, many startups are venturing into this. It is time to take the first-mover advantage and become a part of this growing industry. One of the ways to achieve this is by opting for Blockchain certification. You can enroll for Blockchain Council's Blockchain certification program. Once you have completed this certification, you become an expert in this domain. So, don't delay; its time to enroll for the Blockchain certification program today.

  9. Blockchain Council Certifications You can check out our certifications, and kick start your career in the Blockchain space today. • Certified Blockchain Expert • Certified Blockchain Developer • Certified Smart Contract Developer • Certified Solidity Developer • Certified Ethereum Developer

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