According to reports from the Wall Street Journal, in the year 2017, over 16.7 million people in the U.S were victims of identity fraud. These numbers only represent the cases that were reported. Most of the time, individuals have no idea that their digital identities have been compromised until they attempt to purchase a property or take a loan only to find that their financial lives are in ruins.Today, the number of organizations equipped with a proactive fraud detection and prevention mechanism for their electronic records is quite low. Take the case of financial institutions \u2014 A recent survey of banking institutions discovered that only 16 percent of credit card companies were reported to have a fraud detection mechanism in place to detect fraudulent events in real time.There is a significant need for an identity protection mechanism that is reliable and immutable at the same time. This is where Blockchain is the real game-changer. The BLOCKCHAIN based identity management system can create a secure and permission-based framework wherein identity information can be stored away in an auditable block and only authorized parties will have access to it and all authorized personnel would know who does what with the stored information.Self-Sovereign IDPhoto by Erwan Hesry on UnsplashThe immutable property of the Blockchain ledger is what allows the individuals to take charge of all the information tied to their identity and ensure its accuracy over time. For instance, since there isn\u2019t a universally accepted digital equivalent for offline identities, such as a passport or a drivers license, people are issued with a unique set of identifiers for every single application they use. This results in a sprawling web of private information that ends users struggle to keep track of.With the help of decentralized identities (DiDs), individuals can retain complete control over their\u2026<\/p>","protected":false},"excerpt":{"rendered":"
According to reports from the Wall Street Journal, in the year 2017, over 16.7 million people in the U.S were victims of identity fraud. These numbers [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/posts\/3850"}],"collection":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/comments?post=3850"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/posts\/3850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/media?parent=3850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/categories?post=3850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/tags?post=3850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}