Which industries are most likely to be transformed by blockchain?
1 Answer
Faisal Khan
Answered 11/Feb/2018
My vote goes for Identity.
Identity is not a singular fucntion, but more or less a function of collective inputs that have a consensus around it. Sound familiar? Well that is exactly what the blockchain does.
The current identity that we have today, is nearly 100 years old. The template was derived from 1918. What have we added to it? some form of a national number that is you? (SSN, or Identity Number), a photograph and a copy of a utility bill.
Identity is so broken that it is not even funny. Most South Asians live in with their parents. This is true for many parts of Arica and Middle East also. They do not have a utility bill in their name, so how can they provide a copy of a bill in their name for purposes of address verification. This is just ONE example. There are so many more.
The common notion is that a driver’s license is supposed to be an ID. What if you don’t drive and are not from a 1st world country? How does a developed nation like Canada accept a state issued ID from someone in Ghana (over the internet)? How can you trust it?
How can a government like Pakistan provide a biometric token of an ID of someone (without providing the biometrics themselves) for purposes of verification on some online email provider in UK? How would that work?
Most importantly, what is the world’s OAuth? for identity? One that is not linked to a specific company?
Identity is a very complex issue and rarely understood by others, because they are simply based in a limited geography. If you travel around the world and interact, you will find out, and frankly be surprised, why no one is tackling the identity on the blockchain issue.
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