5 sectors where blockchain can bring large scale disruption, as per this Infosys expert

One of the most repetitive and resource intensive effort in today’s heavily digitized world is the ask for ‘proof of identity’. Both consumers as well as employees in most organizations are constantly required to prove their identity in a paper intensive process, duplicating their effort.

In the current scenario, Identity Management assumes great significance. This system enables identification of individuals in a system and controls their access to resources within that periphery. A key element that is emerging as a critical component to strengthen this complex process is Blockchain technology. With its concept of distributed ledgers, Blockchain can effectively overcome most of the issues that organizations face in crucial areas such as ‘Know your customer’ (KYC).

Blockchain successfully offsets various challenges in the current set up. It includes aspects such as centralized databases, which are a limiting factor to share data needed to complete identity verifications, integration of their systems with a third party data provider, duplication of data identity etc.

When Identity Management is moved to the blockchain, users are able to choose what information to provide and who will be the recipient of the same. Once a user’s identity is registered on blockchain, he/she can reuse the identification for other services as well. Blockchain facilitates a wide gamut of applications for organizations.

  • Faster Onboarding: Personalized data can be accessed through blockchain which would streamline customer onboarding
  • Security: Using encryption data would only be available to accredited organizations and to whom access has been granted.
  • Usability: Identity certified by accredited organizations can be used by other organizations and other verticals within the same organization without duplicating the entire process.
  • Immutable data: The Identity data on the network cannot be lost and is available to be accessed and updated at any point of time
This disruptive technology serves as a catalyst in a myriad of sectors as well.

Blockchain Identity enabled Immigration services

Identity of individuals is critical for validation before they are allowed to leave or enter a country. Visa processing is time consuming, with due diligence else and there is the danger of documents being manipulated. Digitized passports and visas on the blockchain provide an immutable and secure record of documents which can be used by authorities for verification and authentication.

Blockchain Identity enabled Healthcare services

Medical history of patients is crucial in recommending treatments in emergencies. The process of obtaining patient medical history needs to be held securely ensuring the data is not compromised. Blockchain digitizes the medical documents and enables patients to securely share the data with other doctors. Medical practitioners can easily access data and recommend treatments, providing effective treatments.

Blockchain Identity enabled Welfare services

Blockchain based identities enable governments and NGO’s to identify individuals who qualify for welfare entitlements. Today data regarding an individual’s income, taxation, medical history, location, origin, age, etc. are stored in siloed databases. Blockchain can be integrated with different departments to provide a complete view to the welfare departments enabling deserving individuals to qualify for welfare entitlements and easily access or receive them by proving their identity on the blockchain.

Blockchain Identity enabled Qualification Authentication

Today a student’s educational details other than the final grades are not available for companies to consider and recruit candidates. Companies need a quick and easy process for asserting the authenticity of certificates. A blockchain connecting various educational institutions can be used to store the data and certification of students. Companies can access the data to shortlist candidates, authenticate certificates and recruit the best candidate.

Blockchain Identity enables Enterprise Access

Enterprises need to control access to data, in order to prevent IP theft and leakage of corporate data. Blockchain enables companies to secure access to resources by verifying employee credentials, which encrypts information such as biometrics, passwords, system configurations and prevent tampering of data.

Blockchain is an emerging technology that is poised to bring in large scale disruption. Identity Management is one of essential applications of blockchain and it overcomes the challenges faced by current solutions by integrating all the market participants on one platform. It enables efficient, faster and streamlined processes in all applications, while providing individuals complete control over their data.

(The article is authored by Ashok Mysore, Vice President and Delivery Head for ANZ, Infosys)

Subscribe to whatsappSubscribe to whatsapp
Add Comment()
Comments ()
Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.