Identity and Access Management (IAM)
Identity and access management (or identity management) is the combination of processes, policies, and tools to ensure the right people have access to the right resources. This applies to an employee who needs access to information within an organization or an individual logging into a website to access a service or product.
Blockchain identity management can be applied to a growing number of use cases across a variety of industries and sectors including healthcare, financial services, supply chain, Web3, and retail.
Many of the current digital identity management systems have problems including:
- The risk of data breaches from information being kept on centralized storage systems
- A bad user experience of people having to manage so many accounts
- Risk of identity theft
- Lack of ownership and control of user data
- Enhances data security as people store data on their devices rather than centralized storage systems, which makes it difficult for a hacker to access a lot of data
- Faster verification and authentication process which saves a significant amount of money and time by using less staff and resources
- Creates an auditable trail of records because a public decentralized identifier (DID) is verifiable on the blockchain to enable data accountability
- Identity data can’t be shared without explicit permission
- A DID is a secure global ID that enables people to have complete data ownership and control
- Improves the online experience for users as they simply log into websites and apps with a DID without having to manage a growing number of passwords and accounts
- Food safety training courses can issue completion certificates as Verifiable Credentials to participants who will each have their own DID. They can carry this credential with them on their phones to be verified by restaurants or hospitality employers.
- Entertainment sites that require users to be at least 18 years or older could integrate blockchain identity management technology to easily verify users in a privacy-preserving way.
- Verified camp organizers on a sports camp management platform, will be issued a Verifiable Credential associated with their DID by the platform. Only authorized organizers can access and use the company’s services to manage camp participants, payments, and schedules.
- College or university students that hold credentials confirming their student status can confirm their status as students so businesses can immediately verify if they are eligible for discounts