Identity theft is a multi-billion dollar industry a year, with whole marketplaces for it on the sinister dark parts of the internet. In search of solutions, companies such as Velix.ID have settled on the blockchain technology as the silver bullet that will rid us of the scourge of unsafe online identities.
So what makes the blockchain technology such a perfect weapon for this industry?
-Security: The whole essence of any industry that will come up to tackle online identity theft is to ensure maximum security. Since the beginning of invention, there has been no single technology that is manmade which defies being hacked or sabotaged by a fellow human being, well, that is until the creation of the blockchain technology. This revolutionary tech which was debuted by Bitcoin has so far proved beyond the capacity of any hacker, group of hackers or even governments to sabotage, or shut down. This all-powerful technology with its legendary incorruptibility is the best chance we all have of bringing sanity to our online identities, a solution that ensures maximum control without invoking fear or stress in us as we go about our daily transactions with businesses around the world.
-Accessibility: No matter how good a technology or solution to a problem is, all is for-naught unless it is made accessible to the average human being. The blockchain technology is the ultimate solution when it comes to accessibility. The decentralization of services which the blockchain technology is built with (on its replicated incorruptible public ledger), will ensure that users have constant and instant access to their data whenever they wish. With no single point of failure, the blockchain technology in simple terms will never go offline, which is important for any store of sensitive data.
-Affordability: When it comes to providing solutions that are ahead of time and extremely affordable, the blockchain technology with its cryptocurrency applications prove beyond what any centralized systems can offer users. Online identity verification problem is a crisis that affects every single internet user and as such, making its solution universally affordable is very vital. The blockchain technology is the first tech to make an international transfer of money in micro amounts both efficient and affordable. And with the likes of Velix ID in the field of identity verification, the same affordability looks certain t be achieved in this industry as well.
The blockchain technology is one of the most versatile creations of mankind. From the Internet of Things (IoT) to Artificial Intelligence, this century looks set to be defined by a greater standard of accountability and security for internet users, spurred-on by this intriguing (blockchain) technology. Online Identity verification is set to be redefined, and Velix ID with the blockchain technology in its armor looks set to be among the stars of this new industry.