: Digital credentials combine privacy and security #IndiaNEWS #Contributor Digital privacy and the need to protect online credentials is a growing universal concern, especially as consumers continue

Digital credentials combine privacy and security #IndiaNEWS #Contributor
Digital privacy and the need to protect online credentials is a growing universal concern, especially as consumers continue to expect the convenience of online transactions. That means financial institutions, retailers, government agencies, healthcare providers and others must store sensitive information such as credit card numbers, social security numbers, bank information, and more; information that is attractive to hackers. Despite hardened security measures, cybercriminals routinely break into data repositories to steal personal information they can sell online.

There is a better way to secure personal information and still take advantage of digital credentials: By separating personal information from digital identification, consumers can use a digital identity card for account validation, credential verification, and other identity-based transactions without exposing personal data. Distributed ledger technology presents a new way to create a secure digital personal identity code you can carry on your smartphone.

Solving the password problem

The ongoing challenge in today’s connected world is the need to maintain multiple online accounts, including multiple login credentials and passwords. The average user has more than 100 passwords, 25% more than a year ago. That means the potential to steal personal information has increased by 25% as well. The more passwords we use, the greater the risk that sniffers or intercepted passwords can compromise accounts.

Consumers are also creating more online accounts than ever, leading to more personal information scattered across the web in different databases and further increasing the risk of losing control of your personal information.

Creating a new approach where you and your digital identity eliminates much of this risk. Abstracting your credentials using a digital ID protected by distributed ledger technology provides an added layer of security and gives you total control over your credentials.

By adopting distributed ledger, you create a means of authenticating your identity without exposing personal information. Whether you have an account with a business, government agency, school, retailer, or some other organization, you can create a secure means of authentication. Once you establish a social contract with that organization, you are issued a secure digital identifier that contains no personal data and cannot be copied or stolen. The approach is easy to execute, easy to use, and totally secure.

Creating a secure authentication system

Your secure digital credentials are maintained and secured in the cloud and the organization that needs to validate your identity or credentials can verify your information using whatever credentials are needed, whether it’s a social security number or a driver’s license number.