Tag: Blockchain and identity

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Cryptocurrencies

 9 Best Blockchain Project Ideas for 2021

The blockchain market is estimated to exceed $39.7 billion by 2025, thanks to a growing need for smooth supplier management and simplified business operations. Blockchain promises secure data and easier recording of the transaction value. 

The blockchain market is estimated to exceed $39.7 billion by 2025, thanks to a growing need for smooth supplier management and simplified business operations. Blockchain promises secure data and easier recording of the transaction value. 

The blockchain market is estimated to exceed $39.7 billion by 2025, thanks to a growing need for smooth supplier management and simplified business operations. Blockchain promises secure data and easier recording of the transaction value. 

Since its introduction in 2009, blockchain has been a revelation for businesses looking to use technology to transform their current business model for more reliability, security, and transparency. Similar to 2020, blockchain technology is transitioning from the experimental stage to real business-ready solutions.

The adoption rate across different markets is expected to rise, and this presents a business opportunity. If you are looking to make your mark through blockchain technologies, then the following ideas will come in handy. 

Blockchain Digital Identity

Contemporary businesses often collect a lot of personal information, creating new business risks. Investments in powerful data vaults are not viable in the long run, as the tight-lipped systems can affect the drive for true customer understanding and product development. 

By 2025, the number of interconnected devices is estimated to rise to 22 billion. The majority of IoT technologies do not incorporate critical access and identity controls. There are already some major IT vendors providing IoT management systems to bridge the gap, but they often fall short.

The mismatching standards and hundreds of traditional servers make it complicated to implement management capabilities across devices. Blockchain promises practical solutions for interconnected devices.

The Distributed Ledger technology based on blockchain will ensure secure data storage in a tamper-proof, unified, and interoperable infrastructure. The benefit is a smooth and straightforward identification for employees and clients in some of the most sensitive industries. 

Blockchain digital identity is expected to improve manageability and control of personally identifiable information. So far, IBM and Accenture are some of the companies throwing their hat into the ring and already making significant progress with the blockchain digital identity project. 

Healthcare Medical Records Management

There are claims that blockchain technology can save billions in support function costs, staff costs, data breach, and IT-related costs in the healthcare industry.

A decentralized and secure blockchain-powered platform can support the storage and exchange of personal medical data. Hospital staff can then easily use the technology to update medical records.

One of the industry pioneers is Medicalchain, and they are already making significant progress, having signed a cooperation agreement with Mayo clinic. But still, the healthcare industry is largely uncharted territory, especially in the management of medical records, and therefore a great blockchain project idea for 2021. 

Stock Market Application 

The stock market has transformed many people’s lives and is an essential foundation for a country’s economy. It has its shortcomings, and the application of blockchain technology can significantly enhance its efficiency.

One area that blockchain can transform tremendously is the settlement process that every trade has to go through, which takes several days. The delays come from exchanges, clearinghouses, and regulatory processes. 

A blockchain system can potentially reduce the settlement process time to only a few minutes. The system is more efficient, and stock market trading will become more efficient with the advantage of decreasing errors.

A blockchain-based stock market application has the following advantages:

  • Easy to use
  • Enhanced transparency and fairness
  • Improved interoperability to increase trust
  • The clearing and settlement process becomes quick and easy
  • Risk containment mechanism

Logistics and Transport

Most of the logistics and supply chain systems are ineffective and outdated. Getting rid of intermediaries and improving transparency and efficiency in logistics can save companies millions of dollars.

Typically, a decentralized supply chain system that leverages blockchain technology and the Internet of Things (IoT) can improve transactions’ reliability and automate product traceability. Authentication for the transactions can be through blockchain to minimize errors and replace ineffective manual practices. The blockchain-enabled controls will reduce the chances of introducing counterfeit products into the supply chain, thereby ensuring integrity.

In transport, the blockchain technologies are scalable, immediate, easy to authenticate and track. With the blockchain’s help, businesses can easily track their truck components on a digital ledger for efficiency and reduced costs. The decentralized public ledger will record all adjustments in real-time and reduce clerical errors. 

The following factors are some of the things that make this an exciting blockchain project idea for 2021: 

  • Reduced transport costs
  • Easy documentation and coordination
  • Improved security and authentication
  • Quick and easy approval and clearance

Although companies such as Chronicled have already started the project in 2020, there is still much to do in logistics and supply chain management for 2021.

Decentralized Apps

Basing a business on Bitcoin (BTC) is not the wisest decision, as the system is vulnerable to high fees and instability. Currently, the BTC developers do not have a clear roadmap, which can sometimes affect the business model in the future. 

Decentralized applications (dApps) are based on blockchain and outside the control of a single entity. A standard web application such as Facebook runs on a computer system, where a single organization controls its backend. 

Building Dapps on Tezos and other smart contract platforms is a sensible thing to do to ensure business continuity. Beyond the control of a single entity, the decentralized environment is more transparent, secure, stable, and easier to use. The built-in medium of exchange in Dapps will potentially boost the adoption of cryptocurrencies.

As a result, many observers predict that Dapps will have an extensive global impact. 

Dapps are a viable project idea that you can sell to the numerous organizations and startups using bitcoin core and who seek stability for the future. 

Blockchain Consultancy

No doubt, the blockchain market is growing exponentially, and the need for a consultant increases by the day. In the following few years, more and more businesses will be lining up to leverage blockchain technology to stay relevant in the market. 

What makes it an excellent project idea for 2021 is the increasing number of businesses and individuals willing to listen to your blockchain project proposals. Unlike in the past, decision-makers in the business sector already know the benefits of blockchain and will be ready to hear how to make blockchain work for them.

There are various areas to specialize in as a blockchain consultant. For example, you can help strategize and develop a cryptocurrency community, airdrops, and logistics. Even though the industry is in its infancy, many businesses and people need help to leverage technology and ensure sustainability on-the-market. 

Voting Apps

The voting process, especially in developing countries, is usually a source of conflict that mostly erodes some of the gains made between the voting periods. The problem is generally tampering with the voting process and privacy.

Blockchain-based voting applications can streamline the voting process, protect critical data, reduce fraud, and enhance accountability. It can eliminate weaknesses that some proponents bank on to delegitimize the entire process while also maintaining the security of government and citizen’s data. 

Some of the benefits of a voting app blockchain project include:

  • Improved security and safety
  • Streamlined processes
  • Reduced redundancies
  • Improved integrity of the data
  • Cost reduction
  • Efficient process

Cryptocurrency Oracle

First conceived in the 1990s by researcher Nick Szabo, smart contracts have taken off with the advent of blockchain technology. The use of software and protocols to enforce an agreement’s performance or negotiation eliminates the need for laws or third parties. However, smart contracts are not sufficient on their own. Smart contracts need translator software to understand the terms, and that is where a cryptocurrency oracle comes in.

An oracle is a translator that provides critical data to trigger smart contracts after the original terms are met. The demand for the middleware software models is growing as businesses and governments implement blockchain platforms.

Apart from smart contracts, the other blockchain areas where oracle can prove useful include financial derivatives and betting. However, this is a very demanding project where you need to be a blockchain programming guru. 

Personal Finance Management

More than ever, people are focused on their finances and are taking action to ensure financial stability. A personal finance application has the potential to give businesses a fair amount of traction in an increasingly competitive market.

A blockchain-based app can easily categorize income and expenses in real-time and help manage finances. Such a system can easily connect with financial institutions to automatically update data and activate notifications.

What makes it a viable project idea for 2021 is its potential to help individuals take charge of their finances. Transparency, decreased error, traceability, and reconciliation are always welcome features in such a finance app. The added advantage of security and safety will significantly improve its standing. 

Final Thoughts

Like any other nascent technology, the early years of blockchain were characterized by growth spurts and evolving personality, much like a child that entered puberty. Blockchain , which just turned 11 a few weeks ago, is already exceeding expectations, which is more than you can expect from a technology still in its youth. The technology is now mature, and enterprise-ready solutions are hitting the market.

For the technically savvy, blockchain presents a golden opportunity for such projects as blockchain consultancy, stock market application, and decentralized apps. You can be part of the blockchain pioneers that create solutions with the capability to disrupt entire industries in 2021.

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Crypto Daily Topic

Blockchain and Identity: Here’s all there is to know

The ability to have control of our own identities has never been more pertinent than today. This is the internet age – and that has massive implications for our privacy, security, and autonomy over our own identities. Two issues emerge: that of populations not having an identity, as well as the implications of entrusting our identities with big and powerful organizations.

The ability to have control of our own identities has never been more pertinent than today. This is the internet age – and that has massive implications for our privacy, security, and autonomy over our own identities. Two issues emerge: that of populations not having an identity, as well as the implications of entrusting our identities with big and powerful organizations.

The ability to have control of our own identities has never been more pertinent than today. This is the internet age – and that has massive implications for our privacy, security, and autonomy over our own identities. Two issues emerge: that of populations not having an identity, as well as the implications of entrusting our identities with big and powerful organizations.

Recent research shows that a staggering 89% of consumers do believe that organizations are not doing enough to protect their data, while more than half of CEOs admit that consumers are not mistaken to think this. 

So how can we get past this stalemate? 

Blockchain technology has demonstrated its ability to change how things are done across industries. Can it also help with the thorny issue of identity management? The answer is yes, and an increasing number of platforms utilizing blockchain are emerging that aim to empower users with more control over their own identity. Also, a new concept – that of self-sovereignty- has emerged thanks to blockchain technology. 

We are going to look at what exactly identity is, explore the concept of self-sovereignty, and look at how blockchain can help us manage our identities better. We’ll also take a peek at some of the exciting organizations that are using blockchain to give users more autonomy and control over their identities.

What is Identity? 

Personal identity is a human right, according to article 8 of the UN’s Convention on the rights of the child. A person’s identity comprises: 

  • Their first and last name
  • Date of birth
  • Nationality  
  • An identifier, such as passport number, ID number, driving license, and so on. 

We cannot overemphasize the importance of having an identity. Without having a form of identification, one cannot access government services, own property, have a bank account, or be employed full-time. Without an identity, it’s so hard to participate in society because you cannot prove that you are who you say you are. 

Despite identity being so important, the current identity space is far from ideal. Data – such as passport number, social security numbers, and driving licenses is all stored in centralized servers by centralized organizations. This means three things: 

  • People can only get identities from centralized organizations
  • These centralized organizations can tamper with your identity data 
  • Identities are subject to theft

Let’s get a look at each of these:

1. Centralized Entities Giving Out Identities

Currently, centralized organizations have the power and the right to validate and issue identities to people. This system has left so many people in the world without an identity. According to the United Nations, 1.1 billion people in the world have no way to prove their identity. Due to this, these people have been left without access to basic financial services such as opening a bank account. This means that these people are excluded from the global financial system. As such, it is difficult for these people to escape the cycle of poverty. 

2. Data Mishandling

To participate in the current social media landscape, you need to create an identity. For instance, you need to create a Facebook account to use Facebook, just like you need to create an Instagram account to use Instagram. 

This gives these centralized organizations power over our identities. Think of it – we’re giving these organizations our identities, which they’re using to create identity silos.

We have seen what happens when we trust organizations with our data. The 2016 Facebook and Cambridge Analytica scandal is an excellent example of how powerful organizations can abuse user data. 

What was the Facebook Cambridge Analytica scandal?

The scandal involved Cambridge Analytica getting their hands on Facebook user data. The data that was leaked included public profiles, birthdays, city of residence, and page likes. For some users, things like a timeline, a news feed, and private messages were accessed. Around 87 million people were victims of this data breach – 70.6 million users being from the US.

The kind of data collected was detailed enough to enable Cambridge Analytica to create psychographic profiles. Psychographic profiles are a psychological mapping of people based on demographics. Using these psychographic profiles, Cambridge Analytica was able to curate political messages in favor of certain political leanings. These messages were then targeted at people, helping to sway populations for certain political candidates in the US, the UK, and Mexico. 

3. Identity theft

Identity theft is another issue with the current identity setup. For example, someone can steal your identity to use it to take out a loan using your credit card. A prominent example of this is the Bari Nessel case in San Diego, California. Bari Nessel would employ people and, in the process, obtain their personal information. She used the information of one employee to take out huge amounts of loans using their credit card. 

Another case, with more dire consequences this time, is that of Equifax, a US-based credit reporting company that was hacked in 2017. Through the hack, the data of half the US population was stolen, including names, birthdays, residential addresses, social security numbers, etc. 

What Did This Attack Reveal?

First of all, we don’t really have control over our data. We trust third-party companies to keep it secure for us, but seeing as they are centralized platforms – they have a single point of failure, meaning one attack is enough to breach the privacy of millions. 

Also, it’s hard to know if the company knew they were under attack but chose not to inform users nevertheless. So, there is also the issue of lack of transparency. 

What Lessons Can We Learn From This?

  • Centralized entities can issue identities to only who they want, and when they want
  • We trust third parties to secure our personal information
  • These third parties are not fail-safe 
  • Some third parties can be downright shady with the way they handle our data

Incorporating the blockchain into identity management would solve all these problems. Let’s take a quick look at what blockchain technology is. 

What Is Blockchain Technology?

Blockchain is a technology that was first brought to life by Satoshi Nakamoto in 2008. A blockchain consists of a distributed ledger with timestamped transactions. Distributed means that the ledger is controlled by thousands of computers all over the world. Each ledger has blocks of data that are linked to each other using cryptography. Blockchain has three very special features: 

  • Decentralized – the data is not controlled or owned by any one single authority
  • Immutable – once data is recorded on the blockchain it cannot be deleted or interfered with in any way
  • Transparent – anyone can see all data that has been entered on the blockchain

So how will blockchain solve the current identity management issues?

  • It will be impossible to replicate data – Blockchain can make it impossible for more than one person to claim the same identity. The same way it prevents double-spending of coins is the same way it will prevent the replication of identity details.
  • It will be hard to tamper with personal information – Blockchain can make it impossible to steal or hack personal information.
  • It will be hard to tamper with data information management processes – Blockchain can make the identity management processes trustless. This means removing human emotions, intentions, or negligence from the equation.

Self-Sovereign Identity 

Self-sovereign identity is the concept or idea that people should own and control their own identity. Blockchain can enable and facilitate self-sovereign identity. 

Blockchain would promote self -sovereign identity by facilitating the following characteristics: 

  • Minimalistic – availing only the amount of data needed for a particular task
  • Resilient – identity will not be censored or deleted 
  • Persistent – it will be impossible to take somebody’s identity from them 
  • Portable – it will be possible to access your identifying information from anywhere in the world 
  • Consent – your identifying information will be used only when you agree to it

More Power to Users 

Blockchain can also give people more choices on how to manage their personal information. 

Through the blockchain, individuals can:

i) Manage multiple identities

This means that an individual can have different identities with different personas for different types of contexts – for example, having different identities for the workplace, for friends, for family, and so on. Blockchain can facilitate all these different identities and give a key to each of these identities. This means the user has the discretion to use any persona they like – in different types of situations.

ii) Authenticate their identities anonymously

Blockchain can help users deploy anonymous authentication to ensure maximum security. This means that users can anonymously use uniquely identifying attributes to identify themselves in a given situation.

Projects Working On Blockchain-based Digital Identity

Several exciting projects are currently working to solve the current identity management problem using blockchain-based solutions. 

  • Sovrin: This is a non-profit organization that aims to enable individuals to achieve self- sovereign digital identity. Sovrin provides users with a secure and private network for individuals to manage and share their verifiable identity credentials. 
  • Civic: Civic provides a blockchain-based protocol on which users can manage their digital identities better. On the platform, users can create their virtual identities and keep them together with other personal information.
  • uPort: Created by the blockchain solutions company ConsenSys, uPort is a self-sovereign identity protocol that runs on Ethereum. The platform consists of smart contracts developer tools and a mobile app. Users can create a personal identity through smart contracts and secure it with the key in the mobile app. Even if your device is lost, you can still recover your identity credentials.

Closing Thoughts

The current digital management system is, to put it mildly, broken. Blockchain can fix this. Blockchain-based identification would afford us more security, more transparency, and more control over our identities. Blockchain can also bring more equality in the world by helping millions of people without an identity to get one. This way, they can play a bigger part in their societies and access their rightful services just like everyone else. 

Already, several blockchain-based projects have taken the mantle in this regard. Let’s wait and see how they will shape the space.