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Online identities such as domain names and social media handles have been controlled by central authorities such as corporations or governments who do not always have their user's best interest in mind. These accounts can be suspended or revoked for arbitrary reasons, causing users to lose access to their personal data and social networks. Since these accounts are often centrally controlled and hosted, they can be vulnerable to a large attack which compromises millions of accounts at once, leading to identity theft and financial fraud. What is needed is a decentralized form of online identity, one where users are in control of their accounts and data is not stored in a central location under someone else's terms.
A blockchain ID is a unique name that is secured by a blockchain. A user can cryptographically link their blockchain ID to a profile containing arbitrary information e.g. non-unique name, biography, website link, public key, and social graph. Blockchain IDs are simultaneously secure, human-meaningful, and decentralized, thereby squaring Zooko's triangle.
With a blockchain ID, users have more control over their online identity and personal data.
Step 1. Use a blockchain ID application to register a unique name on the blockchain.
Step 2. Create your blockchain ID profile. Add any information that you are comfortable with putting online.
Step 3. Link your blockchain ID and social media profiles together so others can verify that your blockchain ID is really you.
Done! You can now share your blockchain ID on your website, social media profiles, and business cards so people can easily find you online. You can also use your blockchain ID to log in to applications that support blockchain authentication.
A blockchain ID is registered by signing a properly formatted transaction with a private key, broadcasting the transaction, and waiting for a confirmation from the blockchain network. If the transaction contains a unique name, then the transaction will be accepted as valid by any blockchain ID resolver. The security of a blockchain ID registration is dependent upon the security of the underlying blockchain. Updates or transfers of a blockchain ID must be signed with the corresponding private key(s).
In contrast to traditional forms of identification, a blockchain ID is not issued by a central authority, and associated data does not need to be stored in a central repository. A blockchain ID cannot be taken from its owner without either a) compromising the corresponding private key(s) or b) compromising the security of the underlying blockchain.
- Secure communications applications
- User authentication for apps and websites
- Human-readable cryptocurrency addresses
- Infrastructure for the Internet of Things
- Streamline KYC/AML compliance
- Replace the Domain Name System
- Replace Certificate Authorities
- Replace insecure identifiers e.g. Social Security Numbers
