Is Identity a Problem that Blockchain Technology can Solve? | Interaxis

Published on October 31, 2021

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We continue to discuss the ways the Blockchain technology, including Cryptocurrency and Decentralized Finance – DeFi – can address the Fees and Friction that have been created.

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The idea of my Identity is wrapped up in those fees and friction.

In most countries, my identity, from an official and financial standpoint, is defined initially by the government, which gives me a number when I’m born.

That government-issued number then permeates throughout my life. My health records, education, financial history, and ability to earn credit are all based on that number.

In that way, the government controls my ability to manage my own important data.

All those organizations that provide the services to me – healthcare, education, employment, finance -create silos of my data. I need to ask them permission to access my own information, and the access is based on my ability to provide proof that I am the person represented by that number.

Of course, I’m fortunate enough to live in a country where I even have proof that I exist, and can, therefore, participate in the system. In many countries, there is less ability to prove your identity, which leaves you out of all those organizations

We feel that Blockchain technology holds much of the ability to address many of these issues. We talk about Fees and Friction, and we find that the idea of Identity is one that encompasses so many of these issues…

Is Blockchain Technology – Crypto and DeFi – the solution?

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What Does Blockchain Technology Solve

What Does Blockchain Technology Solve, Is Identity a Problem that Blockchain Technology can Solve? | Interaxis.

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