Originally conceived by Bitcoin's pseudonymous creator Satoshi Nakamoto, the blockchain was one of the many innovations brought to the table back in 2009. Over seven years later, the blockchain has been applied to much more than just a public ledger for Bitcoin transactions. Uniquely, blockchain databases are distributed, decentralized, and transparent, allowing for anyone to confirm its legitimacy. Let's dive right in and see how the blockchain may impact the world!
Identity Verification
Some companies offer services to verify one's identity using the blockchain protocol. One of these companies is BitID. BitID ties an account that is already authenticated, such as a bank, to a personal Bitcoin address. Other websites are then able to verify a user's identity through their Bitcoin address without needing access to a password or SSN. This lessens the amount of sites storing one's sensitive data. In addition, users would not need to register with a username and password. BitID allows individuals to keep their identity safer online.