At the moment, traditional identity systems are vulnerable, loose, and heavily disjointed. There’s no go-to system that delivers accurate user identity. Current identity options are a case of ‘water, water everywhere, but none to drink’ – which is a dangerous situation.
Not everyone has access to physical identities, which are often provided by centralized authorities. The bureaucracy involved in getting such IDs discourage many, leaving most people without an actual identity.
Also, government-issued IDs are often hotbeds of racketeering, which exposes user data to all sorts of elements. The fraudulent activities that subject millions of people to financial strain start with the exploitation of user data. People have their social security numbers and identities stolen, which is then used to defraud them. This is largely due to the centralized way such data is stored. Users don’t have control over their data.
Blockchain technology does provide a viable solution to the identity crisis. Yet, adapting identity on the digital ledger isn’t something you’d snap fingers and it happens. A lot goes into identity management on the blockchain.
Digital Identities As A Solution
The panacea to the current identity crisis is the creation of a digital identity where users enter their data on a platform for digital identity. While creating their digital identity, users get public and private keys. These items offer the user full control over their identity. By deciding who gets access to the public key, issues of identity theft are curbed.
Despite the efficacy of digital identities, the transparency of the open ledger complicates things; privacy, a necessity for a truly beneficial identity.
How Parami Helps Resolve The Blockchain Identity Impasse
Current blockchain identity solutions are lacking in so many ways. One of such is privacy. Parami Protocol brings privacy to blockchain identity, which is made possible through the dapp’s layered framework.
Parami Protocol provides users with privacy for their digital identity through its Ad privacy layer. Here, homomorphic encryption of user data is done, creating a PCAP document that gives the user complete control over who can access such data.
Besides bringing privacy to the table, Parami Protocol lets users create their digital identity, often called the Parami DID. The uniqueness of this digital identity is tied to how easily it syncs with W3C DID.
The compatibility of the PDID with web2.0 gives it an edge amongst the many alternatives within the blockchain DID space. Add the PDID’s verification solution, and users can have one streamlined identity everywhere, whether it’s on web 3.0 or web 2.0.
Parami’s DID doesn’t require the strenuous Know Your Customer shenanigans that have haunted data submission in the traditional settings. Though KYC is fine consuming and not something a lot of users look forward to, it has its uses. One of such uses is the confirmation of the uniqueness of a user’s identity. PDID achieves the authentication process through the introduction of social graphs and the meticulous anti-sybil analysis.
The Role Of AD3
Parami’s digital identity solution is only possible if you deploy the might of its AD3. It’s no surprise as the platform is powered by its native token. Holders of AD3 can do a lot with the token. From staking to governance, the AD3 token has several utilities thanks to the Parami Protocol.
To verify your digital identity on Parami, you need to stake some AD3 tokens. That’s in addition to the numerous functions big the token.
Conclusion
Blockchain identity offers a way out of the identity crisis that’s troubling the globe at the moment. Parami uses the open ledger in salvaging the situation. Thanks to the Parami Protocol, digital identity will become the preferred choice for individuals around the world.
These are places where you can learn a lot about Parami, and talk to Parami communities
