Blockchain technology is not just limited to cryptocurrencies; it offers secure applications for online authentication by using decentralized ledgers. With self-sovereign IDs, users can control their private online identities instead of relying on central authorities. This system employs cryptographic keys for authentication, potentially bolstering security against common threats associated with traditional passwords. By eliminating centralized databases, blockchain significantly reduces risks of data breaches and enhances user safety in online transactions, as exemplified by implementations like R3 Corda in the financial services sector.
a self-sovereign ID allows users to create private IDs that they control for online authentication, removing reliance on centralized institutions.
blockchain's decentralized nature eliminates centralized databases, significantly reducing the risk of data breaches associated with traditional password systems.
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