Data Storage

The Distributed Ledger Empowers Digital Identity Management

Digital identity management has become an alarming concern for major business corporations. Companies are looking for innovative methods to mitigate identity theft and establish a secure digital infrastructure. Rhode Island’s secretary of commerce believes distributed ledger and a centralized data lake can effectively solve the problem. Elizabeth Tanner, Secretary of Commerce, talks about how professionals repeatedly update their personal information at every business juncture. Tanner recommends that instead of doing this, it is better to put the details in a distributed ledger and access it on different platforms. In her article for the Government Technology, Jule Pattison-Gordon shares how a distributed ledger can impact business security and identity management operations.

Experimenting with a Distributed Ledger

Rhode Island ran a pilot project to test the feasibility of a distributed ledger and a centralized data lake. The participants could access their personal information through a digital wallet. The digital wallet would run a security check to confirm a CPA’s certification block. Tanner mentioned that the trial successfully integrated the participants’ business and personal information.

Application in Government Offices

To register a business, it is important to provide your details to various government offices, such as the Secretary of State’s office and the Division of Taxation. Introducing a more streamlined approach can make it easier for businesses and government to register and manage information. Furthermore, introducing distributed ledgers and centralized data lakes can make the information registration and verification procedures less time-consuming.

How to Incorporate a Distributed Ledger

Pattinson-Gordon asserts, “Distributed ledger technology — or blockchain — stores data in chunks known as “blocks.” When a block’s storage is maxed out, the block is closed, time-stamped and attached to the last closed block in the chain.” Centralized data lakes and ledgers help you establish a timeline to regularly track and review the information. Researchers are experimenting with using open-source technology to improve data lake technology. It will help reduce the time and frequency of fraud and identity theft.

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