Identity management is the process by which an organization, government or individual maintains information that compromises someone’s identity and manages the authentication and ongoing security of that information. The goal of a modern identity management system is to increase the security of the data, improve productivity of the system while also decreasing cost, downtime and repetitive tasks.
Exonum Blockchain: Your Platform for Trust
Identity Management
What is Identity Management?
Challenges of Identity Management
Despite advances in identity management technology, identity security remains a constant challenge due to the lack of a centralized authority/authoritative identity repository, the risk of a shared system of identification information, the unequal distribution of data, and the risk of data manipulation.
The benefit of blockchain in Identity Management
Exonum is Bitfury’s premier blockchain solution, which can help businesses and governments handle identity authentication and reconciliation. An Exonum blockchain can create encrypted digital identities while offering more comprehensive security features capable of saving customers and institutions valuable time and resources.
Here are some of the benefits of implementing an Exonum blockchain for Identity Management:
- Simplified identity verification
- Protection from identity duplication and fraud
- Decentralized design reduces intermediaries
- Heightened security for accessing and transferring key information
- Real-time direct data access
- Operational efficiency increases
- Reduction of administrative costs
- Easy auditing
- Streamlined implementation with other services
- Improved legal and regulatory compliance