{"id":22638,"date":"2024-08-23T17:45:29","date_gmt":"2024-08-23T12:15:29","guid":{"rendered":"https:\/\/ivaluegroup.com\/en-in\/?p=22638"},"modified":"2025-04-25T13:11:47","modified_gmt":"2025-04-25T07:41:47","slug":"unlocking-true-security-with-decentralized-identity-management","status":"publish","type":"post","link":"https:\/\/ivaluegroup.com\/en-in\/resources\/blogs\/unlocking-true-security-with-decentralized-identity-management\/","title":{"rendered":"Unlocking True Security with\u00a0Decentralized Identity Management\u00a0"},"content":{"rendered":"

Identity is the means of differentiating oneself from everyone else. And in today\u2019s world, an individual has to maintain both a physical identity and a <\/span>digital identity.\u00a0<\/b><\/p>\n

A digital identity is a one-on-one relationship between an individual and their digital presence. This identity usually consists of attributes (PI, authentication credentials, role definitions) along with related behavioral & biological data. It is how we gain access to all the digital services we use in our daily lives, and as such, it wouldn\u2019t be erroneous to state that <\/span>digital identities are the cornerstone of the modern economy.\u00a0<\/span><\/i><\/p>\n

Challenges with traditional identity systems<\/h2>\n

Yet, in the current scenario, emerging threats from attackers jeopardize the security & sanctity of your digital identity. Some of it is <\/span>controllable<\/span><\/i> by the user, through measures like using strong passwords and MFA. However, that is hard to maintain in a scenario illustrated by a recent NordPass survey, where the average person has 168 passwords. It leads to weak, often repeated passwords, and according to a survey by GoodFirms, 30% of users have experienced security breaches due to weak passwords. This is controllable through good practices, but that doesn\u2019t make it any less challenging for the user.<\/span><\/p>\n

However, there are certain aspects of their digital identity that are completely <\/span>uncontrollable<\/span><\/i> for the user, namely where all their personal data is being stored by the entities they interact with. This is where the responsibilities of your organization come into play, both in terms of safeguarding your stakeholder data as well as insulating your entity from debilitating breaches that come from holding all that data.<\/span><\/p>\n

Sadly, most of this data is currently stored in centralized identity management databases that are prime targets for hackers. And why wouldn\u2019t they be – one successful hit leads to all contained user data becoming compromised and attackers profiting massively from it. It was seen this year when AT&T suffered two separate breaches, the most recent one exposing over 110 million records. And the more records you keep in one place, the higher the risk to your bottom line – a study by Statista claims that the cost per stolen record in data breaches worldwide amounted to $164 per stolen record. Multiply that by the 110 million records breached in just one of the AT&T attacks, and your head will probably spin. This precarious scenario is making users increasingly wary about sharing their digital identity with organizations.<\/span><\/p>\n

Advantages of decentralized identity management with 1Kosmos<\/h2>\n

There\u2019s no need for fear. There is a mechanism to secure all these various controllables and uncontrollables, and the key lies in <\/span>decentralizing digital identities. <\/b>This process lets users and organizations manage & control digital identities by distributing them into different secure locations.\u00a0<\/span><\/p>\n

In the case of <\/span>BlockID<\/b>, the decentralized identity management solution provided by the iValue-1Kosmos partnership, all your stakeholder PI resides in our private blockchain that encrypts digital identities in various secure enclaves through a distributed ledger. Then, in a complete eradication of the risks and attack vectors associated with passwords, these digital identities are only accessible through advanced FIDO-2 certified <\/span>biometric verification<\/span><\/i>. This results in the most accurate authentication out there, fortified by NIST 800-63-3 Level of Identity Assurance.<\/span><\/p>\n

If you\u2019re worried that all this advanced authentication will involve a lot of additional tech costs, you\u2019ll be pleasantly surprised to hear that biometrics can be successfully captured and authenticated using mechanisms currently present in smartphones and laptops. Decentralized digital identity leverages advances in prevailing devices, cryptography and blockchain technology to establish high assurance trust online between your organization and its stakeholders, in a solution that effectively balances security, privacy and convenience.<\/span><\/p>\n

By adopting 1Kosmos solutions facilitating identity management and identity verification through decentralized security, you will experience various advantages to the overall posture of your organization:<\/span><\/p>\n