I’m curious about the role blockchain technology plays in identity management. I’ve heard that blockchain can enhance security, privacy, and manageability, but I’m still struggling to understand how it works in the context of identity management. Can does the technology enables a secure, private and convenient way of identifying and verifying users? Does it replace traditional systems of usernames and passwords?
Also, I’m trying to figure out the potential benefits of blockchain-based identity management systems beyond just enhanced security. For example, could it simplify the process of verifying the identity of users in an online transaction? How does it handle user data and what safeguards are in place to protect this data? Are there any significant risks or downsides to this approach that are worth considering? Understanding these aspects would be really helpful in getting a full picture of this concept.