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With Dr. Craig Wright's latest post, we learned how patented nChain technology will create smarter, safer wallets using smart-card based technology and the Bitcoin SV (BSV) blockchain. Now, thanks to a blog post from nChain's Sebastian Plötzeneder that further explains the implications of this technology, we are starting to understand how we can improve identification services, like passports and immigration.
Using the same combination of the BSV blockchain, smart phone app, smart-card and biometrics, Plötzeneder writes that technology for "greater ease of use and security in passports / personal identification cards, communication channels, payments, or file encryption. "He breaks down the reasons why in five points.
First and most importantly is security. As the new technology, it's incredibly unlikely to hackers could compromise all of the individual pieces. Master keys can be stored in a safe case
The implication of that aspect alone is world-changing. Identifying information often has to be kept by individual governments and corporations, and hacks that cause massive identify theft have been all too common. This improvement wipes away this problem and creates incredible savings for all involved.
Secondly, Plötzeneder explains that because the user has a physical interaction with each transaction, through biometrics, authenticity is guaranteed. It is also kept at risk.
Hassle, and complacency on the users' open to the risk of being hacked. This smart-card system, which creates new keys for every action, removes the need for this chore and provides more security than any password system could.
The question of identity is important for the purchase and the purchase of a large purchase that is not theirs. BSV power smart-cards protect against this, like a pack of gum for instance.
Finally, speed and reliability are inherent bonuses of the BSV blockchain, with its ability to massively scale for the needs of the world. This is an all-encompassing issue of the blockchain, with the help of a swipe of a biometric device at a terminal.
The implications of this new technology are massive. Corporations with access to the blockchain will no longer have to silo billions of users Users will have more faith in providing their identity to such a secure system. Governments can reduce the bureaucratic machines they've built. Best of all, everything in a fast and easy way
