With Dr. Craig Wright’s latest Medium 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’re starting to understand how it can also improve identification services, like passports and immigration.
Using the same combination of the BSV blockchain, smart phone app, a smart-card and biometrics, Plötzeneder writes that the technology allows 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 creates new key pairs for every single interaction, and it’s incredibly unlikely a hacker could compromise all of the individual pieces, access is kept absolutely secure. Master keys can be stored away in a safe to allow closest loved ones to have access in case of emergencies.
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’s also never at risk, as the key identifying information is not kept in a Bitcoin transaction.
Creating new password for every service used can be a tiresome hassle, and complacency on the users’ part leaves millions 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 purchases, and nobody wants their identity tied to a large purchase that isn’t theirs. BSV power smart-cards protect against that, but can also be personalized to waive the feature for smaller purchases, 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. As all relevant information can be tracked on the blockchain, painful queues at airport immigration can be done away with, in favor 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’ data and pay for security teams to protect it. Users will have much more faith in providing their identity to such a secure system. Governments can reduce the bureaucratic machines they’ve built. Best of all, everything works in a fast and easy way, thanks to BSV.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
