Personal Identity Security and Blockchain

Improvements in identity security have been facilitated by blockchain in recent years, and further technological improvements are expected to involve some continuing relationship. Blockchain’s unique features and aspects of its fundamental nature make it more secure for use in trading transactions, as it is a cryptocurrency and decentralized. 

Developments in internet technology, including both hardware and software, have involved some increased facilitation of hacking personal data and using it for further crime. This has therefore created demands for countermeasures, and blockchain has been an example of an efficient and effective way to address a wide range of recent security risks.

While some insurance providers and identity theft services contain theft and identity protection aspects as fundamental elements of their service, others require that users seek their own firewalls, software defenses, and processes to follow in communicating personal information. Users may receive sufficient protection from their banks, credit unions, or credit card holders, but may still need to protect their digital system if they take this or their retail affairs online. The recent pandemic has involved conditions that have created a higher risk of identity theft.

There were approximately 1.4 million reports of identity theft in 2020, and the number of reports from the previous year was only approximately half the amount. The evolutions of criminal activity potentials and security measures have had reciprocal relationships in recent years, and while this is expected to some extent, there is likely to be some growth in identity theft cases without major overhauls in security processes. Economic trends such as unemployment rises have been correlated to growth in identity theft cases. 

Identity theft has been integral with different forms of criminal action, including government benefits and small business loan programs in addition to network hacking. The recent growth in unemployment was attributed to growths in both government benefit and small business loan fraud, and these cases are commonly integral with identity theft. Meanwhile, federal stimulus funding involved in the recent pandemic have included tax identity thefts.

Many programs have been developed for a specific emphasis on identity theft, or targeting these variables with specific strategy beyond traditional network types of securities. Recently developed applications targeting it (and their observed unique potentially applicable comparative advantages) include Identity Force (hosting a superior system for credit monitoring), Identity IQ (hosting a superior system for monitoring social security numbers), LifeLock (hosting the most antivirus features), ID Watchdog (hosting superior ID theft resolution services), Experian IdentityWorks (hosting superior fraud detection), and Identity Guard (rated as the best comparative overall solution). 

Other similar applications claimed to have potential to be the most strategic business solution include Credit Sesame (hosting the best free credit reporting), Privacy Guard (hosting superior customer service), Zander Insurance (hosting the best insurance bundling), IDShield (hosting superior family plans), and IDnotify (hosting the best value for identity theft protection).

The most strategic selection may include updates and upgrades to existing software, as well as any relevant expected change to business operations. Meanwhile, cryptocurrency improvements such as those inherent in blockchain evolution continue to improve personal identity securities. The combination of these blockchain and personal identity security programs has established markedly greater security developments.

References

https://www.prnewswire.com/news-releases/best-identity-theft-protection-services-for-2021-by-theft-protection-expertscom-301232126.html
https://www.consumer.ftc.gov/blog/2021/02/identity-theft-awareness-week-starts-today
https://www.security.org/identity-theft/best/
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Philip Tadros - Founder
Philip Tadros is the Founder of Doejo an award winning Innovation Studio with over 50M dollars sold in Innovation, Consulting and Business Development services.