ABSTRACT
This chapter reviews the concept of identity, the challenges of traditional identity systems in financial transactions and demonstrates the role of digital technology in redefining identity systems in the future. It presents an innovative concept for digital identity-management that is powered by blockchain technology – “Blockdentity”. Blockdentity is a digital identity management and Know Your Customer concept that implements Service Set Identifier protocol using blockchain technology to provide adequate identity sovereignty to users. Leveraging on blockchain technology with integration technologies, the Blockdentity framework enables individuals and entities to securely store identity information, instantaneously seek verification for their identity, and use it to access a variety of services within the platform. Blockdentity is developed with several individual components, including the blockchain, which is a fundamental technology to the new digital identity concept. However, blockchain itself is not the solution to challenges of existing digital identity concepts. Blockdentity implements the Self-Sovereign Identity protocol using blockchain technology.
