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How The Blockchain Network Could Grant People Identities

How The Blockchain Network Could Grant People Identities

At this moment in time, billions of people from all around the world mind their daily business without owning an ID, and being registered in any database. While this practice, most common in third world countries, allows people to stay off the grid, it can also cause numerous problems. Some of these include the inability to open bank accounts, travel to other countries, or even being treated in a hospital.

It is worth pointing out that fixing the issue via governmental implication isn't that easy, especially in certain regions where bureaucracy and high taxes make it almost impossible for a citizen to get their ID card.

ID Passport Blockchain

Chances are that you've heard about the blockchain, which happens to be bitcoin's underlying ledger. Well, the technology can be regarded to as a coding method that can also facilitate secure record keeping for online communities, as network members proceed to share and confirm information at all times, across hundreds of thousands of computers throughout the world, without having a central authority governing over this practice. Centralizing information has often been regarded as the original sin of the web, as most institutions now rely on centralized data, which often doesn't include correct information.

At this moment in time, research indicates that over two billion people throughout the world do not have access to financial services, due to lack of documentation. In 2015 alone, 95 million people were reportedly displaced, or became refugees, which is a massive number of people lacking identification. Luckily, more and more blockchain companies are doing some humanitarian acts, by allowing people to create both social and economical identities via the blockchain network.

To put things better into perspective, almost all members of the Dadaab refugee camp over in Kenya now have economic identities, which they can use to open bank accounts, but also send and receive money. This particular example is achieved by a company known by the name of BanQu, which creates a document of a person's physical characteristics, selfies, and biometrics, which is then uploaded to the online ledger, where his profile can be accessed by anyone.

In a recent interview with Quartz, the co-founder and CEO of BanQu has stated that he sees an infinite number of possible applications for blockchain technology.

Imagine the concept being used by BanQu on a global level. Not only will it allow all refugees coming from countries such as Syria to get their own identity and more easily join the society, but it will also allow the billions of unbanked and unregistered persons to move one step forward into the modern world that we live in so casually.

Based on everything that has been outlined so far, what do you personally think about the concept of identifying people via identities uploaded on the blockchain network? Let us know your thoughts in the comment section below.

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