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- According to a recent Chinese research report under the heading “BDI: Infrastructure in the Digital Economy Era.”
- The reports explore the usual problems and hurdles faced by digital identities. So, analyzing Technical and Application difficulties of the blockchain network.
- The research contains remarks of Yaun Yuming, Huobi China CEO, and President of Huobi Research Institute.
Huobi China released a research report under the heading “BDI: Infrastructure in the Digital Economy Era.”
The reports explore the usual problems and hurdles faced by digital identities. So, analyzing Technical and Application difficulties of the blockchain network. It deepens research about the application of blockchain technologies on digital identities (BDI). so as the eID digital identity chain. And in conclusion, the report forecasts the application direction of blockchain-digital identities.
The research contains remarks of Yaun Yuming, Huobi China CEO, and President of Huobi Research Institute. And He added blockchain technology has the potential to provide a distributed trust environment. Because of this aid, it can provide secured identity authentication and identity privacy protection. A feature considered to offer a prime advantage in the present digital era.
Why Blockchain for Digital Identity?
Digital Identity holds significant preliminary importance in the time we exist. Like many of the Government’s initiatives to deploy eID. But, executing the same becomes a difficulty with the existence of common problems. Problems such as insufficiency in authorization methods, data forgery, data dispersion, and so on. This is where Blockchain plays an important role. Blockchain can use its unique structure to provide authentic, and low-threshold trusted identities.
The People’s Bank Of China released the “Financial Distributed Ledger Technical Security Specification”. furthermore, chapters 13 and 14 of the issue deals with Identity Registration, verification & Privacy protection.
The report discusses the topic of Digital Identity from all angles. According to which, DFI accounted as the fundamental driving force for the development and application of BDI.
The Blockchain features can solve the common obstructions faced in Digital Identity processes. By combining with digital Biometric data and privacy protection technologies. Thereby achieving a Self -controlled user identity system.
The existing drawbacks
But, it is also noted that such a Blockchain-based digital Identity system ahs drawback of its own. The reports further underlined that the system has low-performance problems. Apart from that, the users find both DID and private keys are difficult to memorize.
Huobi Research Institute responded to the above findings. The institution will look into such problems to enhance the application features of BDI. Huobi research institute will improve the Blockchain ecosystem through consistent researches.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
