Blockchain for Identity Management

What is blockchain and why is it important? Blockchain is a transformative technology, its most significant benefits are speed, cost efficiency, and transparency. It has the potential to not only transform asset and data exchange, but also change business processes, improve risk mitigation, and provide greater predictability within business processes. Blockchains decentralize and distribute data across a network of computers, functioning as distributed ledgers. Blockchain technology eliminates the need for a centralized authority because each participant has a copy of the stored data in a secure, distributed, and shared database. Changes to data are validated by members collectively and updated across the network. This provides an unchangeable record and enhanced protection for data quality and integrity.