The Blockchain Identity, as its name implies, stores digital identities which are all respectively linked to their digital certificate through a network shared by its participants.
What is a Blockchain?
Generally speaking, a Blockchain a secure data storage solution. By sharing a ‘ledger’ of information through a decentralised network, whether it is for a record of transactions or any other kind of data exchange, data is kept securely. Its security comes from the fact that the ledger is shared. Thus, if one ledger is compromised and is ‘edited’, the ‘edit’ is invalid if it does not match the majority of ledger copies in the Blockchain network.
However, in a Blockchain network, participants are made anonymous. The main implication of this feature is that it restricts regulation and security for users despite having their data kept safe in the Blockchain. The problem with anonymity is that participants of the Blockchain network who interact with each other can be victims of malicious third parties.
For example, a person transacting in cryptocurrencies may want to transact with their friend. For a hacker, if they can fool the transacting entity by falsifying their own identity and making themselves look like the friend digitally, a transaction may take place and its record would be placed in the Blockchain. Once lost, the currency in which the transaction took place cannot be retrieved as the Blockchain cannot be changed due to its tamper proof nature.
Identity is key to most of our solutions. By attaching identity to any kind of entity, whether it is a person or object, it is possible to trace them within an ecosystem through transparency, improve their efficiency by ensuring that their rights to do something are valid, or simply regulate them for security purposes.
To attach an identity to an entity, the latter holds a digital certificate which can be revoked or renewed. Thus, through an interface, organizations can control digital certificates attached to entities in their ecosystem.
Certificates are stored on our Blockchain Identity which can be shared among participants who want to verify each other. Thus, certificates are made tamper proof through a shared decentralized network. Through this network, users can be assured that the WISeCoin Validation Authority Service provides correct information when it performs a verification.
Example of use case for WISeCoin
Blockchain Identity Application
The digital certificate A is associated to an account that will log the number of authentication requests that were made by the object holding the digital certificate A. In that case, the object A is the requestor of the authentication. Besides, the number of authentication requests made by a digital certificate B about the digital certificate A can also be consulted. In that case, the digital certificate A is the object of the authentication request.
The certificates are registered on the Blockchain by WISeCoin and are then put under the control of an organization (the client). The organization can perform several actions on the digital certificate:
- Accept to take a digital certificate under its control
- Give control (or ownership) of the digital certificate to another organization
- Submit a revocation request that will be validated by WISeCoin
- Submit a renewal request that will be validated by WISeCoin
- See the number of transactions (as requestor or object)
- Organize the certificates into a structure defined by the organization.