what is digital identity?_Definition of all finance terms

Definition of Digital Identity

Digital identity is an innovation of technology, which empowers people to make their own digitized identity, but there is a lack of control in terms of stolen, faked, or lost; but blockchain-based distributed identity now becomes more secure and controllable.

Brief Explanation of Digital Identity

A distributed blockchain-based identity is becoming more secure and differs from other identities by adding up three different functions to follow in making their identity.

Firstly the person is facilitated by biometric verification, which is captured to record a person’s actual identification.

Secondly, they have to create their own unique identity by which a person can control their owned share data.

Thirdly, a person has to make their own 3rd party application.

With all these new steps added, blockchain-based digitized identity provides an extreme security level that benefits both businesses and regulators.
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