Bitcoin Global News (BGN)
February 12, 2019 -- ADVFN Crypto NewsWire -- The Blockchain is
supposed to be revolutionary in terms of bringing our identities
and the processes that governments and firms use to verify them,
digital. Up to this point, however, companies like Civic have tried
an failed to bring such solutions mainstream to the point where
they are actually used in meaningful situations by powerful and
connected companies.
It is truly not easy to convince
industry leaders to switch the ways that they handle identity
verification, for example. If a company has already attained
Fortune-500 status, why should they change any of their major
processes?
The easy answer is because
traditional methods of attaining and maintaining competitive
advantage just don’t work anymore due to the rise of technology. In
response to this, strategists like Rita McGrath have already
proposed theories like the theory of transient advantage, which are
meant to supplant global standards like Porter’s model. Still,
despite all of this, as the blockchain has made its’ way across
industries, it has not quite made its’ way to being thought of as a
trusted solution at scale.
Sure titans like Walmart and Maersk
have promised large implementations across enormous parts of their
existing business lines and yet, we have yet to hear of actual
results in the form of hard data on how these implementations have
performed.
It’s just too early and many
companies seem almost unwilling to move past the pilot stage of
their blockchain projects or even consider the blockchain as a
viable solution for anything. In the case of blockchain-based
identity solutions, matters are even more uncertain.
At this juncture, Estonia actually
seems to be the leader in this niche, due to their already
successful implementation of digital identity in just about every
sector, for all of their citizens. With this in mind, it is logical
to wonder if and when larger countries will follow suit.
Now, matters may be starting to
develop in that regard. According to CoinDesk, the financial wing
of General Motors will be partnering with a blockchain firm called
Spring Labs to develop a blockchain-based, identity verification
solution.
If they are successful in
their efforts to change how customer identities are used in
banking, then we just might see the first successfully scaled
blockchain-based identity solution in the United States. The reason
behind this possibility is easy to grasp.
Finally, there’s a powerful company
tackling an implementation of the blockchain in one of its’ most
basic forms. Before Bitcoin, there was only a digital ledger for
recording information.
By: BGN Editorial Staff