What is a Digital Identity Smart Contract
Transaction data therefore includes an auditable record of the digital identity of every person who accesses the data. ... Smart contracts allow transactions to be completed automatically once specific conditions are met, and they have use cases including digital payments, insurance contracts, and market trading that revert fees to the identity holder.
identity information on the blockchain
specific personal information
Merge with other
Today, different institutions hold different details about your life:
- bank records,
- ownership rights,
- job details,
- demographic facts, etc.
To collect all this information in one file, you would need to carry a huge pile of papers, references, copies. It’s pretty inconvenient, especially, if you have to pass an identity verification.
Whenever something happens to you, it would be registered on the blockchain to keep your identity holistic. Owing to this, KYC verification would become instant. And your privacy wouldn’t be affected as you are the one to Smart contracts solve this problem and allow to keep all the data on one person in one place.