In part one of our Identity Blockchain blog series, we discussed the fundamentals of blockchain and why establishing trust is a key factor making it work.
But beyond the obvious Bitcoin application of the blockchain network, there are a number of blockchain experimental infrastructures already in trial (proof of concepts) by corporations and consortiums. If there’s a ‘market’ for those technologies, they will spin off from central governing bodies and spawn new peers.
There are, of course, barriers to widescale blockchain adoption.
- Trust of peers–-rogue actors or nation states can participate as a peer in the blockchain as easily as fundamentally ‘good’ peers.
- Enforcement —ability to enforce rules and rid the network of bad actors
- Standard bodies and the flexibility to change and adapt for future uses of Blockchain as new applications to identity technologies emerge
- Transactional speeds. Right now, blockchain is purposefully slow. Each transaction takes a number of minute to record. This latency is a part of the security of blockchain. This delay is currently too prohibitive to adapt to identity technologies
- The unknown
No one really knows where Blockchain is going to go; however, many analysts, experts and pundits predict that blockchain networks are one of the most exciting game-changing digital transformation technologies.
However, future technologies tend to be idealistically appealing in our minds. Gartner has a “hype curve” for future technologies and, of course, blockchain is listed there on the “Peak of Inflated Expectations.” We can look toward an emerging technology, like blockchain, with optimism, yet pull ourselves a little bit back toward a pragmatism needed to vet the potentially long list of unavoidable obstacles that come with new territory.
Optimal IdM is already a technology agnostic Identity and Access Management provider with services such as SSO and MFA. Our solutions can be implemented as an IdP or an SP. We’re continually looking at industry trends, like identity blockchain, ready to support their use in enterprises around the world.