After Ethereum emerged in 2015 and pointed out the potential benefits of blockchain — which far exceed its usage for simple transactions — the developers from all corners of the world started looking into this technology. This resulted in the invention of countless use cases. Some were immediately achievable, while others were purely theoretical at the time.
Since then, many have been realized, improving entire industries along the way. Or, at least, presenting solutions that have the potential to do so. One of these countless use cases involved new ways for identity management. Essentially, thanks to blockchain’s immutability and privacy, it would be highly beneficial if users could upload their credentials onto the blockchain and then share them when there is need by granting access to their details when there is need.
This is actually what the project called Dock (DOCK) is trying to achieve, by offering a decentralized network with simple solutions for businesses and developers to build, manage, and present digital credentials that can be verified instantly.
How Does Dock (DOCK) Work?
Dock is a platform created to deliver solutions for developers and companies to create, manage, and present digital credentials. Thanks to the fact that these credentials would be stored on the immutable and tampering-free blockchain technology, they can be instantly verified, thus opening doors to a change in the way private user data is being stored and handled in numerous industries.
Dock features a standalone blockchain and integrated payment and incentivization token, DOCK: It also features a trusted network of validators, and it is easy to integrate. Plus, it also developed interoperability solutions, which means that it can be connected to other networks. It is a part of a bigger movement to solve the issues revolving around how data is captured, shared, stored, and controlled.
These issues include things like data silos and gatekeepers, untrusted and inaccurate information, incompatibilities across different platforms, errors and inefficiencies when it comes to verifying data, and the lack of control over data by their owners, as well as the lack of user privacy.
What Problems Does Dock (DOCK) Solve?
As mentioned, Dock aims to solve current issues regarding identity management by allowing people to upload their credentials to the blockchain.
Providing digital credentials solutions
In order to achieve its goals, Dock offers simple solutions for creating, managing, and presenting digital credentials. Its solutions were created in a way that allows them to seamlessly work across various platforms. It offers an easy-to-use framework for building open-source and developer-friendly verifiable credentials.
Eliminating false identities
Thanks to the fact that the identities would be stored on the blockchain network, they would be forever secure and safe from tampering and faking information. This is possible thanks to blockchain technology’s immutability, meaning that the information once stored cannot be deleted or modified, at least not unless the community agrees that this data needs to be changed. As a result, no single individual would ever be able to fake their credentials, use false identification, and alike. Some have theorized that this could even help with finally ending human trafficking in the modern age.
Solving the problems involving data
Problems revolving around data are extremely common in most industries due to inefficient, outdated software and limitations of old technologies. With blockchain, many of these issues can be removed, or if not entirely eliminated, their negative impact can be removed. This includes industries and sectors such as healthcare, supply chains, workforce, finance, health and safety, and many others.
Benefits of Dock (DOCK)
Dock also offers certain benefits to individual users who can expect to receive rights and abilities to do the following:
Participate in governance
Holders of the DOCK token gain the right to participate in the project’s governance, meaning that they can submit proposals on how the project can be improved, or vote on the proposals submitted by other users. This is possible thanks to the fact that the project is fully decentralized and in the hands of its community, rather than a single centralized entity that would make all the decisions or have ultimate power over the project.
Create a decentralized identity
Next, users gain the ability to create their own decentralized identities, using the DID, or Decentralized Identifier. This is a new type of identifier that allows verifiable, decentralized digital identities, and it refers to any entity. That can mean a person, an organization, a data module, an abstract entity, or even a thing.
Easily manage and present credentials
With constant access to the blockchain via a variety of devices, users can share and present their identities at any time. Furthermore, they can decide who should be able to see it and what they can see. For example, if they store their medical records and a need arises where they need to share it with their doctors, they can grant them access to their medical history. Meanwhile, if they need to offer insight into their identity to a different entity, they can keep the medical records hidden, and share another type of data, such as ID, passport, and alike.
Final Thought
Data is the most important asset today, and it is frightening how little control over it their users and rightful owners actually have. Dock aims to change that through the use of blockchain technology.
This is still only one use case for the blockchain sector, and it can completely revolutionize one of the most important aspects of modern society, solve various problems, and more. As mentioned, it has the potential to not only solve how data is used, but also greater issues such as human trafficking, theft and smuggling of goods, and more. There are countless possibilities when it comes to the blockchain, and this one is among those that can not only improve an industry, but the entire quality of living.
