No, we don’t. The buzzword “blockchain” in essence is a data structure. What makes “blockchain”
special, as we’ve seen in Bitcoin, Ethereum or other blockchain projects, is when combined with
cryptography, participants of a peer-to-peer network can achieve a “consensus” to the “truth” of
the blockchain state, without the need to trust any central authorities. However, there is a
caveat: the blockchain is public by design, and everyone can make a copy of it. Although data in
blockchain is generally encrypted, hackers can archive a blockchain and wait until vulnerability
is found or the encryption algorithm is discovered to unravel the information inside.
For use cases like currency transactions, public blockchain works because the value of the data,
namely transaction details, depreciates over time. Provided that cryptographic algorithm has an
average “shelf-life” of 15-20 years, it is long enough for currency transactions that Bitcoin
and other blockchain technologies are built on to cause any problems. However, it is not the
case for personal identifiable information, which it is valuable and vulnerable regardless of
time. A public blockchain full of personal information is an alluring target for hackers. Hence
it is not justified to put personal data into a public blockchain, risking data leak (in
absolute certainty) in the future.
Divao ID deliberately avoid public blockchain to prevent data breaches. At the same time, Divao
ID embraces the decentralization movement that embodies blockchain technologies. Using
peer-to-peer network architecture, we empower individuals to control their personal data on
their own device. Divao ID does this by verifying, signing and encrypting personal information,
and by facilitating service providers to request data directly from customers.
For a comparison of our technology with blockchain, please visit our Technology page.