I’ve been struggling with the concept of identity in distributed trust/consensus networks. All the options seem to come down to either a) putting some part of your credentials on someone else’s server or b) putting some part of your credentials on a device, whether it’s a card, a dongle , or your phone. Here’s Civic:
Basically, Civic validates your personal information and identity, stores it on your mobile phone and only you can see or use that information. It is never stored on our servers! This means that if Civic was to ever get hacked, your information would never be released because we just don’t have it.
Source: Civic: Enabling the future of privacy & digital security with ChainAuth™
Factom, however, proposes a new architecture that exists outside of the bitcoin network, but relies on the digital currency’s globally distributed computing power to keep cryptographically secured information both transparent and globally accessible.
via Factom Outlines Record-Keeping Network That Utilises Bitcoin’s Blockchain.
The core underlying idea revolves around a “two-way-pegging” mechanism, where a “parent chain” (usually Bitcoin) and a “sidechain” share a common currency by making a unit of one convertible into a unit of the other.
via | On Bitcoin Maximalism, and Currency and Platform Network Effects –.
To fully understand the blockchain concept and the benefits of cryptography in computer science, we need to first understand the concept of “decentralized consensus,” a key tenet of the crypto-based computing revolution.
via After The Social Web, Here Comes The Trust Web | TechCrunch.