Blockchain Will Help Us Prove Our Identities in a Digital World

2.4 billion people worldwide can’t prove their identity to the satisfaction of authorities. While they certainly know who they are, they are excluded from property ownership, free movement, and social protection simply because they can’t prove their own identities. Globalization and population growth increase the pressure to find cost-effective ways to address this problem. A solution is emerging — mutual distributed ledgers (MDLs) — a.k.a. blockchain technology, which allows for the secure storage and transmission of digitally signed documents with a super audit trail. These “immutable document exchange networks” are emerging in trade finance, shipping, and insurance, where everyone has a big problem validating the identity of people and assets. The ultimate question surrounding an immutable identity ledger is this: Will it become a lifeline for people — or will it put us in chains?