Bitcoin Global News (BGN)

February 12, 2019 -- ADVFN Crypto NewsWire -- The Blockchain is supposed to be revolutionary in terms of bringing our identities and the processes that governments and firms use to verify them, digital. Up to this point, however, companies like Civic have tried an failed to bring such solutions mainstream to the point where they are actually used in meaningful situations by powerful and connected companies.

It is truly not easy to convince industry leaders to switch the ways that they handle identity verification, for example. If a company has already attained Fortune-500 status, why should they change any of their major processes?

The easy answer is because traditional methods of attaining and maintaining competitive advantage just don’t work anymore due to the rise of technology. In response to this, strategists like Rita McGrath have already proposed theories like the theory of transient advantage, which are meant to supplant global standards like Porter’s model. Still, despite all of this, as the blockchain has made its’ way across industries, it has not quite made its’ way to being thought of as a trusted solution at scale.

Sure titans like Walmart and Maersk have promised large implementations across enormous parts of their existing business lines and yet, we have yet to hear of actual results in the form of hard data on how these implementations have performed.

It’s just too early and many companies seem almost unwilling to move past the pilot stage of their blockchain projects or even consider the blockchain as a viable solution for anything. In the case of blockchain-based identity solutions, matters are even more uncertain.

At this juncture, Estonia actually seems to be the leader in this niche, due to their already successful implementation of digital identity in just about every sector, for all of their citizens. With this in mind, it is logical to wonder if and when larger countries will follow suit.

Now, matters may be starting to develop in that regard. According to CoinDesk, the financial wing of General Motors will be partnering with a blockchain firm called Spring Labs to develop a blockchain-based, identity verification solution.

 If they are successful in their efforts to change how customer identities are used in banking, then we just might see the first successfully scaled blockchain-based identity solution in the United States. The reason behind this possibility is easy to grasp.

Finally, there’s a powerful company tackling an implementation of the blockchain in one of its’ most basic forms. Before Bitcoin, there was only a digital ledger for recording information.

By: BGN Editorial Staff