A Proposed Blockchain-Based Digital-Identity Management using ERC 725/735

Abstract

In modern technology, the ownership of electronic data is the key to securing their privacy and identity from any trace or interference. Therefore, a new identity management system called Digital Identity Management, implemented throughout recent years, acts as a holder of the identity data to maintain the holder’s privacy and prevent identity theft. Therefore, an overwhelming number of users have two major problems, users who own data and third-party applications will handle it, and users who have no ownership of their data. Maintaining these identities will be a challenge these days. This paper proposes a system that solves the problem using blockchain technology for Digital Identity Management systems. Blockchain is a powerful technique to build a digital identity in chain matters that enables a secure environment. The idea of Blockchain is to distribute the data across multiple devices in a cryptographic way, which will reduce the ability to an impossible level. Therefore, in this paper a proposed Digital Identity based on Blockchain (ERC 725, and ERC 735) with MD6 as a hashing algorithm will be implemented in a Secure smart contract can prevent function calls from being carried out until the sender has received confirmation from a reliable issuer; for example, we might include a feature that restricts smart contract interactions to legitimate users only. Many additional use cases are possible with ERC-725, including multi-sig execution approvals and contract call verification in place of key validation.