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How blockchain could solve the internet privacy problem

Fintech firms, software makers, telecom providers and other businesses have joined forces develop a blockchain-based network that will enable anyone to exchange digital credentials online and without the risk of unintentionally exposing any private data.

The companies are part of the Sovrin Foundation, a new nonprofit organization now developing the Sovrin Network, which could enable anyone to globally exchange pre-verified data with any entity also on the network.

The online credentials would be akin to identify information you or I might have in our physical wallets: a driver’s license, a bank debit card or a company ID.

Instead of a physical card, however, the IDs in our digital wallets would be encrypted and link back to the institutions that created them, such as a bank, a government or even an employer, which, through the blockchain, would automatically verify that information to a requestor.

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