IVBlock: A Blockchain-Based Digital Identity Verification System

In today's digital age, a key challenge is the need for secure and reliable identity verification. Traditional methods, often relying on centralized authorities, are vulnerable to data breaches, privacy concerns, and inefficiency. For example, the 2017 Equifax breach exposed the personal data of over 147 million individuals, highlighting the risks of centralized data storage. Similarly, traditional identity verification methods in banking often involve lengthy processes prone to human error and fraud. These methods pose risks such as identity theft and lack of user control over personal data; for instance, studies show that identity theft affected over 42 million individuals in the U.S. in 2021 alone, highlighting the critical need for improved security measures. Therefore, we need to design a robust security and highly scalable framework to effectively address user privacy concerns. To address these challenges, we propose a blockchain-based digital identity verification system that leverages the immutability and transparency of blockchain technology. Our research provides a comprehensive discussion on the system's architecture, implementation, and potential challenges, paving the way for secure and decentralized identity verification frameworks. Our framework enhances data security, ensures user privacy, and fosters trust between stakeholders. The experiment's results demonstrate significant improvements in efficiency and enhanced security compared to centralized solutions.