Identity and access management, the preference and role of internal and external API stores are becoming essential in the workplace in terms of the privacy requirements of consumers. Financial institutions can use these technologies to confirm the identity of payers and borrowers. Other companies can use them to access social assistance, health care and education, or to validate the identity of clients for transactions subject to regulatory restrictions, among others.
There are many providers of identity management and authentication products. Some focus on the second, attribute exchange and Identity and Access Management (IAM), such as Ping Identity and ForgeRock.
Companies like Trulioo and Signicat focus on collecting identity data, such as gender and job title, to enable their customers to securely identify their customers online. Attribute exchange services, such as Open ID, share identity information between terminals. For example, a company that uses a third-party payroll service may use an attribute exchange service to pay its employees accurately without sharing unnecessary credentials. Technology companies such as Microsoft, Google, and Facebook allow people to use their usernames and passwords to authenticate with various service providers.
Best practices for managing identity and authentication platforms
Nobody wants to have to remember a username and password for each portal they use, let alone manage separate authentication data for each of these portals. The open OAuth standard allows users to seamlessly connect to all portals in an enterprise.
What’s more, security teams usually have to keep track of connection history, activity logs, and security changes. For example, security teams should keep a record of auditing changes. This includes granting different access rights to a specific document, depending on the role of a person. An IAM tool makes it possible to follow all these indicators on several applications.
Some platforms integrate easily with LDAP and Active Directory. But employees need to access objects or data from partners, affiliates, and many different areas; it can quickly become difficult to evolve with disassociated processes for identity management and access control.
Why not outsource access management using a blockchain application? This makes it possible to instantly prove the identity and access to data and objects throughout the ecosystem. Transactions in the blockchain are stored in a distributed ledger that the company does not have access to.
For example, Capital One has a website – essentially a link to a blockchain registry system – that allows apartment managers to verify the identity of prospective tenants. Capital One does not have to authenticate internally the person who is questioned by an apartment manager; it is instantly checked on the external register of a chain of blocks.