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WiMi Hologram Cloud Announced an Identity Management Model Based on Blockchain
BEIJING, Aug. 23, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR")
About this update from Wimi Hologram Cloud Inc.
[{"type":"text","content":"BEIJING, Aug. 23, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (\"WiMi\" or the \"Company\"), a leading global Hologram Augmented Reality (\"AR\") Technology provider, today announced that its R&D team delved into the application potential of blockchain in the field of identity management. The decentralized nature of blockchain as an open distributed ledger offers the possibility of constructing a secure, transparent, and tamper-proof trust management system. Using graph theory and blockchain frameworks, the team proposed an abstract identity verification model and successfully mitigated popular cyber-attacks by implanting trust-related information in an encrypted blockchain architecture.\n\nWiMi's blockchain technology-based identity management model provides a decentralized, tamper-proof distributed ledger through blockchain technology. In the identity management model, the blockchain network acts as a foundation of trust, ensuring that the identities and transaction records of all participants are transparent and trustworthy. Each user has a unique identifier on the blockchain, which is usually associated with the user's public key. Using cryptography, such as asymmetric encryption, users can securely authenticate themselves and exchange data without having to reveal their private keys.\nIn addition, smart contracts are automatically executed programs that run on the blockchain and perform tasks according to predefined rules. In the identity management model, smart contracts are used to automate the authentication process, ensuring that only authenticated users can access specific resources or services.\nIn cloud computing, users may need to operate across different service providers (CSPs). WiMi's blockchain technology-based identity management model enables trust transfer between different domains by designing a cross-domain authentication process that allows CSPs to participate in trust management as referrers while acting as service providers. Trust factors are the key indicators for assessing user trustworthiness. In the model, there are three main trust factors: user trustworthiness, authentication and satisfaction. User trustworthiness is calculated based on the user's historical behaviour and transaction records. Authentication is realized through smart contracts and cryptography, and satisfaction is c...