The United States’ continued, extravagant dependence on the Social Security Number (SSN), a 90-year-old identifier has become dangerous. The SSN has become a linchpin in protecting the digital existence of 330 million Americans. It operates in concert with other major credit bureaus, despite well-documented security vulnerabilities.

SSNs were never designed to be secure. This is after thousands of breaches and millions of identity thefts have already taken place. This reinforces the clear, pressing need for an upgraded, stronger, and more dependable grid.

That’s scary given that the infamous 2017 Equifax breach leaked the sensitive data of over 147 million Americans. Such an incident can serve as a jarring reminder of the vulnerability of our current system. The Equifax breach wasn’t the exception – it was the norm, a manifestation of a wider, systemic weakness.

Institutions still function with very little transparency and maintain millions of rows of data on easily hackable centralized servers. This creates a honeypot for malicious actors and therefore raises the risk for large-scale data breaches.

The SSN’s role as a unique and universal identifier makes the situation even worse. For victims of SSN-related breaches, the road to recovery will be long and fraught. They deal with improper loans, ruined credit histories, fake tax returns, and tremendous emotional trauma for decades.

Unauthorized access to SSN-related data can go undetected for months. Yet, disputing these errors in SSN data can be a time-consuming and difficult process. This status quo leaves those harmed next to no recourse.

BSV (Bitcoin SV) offers a promising solution by making secure identification and financial participation more accessible to everyone. BSV provides the tools for people to digitally sign statements such as proof of age, citizenship or employment status. They can do so without revealing any confidential or privileged history.

"The promise of blockchain has always been rooted in trust. Trust in the integrity of data. Trust in the permanence of records. Trust in systems that operate without the need for blind faith in flawed institutions."

Byhand BSV empowers each person with tools of identity and agency that nobody can take from them to act without a third party’s unaccountable plea. This approach eliminates much of the ambiguity with current legal frameworks and provides a safer and more transparent way to prove identity.

One of the key advantages of utilizing BSV for identity and credit reform lies in its alignment with legal frameworks. The current state of identity verification in the United States addresses personal identity with a confusing double standard.

The current system requires people to disclose sensitive information just to prove that they are who they say they are. This situation presents a dangerous Catch-22, forcing individuals to endanger themselves simply to establish their identity. BSV provides an answer to this paradox.

By giving people the power to own and choose who they share their data with, BSV makes transactions more private and secure. This new process has proven to greatly minimize the risk of identity theft. Beyond that, it strengthens people’s ability to control their digital identities.

BSV's capabilities extend beyond simple identity verification. If done right, it can be the foundation for a more open, secure and innovative system for managing credit and financial transactions.

BSV takes advantage of the blockchain’s built-in security and transparency. The approach keeps fraud out of the equation and vastly improves the integrity of the financial system. This would help people and organizations alike, establishing stronger trust and confidence in the digital economy.