On the Road to Self-Sovereign Identity
Blog: Decision Management Community
In the upcoming world of self-sovereign identity every person, organization, or thing will have its own truly-independent digital identity that no other person, company, or government can take away. Consider this scenario: “Let’s say ‘Sam’ is applying for a car loan with ‘Acme Bank. The Bank needs to know that Sam is trusted and can afford the car. Today, he would fill out a loan application and provide his personal information. In the new world, this is no longer necessary. If Sam’s employer is a provider of verifiable claims in the blockchain identity network, the employer can attest that Sam is employed with them and makes more than $50,000 a year.” Read more here and here
Today, we are not in control of our identity. Our personal information lives in centralized repositories outside of our control. Information is often shared without our awareness. On a daily basis, we see stories of security breaches and identity theft that erode our confidence and trust. Now, imagine a world in which you always have peace of mind that your personal information is safe. Imagine a world in which your information cannot be shared without your clear, explicit consent at the time of the transaction; where you decide who can access what information, when, and for how long. In this world, you can even later choose to revoke that privilege. You are in control. Every person, organization, or thing can have its own truly-independent digital identity that no other person, company, or government can take away.