Self sovereign Identity
Welcome back. We are here again with an interesting topic. This is simply about digital privacy. Are you secure with your private data on the internet? Is that so important? Yes, it is. when you use the internet, there are plenty of chances to misuse your private data. so then do you aware of this? Well if not or you would like to know the useful latest information, just look at this. of course, there is no 100% security. It cannot exist. anyway, people are getting concerned about how their data is handled. about 79% of US people are worried about how their info is used. A concept called self sovereign identity enables people to take back control of their digital information. For access to many digital sites like social media, consumers are effectively asked to trade their personal data.
But more A component of the Decentralized Privacy meta trend is self-sovereign identity.
Although the concept of self-sovereign identification has been around for a while, it has only recently become feasible to apply thanks to the development of blockchain technology.
Which explains why, compared to only $100M in 2021, the market for blockchain-based digital identities is expected to expand to $1B by 2024.
Since the first iteration of decentralized identities, which was launched in early 2021, searches for decentralized identifiers have surged by 5x in the last two years.
Decentralized IDs are tools that enable data validation without granting access to the data to a third party.
A significant development is that the World Wide Web Consortium recently disclosed plans to develop a standard for decentralized identities.
This paves the way for new businesses to start developing solutions that are universally compatible with the web.
What is self-sovereign identity?
You must supply personal information to open a new online account. It’s only a matter of time before those accounts are compromised, giving criminals access to your private information. Self-Sovereign Identity uses blockchain technology to recover the sovereignty of your personal information.
How does it work?
The idea is that only you are aware of your entire identity and that certain organizations are aware of only certain aspects of it as well as maybe the relationships between them, such as the Social Security Number and a US Government Organization, the expiration date of a driver’s license and the State Department of Motor Vehicles, a birthmark and a physician, etc. These are all only enough to ensure your genuineness with a certain degree of plausibility but do not need to appear in public. It starts to get intriguing now. If the requester requires greater authenticity, then ask for a fee for that particular transaction, but with a likelihood lower than 100%, as you are the only one with that.
Remember that a retailer only has your credit card information and maybe your zip code today, which they can check with the credit card company.
What are the additional requirements for SSI?
In Self Sovereign Identity or SSI, you grant a party requesting access to certain data stored by an organization’s encrypted authority. Imagine if a booze store asked you a question. Exactly how old are you? and the Birth Hospital or DMV for a formal response: True or False, and that’s all. With the help of your wireless device and encryption, the transaction automatically authorizes. In order to verify you with their wireless photo device, a party can use the wireless device’s biological information, such as your photo and facial physical parameters.
Do we have real control here?
Hopefully yes, As with Bitcoin, where the banks and credit card firms do not require, the goal is to cut out third parties from the process.
You have control over who has access to a portion of your identity, which, in the hands of anyone else, or else, already, can hack? so involve the use of identity.
An associated encryption key, a unique site name, a set time slot, and a few tries at the site might all be used to regulate verifications.
SSI appears to be a wise choice, to sum up. Just one issue. Your identity is desired by the contemporary corporate web goliaths and banks, who want to “monetize” it. They have no reason to kill off their prized fowl.
So. why we are concerned here? Due to that, this is becoming crucial for internet users.
Summary of self sovereign identity
The solution to the aforementioned problems is “Self Sovereign Identity” (SSI). The following traits apply to SSI:
- It is entirely yours to own and manage.
- Only with your permission may another person or entity read it.
- It cannot use without your permission.
- Since it has been mathematically demonstrated, no one can deny the claims you made utilizing your SSI.
- No hacker can erase SSI since it is indestructible.
- It is transportable.
I suppose the summary will clarify this technology concept.
are you ok now?
What are things that can use by others?
- Your location,
- surfing history,
- buying patterns, and
- financial habits
are all marketable to the highest bidder. Current identity management tools are helpless to protect you against hackers and data leaks. You can take back ownership of your data by using the SelfKey Wallet.
How does blockchain technology solve self-sovereign identity?
By leveraging cryptography and holding blockchain keys, you may gradually build a long-lasting, unchangeable identity that is entirely in your hands. You can use this to prevent utilizing username-password combinations as identification. pass KYC more swiftly while safeguarding your privacy.
A tiny number of enormous organizations are holding a growing amount of our information. They monitor a variety of things, including our shopping habits, bank account activity, and other financial and personal information. Your information is more vulnerable due to the growing threat of privacy violations, security issues, and loss of privacy because you do not control your identity. The data you produce reflects who you are as your life becomes increasingly digital. when you store data at a traditional centralized pace, then there is a possibility to hack or misuse.
there is a better option. Your data belongs to you because you are the one who created your identity.
Using decentralized networks, can I protect my data?
Well, a good question.
Using decentralized platforms is the only way to safeguard your personal information and privacy. Superior blockchain technology, in my opinion, can increase security. We are grateful that something like this exists to free us from the constraints imposed by centralized and conventional platforms.
by following Phaver, a fantastic share-to-earn decentralized social platform that many people are very enthusiastic about, for a while now. It allows you to manage your own identities and data and compensates users for adding value to others. Additionally, this fulfills every requirement. even it’s better to use the web3 space as a content developer.
So at this point, we‘ll stop our discussion, but soon we update the insights on SSI.
Read more on related topics;
how do biometrics improve cyber security?