Five Worthy Readings is a regular column on five remarkable things we discovered in our research on trending and timeless topics. This week, we’re exploring Decentralized Identity, aka Self-Sovereign Identity.
From getting on a plane to buying a home, we share our credentials, like social service numbers, with multiple people and businesses. A survey last year found that 83% of the average person’s data is owned by companies they’ve only interacted with once. We may not remember or track all instances where they produced their credentials for verification or shared the corresponding details. This is in addition to the existing risk of data breaches and privacy breaches that organizations and individuals face every day. The decentralized identity approach takes advantage of blockchain technology to overcome these challenges, allowing users to take control of their personal information out of the hands of service providers.
According to Gartner, Decentralized Identity (DCI) relies on technologies such as blockchain or other distributed ledger technologies to enable an entity to create and control its own digital identity. Each user will have a personal digital âwalletâ containing verified credentials provided by certified issuers such as the government or an employer. Users can deploy this wallet at the time of verification, such as during hotel check-in, and the ID associated with the wallet would share proof of verified personal information. This way, only the information that the user wants to share will be shared with the service provider through the wallet.
At any time, users can update, modify, or remove shared data. DCI enables users to own and handle their personal information transparently, thereby mitigating the risks of data leaks and privacy breaches.
That said, here are five interesting reads that deal with DCI.
Decentralized identity: empowering consumers over their identities
DCI offers immense benefits to users, including identity autonomy, ease of access, privacy and transparency. If only one piece of information is required by a vendor or service provider, users can share exactly that easily and quickly from a single source.
Decentralized identity is the way to fight data and privacy theft
By leveraging blockchain technology, DCI facilitates connections, faster payments, and smoother online experiences. Companies reported immediate efficiency gains and continued cost savings.
Sovereign Identity: The Future of Personal Data Ownership?
The DCI, also known as the self-sovereign identity, requires a strong governance framework for the model to be successful. Interoperability with existing identity management systems and proper key management are essential to take full advantage of the model.
Q&A: The potential of decentralized digital ID in travel
Travel and hospitality is an industry where identity verification is crucial and mandatory. DCIy’s impact on this industry is profound and could even help service providers deliver a superior customer experience based on the secure data shared by users.
Vaccine passports must take advantage of decentralized identity solutions
The pandemic has caused vaccination certificates and passes to become a check for entry to many places. DCI provides the ideal solution to the data privacy and identity risks associated with these passes and also offers a way to save and share personal health information securely.
Gartner predicts that DCI will become the standard by 2024. DCI is proving to be the future of digital identity, enabling data sovereignty. Businesses don’t need to store personal data for identity verification to work. The risk of non-compliance with GDPR and other data privacy laws disappears. This model is further proof of the potential and rate of acceleration of blockchain technology.
The article Five Worthy Reads: Decentralized Identity: Bringing Data Back to Its Owners appeared first on the ManageEngine blog.
*** This is a syndicated Security Bloggers Network blog from ManageEngine Blog written by Vidhiya Lakshmi K G. Read the original post at: https://blogs.manageengine.com/corporate/general/2021/09/24 / five-worthy -lit-the-decentralized-identity-bringing-data-to-its-owners.html