A rising key component of the digital economy is the ability to collect, verify, and manage users’ digital identities while they complete transactions and access services online. Current approaches for sharing personal data and information with companies and digital platforms lead to privacy vulnerabilities from hacks or poor data management. Adopting DLT/blockchain in digital identity verification and management allows individuals or companies to maintain more direct control over their own confidential information. Furthermore, processes along digital identity collection, verification, and management lifecycle can be streamlined by both more seamless attestations and more direct data sharing.
The traditional identity systems of today are fragmented, insecure, and exclusive. Blockchain enables more secure management and storage of digital identities by providing unified, interoperable, and tamper-proof infrastructure with key benefits to enterprises and users.
Here are some of the use cases of blockchain for digital identity.
Self-sovereign identity (SSI) is the concept that people and businesses can store their own identity data on their own devices, choosing which pieces of information to share without relying on a central repository of identity data. These identities could be created independent of nation-states, corporations, or global organizations.
As the world begins to examine who owns and should profit from user-generated data, blockchain-based self-sovereign identities and decentralized models give users control and carves a path to data monetization.
Data Monetization refers to using personal data for quantifiable economic benefit. Data on its own has value. Currently, the online data that we generate is intangible, invisible, and complex and only accessible by large companies. With the help of blockchain technology, individuals have control over their personal data and could even monetize it. A good example of doing so is by renting it to AI training algorithms or choosing to sell their data to advertisers. Users would also have the option to keep their data hidden and protected from corporations or governments.
Blockchain grants users the right to data portability, which pertains to the data subject’s right to have their personal data transmitted directly from one controller to another when technically feasible. This right has the potential to enhance user experience, cutting down on the need to re-verify their identity across various services and platforms.
Through blockchain technology, it is possible to migrate identities that were anchored on one target system to another with ease. Data portability reduces friction for the user. Blockchain systems also allow for reusable credentials, where users can quickly re-verify themselves while meeting regulatory Know-Your-Customer (KYC) requirements.
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I'm Carina, a passionate crypto trader, analyst, and enthusiast. With years of experience in the thrilling world of cryptocurrency, I have dedicated my time to understanding the complexities and trends of this ever-evolving industry.
Through my expertise, I strive to empower individuals with the knowledge and tools they need to navigate the exciting realm of digital assets. Whether you're a seasoned investor or a curious beginner, I'm here to share valuable insights, practical tips, and comprehensive analyses to help you make informed decisions in the crypto space.