A regular user won’t really care about the issues that plague digital identity until he knows about his identity is being monetised, misused or worse stolen. This doesn’t mean it is not happening today.
In self-sovereign identity systems, everyone is the maker of their own identity without relying on a centralized authority or intermediary. Individuals collect digitized and encrypted pieces of information about themselves (such as passport, driver's license, diplomas, health records, bank statements …) and manage them all in one place: a mobile wallet on their phone.
Once these credentials are collected (from governments, banks, universities, hospitals…), they become verifiable by others. When a trusted party requests a proof from the individual of a particular achievement or fact (for example: a pay slip when applying for a mortgage), the individual can proof this instantly, via his phone, only sharing that piece of information relevant for the specific context.
Matching today's customer expectations for daily live interactions with service providers: convenient, realtime, mobile-first, and full control.
Reduced risk for security incidents, since there are fewer large pools of data to attract hackers, leading to less data breaches, leaks and hacks.
Taking data out of centralized system, and encrypting it, ensures that it is protected from observation or misuse by 3rd parties.
Letting go of customer data dramatically lowers costs for compliance, storage, and data protection. Credential issue and verification process lead time is much shorter. No more need for 3rd-party KYC providers.
IdentiMint is the reference implementation of a blockchain-based self-sovereign identity solution, showcasing real-life use cases of customers interacting with service providers in a decentralized way.
The core technology behind IdentiMint is SettleMint, a low-code platform for rapid blockchain innovation. More info on settlemint.com.
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