Have you ever heard of decentralized identity? Get familiar with the emerging Web3 concept based on a trust framework for identity management
Self-sovereign identity is a concept that refers to the use of distributed databases to manage PII.
Blockchain is a decentralized digital database, a ledger of transactions duplicated and distributed among network computers that record information in a way that makes it difficult or impossible to change, hack or cheat. Alongside SII, which is rooted in blockchain, DIDs and VCs, decentralized identity architecture also embraces four more elements. They are a holder who creates a DID and receives the verifiable credential, an issuer that signs a verifiable credential with their private key and issues it to the holder, and a verifier that checks the credentials and can read the issuer’s public DID on the blockchain.
On top of that, this information in the wallet is signed by multiple trusted parties to prove its accuracy. For example, digital identities can get approval from issuers such as universities, employers, or government structures. Using a decentralized identity wallet, users can present proof of their identity to any third party.The four main benefits of decentralized identity management include control, security,and ease of use.
Decentralized identity management also helps organizations reduce security risks. Based on how organizations collect, process and store users' data, they are subject to regulations. Organizations face sanctions and fines even for unintentional rule violations or data breaches.
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