Your Digital Identity in The Future: Distributed Ledger Technology And Self-Sovereign Identity
Who Am I Online? Your digital identity represents the entire unique profile of your life. From biological identities such as your age to behavioural identities such as your service subscriptions, we rely on these data to prove our credibility. We willingly provide these data to different institutions for services. In turn, the institutions upload our data online to facilitate their operations. With the surge of online transactions, such digital identities are also becoming more relevant. Most government institutions and corporations today require us to prove our credentials to grant us a service or transaction. Specifically, we have to enter our particulars in stacks of application forms along with photocopied documents such as our drivers’ licenses. Sounds tedious? On the other hand, institutions such as banks face administrative and storage issues when they handle your personal data. Storing data in a centralised storage, these institutions have to impose compliance departments and layers of security checks. In this modern world, personal data is extremely valuable for everyone. Keeping a large amount of sensitive data, many large organisations have become the prime targets for hackers. These locations, termed as “honeypots” are vulnerable to security threats. As a result, these storage areas pose a huge risk for [...]
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