Blockchain Technology Solutions: What is Self-Sovereign Identity and what is it for?

Barcelona, February 24, 2021.- Blockchain is the provision of decentralized information, in other characteristics. The application of Blockchain technology to the daily life of citizens increases. Today we talk about the Self-Soverign Identity solution according to the information published by BSI Solutions:

Self-sovereign identity (SSI) is a digital movement that recognizes an individual should own and control their identity without the intervening administrative authorities. To put it in layman’s terms SSI is an identity you own and only you hold it, on your own personal digital identity wallet, and only you decide who gets to “see” it and what information they get to “see”. SSI allows people to interact in the digital world with the same freedom as they do in the offline world.  

SSI utilizes blockchain technology,  decentralized identifiers , and verifiable credentials to re-envision the way people share access, control, and share their personal information. It gives people power back over their identity. Decentralized identity puts that power and responsibility back in the hands of the individual, giving them the ability to control and protect their own personal information. This concept is made possible by the decentralized nature of blockchain, and the trust created by consensus algorithms. 

Blockchain technology has several unique characteristics that solve problems of trust and make it a great fit for identity solutions. Blockchain transactions are processed by a network. Computers work together to confirm a transaction, and every computer in the network must eventually confirm every transaction in the chain. These transactions are processed in blocks, and each block is linked to the preceding block. This structure makes it reasonably impossible to go back and alter a transaction. 

Currently, most people utilize physical identification such as driver’s license, birthdates, university degrees, business licenses, etc. In the physical world, these are represented as cards and certificates that are held by the identity holder and are presented when needed to prove identity. The main problem with current physical identification credentials is they are not private. When you utilize a physical identification credential to prove your identity, the verifier has access to all the information in that credential. This includes Information that they may not need. Physical identification can also be defrauded, which leads to identity theft and impersonation.  

Digital identifiers are also very popular such as registering with a username and password or logging into an account using a third-party login. The problem with current digital identification credentials is you have no control over what data is being shared because third party login services have a financial incentive to collect and store your data. Also, the verification of your credentials is dependent on the availability of the issuer. If their service is offline, or disappears, your credentials cannot be verified. 

SSI credentials are tamper proof through the utilization of cryptography. They are private and under your control. Self-Sovereign Identity credentials can be verified anywhere, at any time. Even if the issuer does not exist anymore. Your personal data is not stored on centralized servers. The SSI identity system gives you the ability to use your digital wallet and authenticate your own identity using the credentials you have been issued. You no longer have to give up control of personal information to dozens of databases each time you want to access new goods and services, with the risk of your identity being stolen by hackers. 

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s