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Photo: Shutterstock.com / Svitlana Sokolova

Blockchain Technology, Financial and Self-Sovereign Digital Identities

– Cointelegraph

A look at FinID, a self-sovereign digital identity for financial services in Brazil

The article explains that FinID is a decentralized identity running on blockchain, which allows users to be the owners and managers of their own data, and no one can access it without their consent.

“The FinID project aims to develop a decentralized financial identity management solution, comprising: identity creation and management; digital account accreditation (called onboarding); and authentication of identities and information.”

The author writes how it is vital this form of identity solution ensures people’s data is both protected and portable. It aims to function like a passport, and can be used to verify the user’s identity at different banks, without being tied to one.

With decentralized digital identity, this credential, formed by personal data and various identifiers, is in the user’s possession, who can present it to other financial institutions with which they do not relate, but which have an offer of interest

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