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Decentralized Identity: The Key to the Digital Era?

– Venture Beat

  • Viewpoint
  • Posted by Good ID team (Good ID)
  • Via Dave Elliman, David Colls, Danilo Sato (ThoughtWorks)
  • 27 November 2020

An introduction to the benefits of decentralized identity for businesses

The article explains that the current centralized approach to identity management has lost trust among consumers and doesn’t offer them the control they desire. The authors write that we must look for a new way forward:

“One of the most promising is around decentralized identity, where system entities — people, organizations, and things — gain control over their identities and allow trusted interactions.”

Self-sovereign identity (SSI) would allow people to share select parts of their identity with certain people or institutions, and they would have the power to revoke it at any time. The authors note that the COVID pandemic has spurred on developments in this technology, such as South Korea's use of a decentralized contact tracing system.

A true decentralized identity system puts the individual in control. And there is growing support for this type of user empowerment from regulators

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