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Photo: / Jacob Lund

The Ongoing Evolution of Digital Identity

– Tech Times

The growth of decentralized identity on the blockchain, and how it is being adapted to minimize cybercrime

This article traces the development of digital identity, from the reliance on centralized tech giants such as Facebook to advancements in decentralized technologies that have formed as alternatives to these data harvesting platforms.

“Companies have an unprecedented degree of control over our digital identities. We now live with the knowledge that our data is commoditized and sold to the highest bidder.”

The author describes how self-sovereign identity (SSI) provides a freedom from these platforms, but allows individuals to interact and transfer money with total anonymity - which opens up the ability for criminals to launder money. He describes a new platform, Concordium, which allows for self-sovereignty but requires users to verify their identity so that crime can be traced back to the perpetrator.

However, the current state of affairs, where anonymity and privacy are pitched as mutually exclusive to the principles of regulatory compliance and legitimacy, simply isn't sustainable. A self-sovereign digital identity solution that finds the middle ground is sorely needed

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