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What is Self-Sovereign Identity (SSI)?
Self-Sovereign Identity is a nascent technology combining the simplicity and usability of a single sign-on with advanced cryptography that provides government-grade secured access to digital services.
To understand this concept, let’s first take a step back: have you ever thought about what’s happening to your data right this moment? Think of the hundreds of accounts you’ve created throughout your lifetime and the personal information you provided these businesses: full name, birth date, address, credit card number, home address, Facebook account,…etc. Currently, these businesses store and manage your information in their databases, and you have no control over what they do with it and who they share it with. Spooky, huh?
The aforementioned methods of authentication (usernames, passwords, handing over your personal information into a corporate abyss) are based on centralized models, characterized by users having to give up their personal information repeatedly times without control.
These models are not just an inconvenience for users, but for organizations as well. Public and private entities concentrate millions of records and sensitive user information in their databases, making them very attractive targets for hackers and must invest millions of Euros in security systems, GDPR compliance, and very complex authentication processes to combat cyberattacks and identity fraud.
To date, no identity system has been able to resolve the tradeoff between privacy, security, and user experience. |
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How does SSI work? The SSI ecosystem & trust triangle
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