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Self-Sovereign Identity is a nascent technology combining the simplicity and usability of a single sign-on with advanced cryptography and Distributed Ledger Technologies (DLTs) that to provide government-grade secured access to digital services. |
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On the one hand, this model can drastically improve user experience by allowing users to sign up instantly, but on the other, it exacerbates privacy and security risks by further centralizing user data in their databases.
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Self-sovereign identity (SSI) , or decentralized identity paradigm, gives users back control of their data, and businesses peace of mind. How is this possible?
Decentralized technologies have provided the foundation to develop a novel, trust, and global authentication layer for the internet and revolutionize digital relationships and interactions between individuals, organizations, and things.
the next-gen authentication architecture that solves all issues at once: an easy to use, privacy-preserving and secure identity framework.
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The SSI ecosystem
Digital relationships and transactions rely upon trust, but with the abrupt launch transition into a fully digital world, this trust has weakened as traditional authentication methods have become less reliable. To limit identity fraud, businesses must request more substantial proof of identity (scans of ID documents, second-factor authentication codes, dedicated authentication apps, etc.), and users suffer more complex onboarding processes.
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Issuers: Entities that are authorized to issue specific Identity credentials such as universities (issuing student IDs and academic diplomas), governments (national IDs, driver’s licenses, passports, birth certificates, certificates of car ownership), financial institutions (credit scores), hospitals (medical records), employers (employee cards), etc.
Users (holders): Individuals or organizations subject to such Identity credentials. That is, the credential owners who store, manage, and share these credentials through their own personal data via a digital ID Wallet.
Verifiers: Verifiers are service Service providers that require identity verification and authentication to access need to authenticate their users to provide access to their services (i.e. banks, retail stores, insurance companies, hospitals, universities, etc.).
The backbone of SSI
Decentralized computing architectures provide the backbone to the ground-breaking SSI technology.
DIDs and VCs are two fundamental standards of SSI technology established by the World Wide Web Consortium (W3C), an international organization that generates recommendations and standards for the internet. Both concepts, together often combined with blockchain or Distributed Ledger Technologiestechnologies, make up the powerhouse of SSI.
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DIDs are decentralized, portable identifiers that are not tied to any centralized registry or identity provider. Instead, they pertain to are created and managed by the owner or subject and are registered in a Distributed Ledger Technology (DLT) or Blockchainoften stored in distributed ledgers. In an SSI ecosystem, Issuers, Users, and Verifiers are all represented by one or more DIDs.
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The role of Blockchain
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Blockchain/DLTs connect the SSI ecosystem through simple activities: storing DIDs and enabling decentralized Public Key Infrastructures (PKIs).
PKIs are composed of a set of cryptographic keys, a public key (stored in the blockchain) tied to a private key (held by the user on their phone); this setup allows entities to verify the legitimacy and ownership of verifiable credentials. If one sends a credential claiming it was signed (issued) by an Authority, only the Authority’s public key published on the blockchain will verify the signature.
Unlike private keys, public keys are stored in the blockchain, enhancing their resistance, resilience, and integrity.
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Although SSI platforms can be built without the need of blockchain technologies, most solutions are built on top of one or more ledgers as a source of trust. Blockchain ledgers are mainly used as Decentralized Public Key Infrastructure systems (DPKI) to store and distribute registries of DIDs and associated public keys, but also to register authorized Issuers and credential schemas.
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Recent announcements from European regulators have deemed DIDs of natural persons private information. As such, only DIDs from legal entities may be registered in public blockchain networks.
More on DIDs and GDPR compliance here:
https://gataca.io/blog/ebsi-did-v2-a-test-to-ssi-usability-and-its-use-of-blockchain-technology
Benefits of SSI
A user-centric Digital Identity model has extensive benefits for individuals and businesses alike. In the short term, the implementation of Decentralized Identities lays down a means to reduce administrative and compliance costs and operational costs related to security for public administrations and online service providers.
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Decreased Identity fraud (identity theft) by eliminating centralized databases & passwords and introducing tamper-proof verifiable credentials and government-grade secure ID Wallets.
Improved conversion rates/reduced onboarding abandonment rates through one-click onboarding and authentication processes that enhance customer experience. Customers can forget about lengthy Know-Your-Customer (KYC) forms that force them to fill in the required information manually.
Increased efficiency for organizations, as resources are no longer used to verify individual credential authenticity and legitimacy manually.
New revenue streams with the issuance of verifiable credentials.
Boosted privacy & security through the use of advanced cryptography and DLTs.
Nonetheless, the SSI vision and philosophy go beyond instant benefits for the economy and, in the long term, aims to provide a solution to the 1 billion people who do not have any identification and the 3.4 billion without a digital self.
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Self-sovereign identity technologies are becoming the linchpin of economic growth. If we think about it, all businesses need to authenticate their users, and with the exacerbation of digital transformation, the need to securely and efficiently authenticate users has become urgent for client satisfaction.
At GATACA, we’re ready to make this we work towards making SSI a reality. Are you ready for a new identity model?
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