Data breaches and privacy leaks, stolen identities and social engineering fraud - putting our identities online and out into the world has made us vulnerable to a whole range of risks. It can be as innocent as signing up for a brand loyalty card or registering for a social media account. It can also be for something as essential as opening up a bank account or signing up for some form of government service such as a stimulus payout. But in all of these instances, individual like me and you, surrender our personal data every day in return for some kind of access.
But have you asked yourselves like;
Where does your data go?
Who keeps it?
Is it being abused or monetized in any way without disclosure?
Is the data being used as a tool for surveillance?
Is there a better way to manage our personal data?
Blockchain can answer all of that questions.
Blockchain with our Personal data
There have been a multitude of high-profile breaches throughout the years that show that our data is not as safe as we'd like to think, not in the hands of global corporations nor in the hands of government.
Private information like health records or insurance details have leaked and made available on the dark web, along with the credit card information, passwords, addresses of customers, from corporations including Equifax, Yahoo, Facebook, LinkedIn and Twitter.
No enterprise is immune to cyber attacks and sometimes the attack isn't from an external party.
Corporations from credit card companies to Facebook have been of monetizing our data for their profit.
The best place to keep our identity secure and private is with ourselves.
This is where Self Sovereign Identity (SSI) comes in as a killer blockchain solution over the future.
What is SSI?
SSI is a new paradigm for identity management that puts the control back into our hands.
How does SSI works on the blockchain?
Think of SSI as a digital wallet that stores various tidbits of personal data like your name, age, address and so on. Your data is cryptographically encrypted and only accessible through public and private keys.
Traditionally, our digital identities have either been stored in multiple sided accounts or with a third party such as Facebook or Google, which then verifies our credentials for others.
In the scenario of SSI, users establish a direct and secure peer-to-peer connection with other while using the blockchain as a common decentralized source of proof. Not only is the blockchain immutable and hence trustworthy, it is also Tamper-proof. Also with the added use of smart contracts, the data can be exchanged automatically and seamlessly between each party without the need for costly or bureaucratic essential authorities to approve the transfer.
SSI puts the control of everyone's identity exactly where it belongs - with the owner.
Advantages of SSI
Firstly, we decide who we share our data with, what aspects of our data to share and only on an as needs basis.
Secondly, rather than being stored on the servers of corporations that could be vulnerable to hacks, our data is more secure on our own digital wallet under cryptographic lock and key.
Thirdly, SSI eliminates the risks of fraud across multiple levels. It can be used to prove credentials such as Education, licenses and employment history.
And finally, SSI will cut out the intermediaries that are the gatekeepers of our identities data, freeing up resources while saving costs
Governments worldwide are already exploring the use of identities and digital governance with blockchain. A great example of this is the Turkish Ministry of Foreign Affairs and the United Nations development programme. They are testing SSI to actually increase Syrian refugee employability. Many of who lost their paper identities under conflict and recognize the importance of an identity system that won't collapse with the government.
Having ownership of our identity is our fundamental sovereignty. It's a basic right to privacy that we've slowly and unknowingly handed over to corporations. This time we take our identities back. Imagine never having to carry your paper, ID and passport around again to board planes, check into hotels, get into clubs or rent items.
Gone will be the days of remembering and keying in multiple usernames and passwords on websites. No longer will we have to go through to know your customer verification processes just to open a bank account or rent a car.
Verifying your legal age to buy alcohol or cigarettes will be as easy as tapping an accept request on your mobile phone and you won't even have to reveal your actual birthday to anyone.
Most importantly, your data is kept safe with you. You can't accidentally lose it like a physical ID or have it cloned by somebody. Your private data will not be in the hands of any third-party intermediaries or corporations who might sell your data to marketing companies.
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