Decentralized Identity (aka Self Sovereign Identity – SSI) changes how digital identity works and what it means.
Once you realize that you – as a person and even as an organization – do NOT currently own your own digital identity – things start to feel odd.
A further shift happens when businesses realize that they no longer have to own your digital identity, along with the privacy and other risks, they change. The expense of digital identity becomes a possible revenue source – with a trusted relationship with customers, employees, and partners.
Our self-sovereign identity consulting helps leading organizations understand what these shifts can mean.
The game changes here. Decentralized identity means so many different things:
- that people get control of their own digital world
- business can focus on their business and customer relationship
- devices can really have owners (think IoT and security – what if the devices you have know who they could talk to instead of listening and working for hackers)
- organizations can establish digital trust
- digital reputation becomes possible broadly
Chris Skinner, probably the best thinker and writer in banking and financial technology describes self-sovereign identity this way:
With self-sovereign identity, you would hold all of the different elements of your online identity in a “box” or “wallet”, and would then be able to choose which of those elements to reveal in any given context.
When a person (or organization or even a “thing”) controls his or her identity many new things become a reality. However, this also turns many approaches upside down.
If you’re curious about what decentralized identity will mean to you check out our founder’s newsletter where Darrell keeps our key clients and partners current.