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 digital identity – things start to feel odd.
A further shift happens when businesses realize that they no longer have to own your digital identity and 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
- Businesses can focus on their business and customer relationship.
- devices can really have owners (think IoT and security – what if the devices you own 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.” You 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 their identity many new things become a reality. However, this also turns many approaches upside down.