What Does Self-Sovereign Identity Mean For My Business?
If you want just dive in here with the video and learn what Self-sovereign identity means for your business, go ahead. (more below the video)
There are many potential benefits that Self-sovereign Identity (SSI) can offer businesses. Companies can build trust and improve customer satisfaction by allowing customers to control their data. SSI can enhance security by reducing the need to centrally store sensitive data and reduce costs and improve efficiency by simplifying identity management.
There are two crucial but simple and powerful questions that successful business owners ask themselves:
- What don’t I see?
- What don’t I know?
Both of these questions can help identify areas of opportunity and help set the stage for future success.
The answers to those questions are where you find the competitive edge – if you look. If you ignore them, you do so at the risk of missing opportunities or not seeing a change that severely impacts your business.
Here are the questions that you should be asking yourself in relation to SSI if you’re in business:
- What will happen if I don’t jump on this train?
- What would it mean if I didn’t have to own my customer’s digital identity but establish a deep digital relationship with them instead?
- Do I have the capacity to learn about this? If not, who do you trust to figure it out – both on the business and technical sides.
- What changes when digital identity becomes a revenue driver and asset for your business? (hint: top and bottom line)
- Which of my competitors is probably already doing this?