Self-Sovereign Identity
Technology Life Cycle
Marked by a rapid increase in technology adoption and market expansion. Innovations are refined, production costs decrease, and the technology gains widespread acceptance and use.
Technology Readiness Level (TRL)
Prototype is fully demonstrated in operational environment.
Technology Diffusion
Embrace new technologies soon after Innovators. They often have significant influence within their social circles and help validate the practicality of innovations.
Self-Sovereign Identity (SSI) is a digital identity management system that enables individuals to have control over their own personal data and digital identities without relying on third-party intermediaries. It provides users with a decentralized, secure, and portable identity that can be used across various digital platforms and services.
SSI technology is based on blockchain and distributed ledger technology, which enables users to create a unique digital identity that is cryptographically secured, verifiable, and tamper-proof. The system uses a public-private key pair to encrypt and sign data, allowing users to share their personal information selectively and securely.
In this system, users have complete control over their own data, including what information is shared, with whom, and when. This is in contrast to traditional identity systems, where users often have to provide their personal information to centralized authorities, such as governments or corporations, who then control and manage it on behalf of the user.
This technology solves several problems related to traditional identity systems, including data breaches, identity theft, and loss of control over personal data. With an SSI, users can choose to share only the necessary information required for a specific transaction without giving access to their entire identity. This minimizes the risk of data breaches and identity theft, as well as the collection and misuse of personal data by third-party intermediaries.
SSIs also enable individuals to have greater privacy and control over their personal data, which is particularly important in today's digital age, where data is often harvested, analyzed, and sold without the user's knowledge or consent. SSI systems can also be used to create digital identities for individuals who do not have access to traditional identity documents, such as refugees or people living in underdeveloped regions.
Future Perspectives
Through a combination of encrypted identity and digital identity removal, it could be possible for someone to have their identity wholly protected. For this technology to function properly, it would have to be accepted across a variety of websites and institutions; this might prove to be difficult, as many of them actually profit from the shared data of their user base.
Image generated by Envisioning using Midjourney