Digital Identity, Assets and Governance

Digital Identity is the key digital asset of our life. Often we forget that our digital identity is more valuable than our financial assets. We gladly part with our digital identity information for getting various services. Our biometric data control our digital identity which are the most valuable personal assets required for different services and governance. The challenge is to develop techniques and methodologies to create and securely own our self-sovereign digital identity.

Why is digital identity the most valuable asset of a human being?

Your digital identity is more valuable than your financial asset yet you give away your identity data at several service points with little care. You should remember that all service providers seldom provide you with proper privacy protection to your personal data. Your biometric data control your digital identity which can be utilized to create / control the cryptographic keys, support KYC requirements and many more useful things associated with services and governance.

Because biometric data once stolen or hacked are lost for ever!

Since one can't change the biometric identity of an individual, it can serve as the unique signature to create and maintain one's digital identity. The challenge is to develop techniques and methodologies to create and store self-sovereign digital identity. It sounds so simple in words, but in practice it is not an easy job to protect the biometric data. Whenever we enroll biometric data to any service, we are permitting the service provider to store it.

Can you re-set the biometric trait which acts as the password?

The biometric data stored in a centralized server has the vulnerability to be stolen or hacked. Moreover, we can't trust the facilities of the business service providers. Can we forget mass leaking of Aadhaar database which is the one of the largest identity project maintained by a government body in India? Biometric data once stolen or hacked are lost forever, because we can't reset our biometric signature like a pass phrase.

Decentralized biometric identity can improve data privacy

Decentralization of biometrics is opening a promising window for improving personal privacy protection. The blockchain algorithm can revolutionize the digital identity management. The biometric information of the humans may be broken into pieces and distributed over several ledgers stored in different computer servers. To reconstruct the complete digital identity, all the distributed partial identity information are needed.

Privacy protected digital identity can drive Blockchain and Crytocurreny applications more secure

Privacy protected digital identity can make decentralized applications safer to hacking. That is why digital identity centric digital economics is driving the future of FinTech governance. Some cryptocurrency projects are focused to utilize decentralized biometrics to secure crypto transactions. The challenge comes to develop a foolproof technology for biometric authentication. The real challenge is to protect the valuable biometric data of the users by adopting secure decentralization. The digital identity can be utilized to securely manage distributed ledgers and crypto transactions.

The citizen's charters may be revamped with digital identity powered secure governance

Digital identity is a requirement by almost every national governments for maintaining different citizen charters and governance of services provided to the citizens. The self-sovereign digital identity will be a power to boost privacy protection of personal data. Compliance of data protection regulation laws will be an additional benefit for the citizens, business entities as well as the governments.

Do your Blockchain and cryptocurrency projects have solid strategy to adopt self-sovereign digital identity?

Self-sovereign digital identity is coming to rule the distributed ledger technology and Blockchain applications including the over hyped cryptocurrency space. A real digital identity controlled cryptocurrency will be more secure in transactions and asset management. That is the reason why identity focused digital coins have more chances to secure investments.

What do you think about biometrics and digital identity? Have you adopted a solid strategy to adopt self-sovereign digital identity in your digital life? Hello Crypto professionals! Have you planned to integrate digital identity in your cryptocurrency projects? I would love to get your views and suggestions. If you like this article, please click "Like" and "Share" it among your acquaintances and network.

Myself and Jose Munoz Mata are in a mission mode to develop a digital identity system based on biometrics and distributed ledger technology. Please don't hesitate to shoot us any question on biometrics, digital identity and distributed ledger technology.

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More of my articles on Blockchain and Distributed Ledger Technology:

• Blockchain and InfoSecurity Community Must Try Quantum Safe Designs
• Big Data and Blockchain Nexus
• Decentralized Digital Identity: Which Distributed Ledger is Most Viable?
• Why Security Experts Dislike "Blockchain Voting"?
• Why doesn’t #LinkedIn have a featured tag for #blockchain? Any thoughts? [after publication of this article, now a hashtag exists]
• Scalability is a Key requirement for Blockchain and other Distributed Ledgers to Succeed
• Distributed Ledger is the Future
• Decentralized Biometrics: Is It the Ultimate Solution?
• Hyperledger and LinuxOne: A Superior Blockchain Solution for Business
• Scalable Distributed Ledger: That is very much wanted
• Is Blockchain Ready for GDPR?
• Bitcoin Grows but Energy Decreases
• Greed-Driven Digital Wealth

For more articles, stories, and insights follow #DebeshChoudhury

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I am an academician and researcher of electronics and applied photonics. My current research focuses on Biometric Security and Privacy Protection. My friend Jose Munoz Mata and myself are testing distributed ledger technology for decentralized biometrics and other real world applications. Send direct message for any business inquiry.

In June 2015, Dr. Jeffrey Strickland and I founded a new LinkedIn Group called "The Unfluencers". To learn about the history of "The Unfluencers" please read the seminal LinkedIn article by Dr. Jeffrey Strickland entitled -- "Who are the Unfluencers". This group is an open group. You are welcome to join this group and engage yourself in the discussions. The Unfluencer?? Logo is a registered trademark of Dr. Jeffrey Strickland.

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