SSI- (Self Sovereign Identity) -Blockchain Use cases.

Ever thought of a digital identity card that you can control? Sounds Magical?

This is a Magical ID, that can work in different places, like websites and apps. It’s like using the same cool superhero card to get into all your favorite sites.

In this blog, you will learn about this identity card, a Self-Sovereign Identity (SSID), one of the finest Blockchain Technology Applications.

Based on the World Bank estimates, there are over 1.1 billion individuals who lack an official identity and 3.5 billion people worldwide who are underbanked or unbanked.?

The various online identity tools that exist don’t allow the users to control their personal data. The user data is managed, shared, and misused by the service providers. These service providers take our data and sell it in the marketplace for millions.?

Data breaches are common incidents these days.

Based on the Javelin Strategy and Research 2018 report in 2017, more than 16 million U.S. consumers were affected by identity fraud which resulted in $16.8 billion in damages. So our Identity is a major concern in this digital world.

The National Institute of Standards and Technology (NIST) defines digital identity as “the unique Security and Communication Networks representation of a subject engaged in an online transaction.

So is there any solution? Yes

The solution figured out by the experts and technicians is a Self-Sovereign Identity System.

The Link between SSI and Blockchain?

SSI is an identity management model in which the identity holder has broader control over their data and decides how and under what conditions their data should be shared with others.

The key building blocks of SSI are decentralized identifiers, verifiable credentials and decentralized public key infrastructure (DPKI), blockchain, and verifiable data registry.

Decentralized Identifiers: The decentralized identifiers (DIDs) [75] are a key component of the SSI model. First, the DID specification does not rely on a centralized authority to manage the identifiers (hence called decentralized identifiers), but rather they can be managed using a decentralized infrastructure such as DLT. Second, the DID addresses have cryptographic properties.

Verifiable Credentials. (e verifiable credentials (VCs) [36] are a specification developed by the W3C Verifiable Credentials Working Group. A verifiable credential is an interoperable data structure suitable for representing cryptographically verifiable and tamper-proof claims.?

Decentralized Public Key Infrastructure: The public key infrastructure consists of a set of services, tools, processes, and technologies that facilitate the performance of cryptographic operations based on public key cryptography.

Blockchain technology and its superset, distributed ledger technology, provide a cryptographically secure, decentralized, and distributed database of information.

Verifiable Data Registry: A verifiable data registry is responsible for mediating the creation and verification of identifiers, keys, verifiable credentials schemas, revocation registries, issuers’ public keys, and other relevant data required to generate or use verifiable credentials.

Digital Wallets. A digital wallet is a software or hardware component responsible for the storage of identity data and cryptographic keys in a secure and privacy-respecting method. In order to comply with existing privacy and auditing requirements, a wallet may support the tracking of consent requests and responses, as well as all user interactions.

Major Companies Exploring SSI?:

Everest?

Originally known as EverID, Everest is a California-based digital identity firm founded by Bob Reid and Brad Witteman in 2016. Everest describes itself as “dedicated to liberating humanity from subservience to centralized, non-user friendly identity management and capital allocation organizations.” Last year Everest announced a partnership with Chainlink decentralized oracle network to supply novel identity data to dApps across the blockchain ecosystem.

Serto

Their mission is to catalyze adoption of decentralized technologies by resolving the critical identity blocker?—?the friction of using decentralized identity technology. The Serto team envisions a world where identities of any sort can use decentralized standardized identity and verifiable data solutions (starting with DIDs and VCs) to exchange data in a trusted, private and scalable way without unnecessary intermediaries.

Midy.com

Midy is a product created to help you verify your identity online more simply and safely, enabling you to prioritize authentic digital relationships. Their mission is to create technology solutions for people to take full advantage of the digital world, safely, privately, and confidently?—?so together, we can build a better tomorrow.