The importance of being able to secure your own identity goes far beyond just stealing someone’s social media profile or hacking their password – which can be easy enough to do.
You need to be able to protect your confidential data, safeguard against fraud, and stick with you even if you lose your key device.
With a self-sovereign identity, you have the option of controlling your own identity through proper authentication methods, blocking all access to your data, and even taking full ownership over yourself by signing digitally with your private key.
The future is looking bright for self-sovereign authentication, and it is my goal to open up the world to understand this technology and how it can improve our lives.
Let’s dive into the basics of self-sovereign identity (SSI).
What is Self-Sovereign Identity?
Self-sovereign identity is the ability to control your own personal information, including all of your passwords and digital keys, in a way that is completely under your personal control and not subject to manipulation by anybody else.
For example: When you log in to Facebook or any other website with your username and password, the data that you provide can easily be captured by hackers.
This can often lead to identity theft, as very little personal information and details are gathered from these websites. However, this information can be captured without you even knowing.
Here we see that hackers have been able to steal all of the details that our friend has on Facebook – with the help of his username and password.
By enabling SSI, the user can actually take full control over their own data and personal information by being in total control of all access to any website and services that they use. You can be sure that your data is safe because no one can access it without your permission.
This means that you, and only you, decide who has access to your data and what they can do with it.
The Benefits of Self-Sovereign Identities
There are many benefits of using self-sovereign authentication. Let’s examine the top benefits of this technology:
1. Improved Privacy and Security
As I previously mentioned, SSI can help to improve your privacy and security by making it impossible for someone else to access your data. Using SSI, you are the only one that decides who has access to your data—not a third party or even a service provider.
2. Leave a Digital Legacy for Your Family
Another great benefit of using SSI is that you are the one to decide how your data will be used and distributed after you die. The actual ownership of your information can be transferred to someone else, whether it is a family member or even a charitable cause.
Moreover, you can store all of your passwords on the blockchain and transfer them to someone else if anything were to happen to you.
3. You Are in Control
Have you ever tried to get access to your email and found that your account is blocked? It can take quite a while before you are able to get access back to your account. With SSI, this would not be a problem because it is impossible for anybody else to block your account.
Moreover, if you choose, you are free to transfer all of your data from one service provider to another. For example, if you were on Facebook but wanted to switch to another social network because you disliked their policies, you could transfer all of your information.
Using SSI is also very easy and convenient to use. There is no need for a third party like Facebook or Google to keep track of your data or help you manage it. Everything can be done using SSI protocols, and the user just has to follow the instructions provided.
Another advantage of SSI is that there are no additional fees or charges when using it. This means that it is very affordable and not very expensive to implement. Furthermore, if you wanted to upgrade your account, you could just do so and be sure that none of your data will be lost.
How Does Self-Sovereign Identity Work?
Self-sovereign identification (SSI) is a secure and reliable way of identity management that extends the same liberties and personal autonomy to the internet.
SSI refers to a scenario in which an individual (or organization) controls the digital components of their identity and who has access to them.
Personal information is in the hands of the SSI user, not a third-party administrator, who may permit or track access to these credentials.
It is possible to use your digital wallet to authenticate yourself using the credentials provided by SSI. It is no longer required to give your personal information to a bunch of databases every time you want to utilize a new product or service.
The concept of “self-sovereign” identity relates to the notion that each individual is now in control of their own identity—they are their own sovereign nation. Individuals have control over their own data and relationships.
Because a person’s digital identity is independent of any organization, no one can take it away from them.