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Decentralized Identity (DID)

Summary

Decentralized Identity (DID) is a new form of digital identity that allows individuals to create, own, and control their identities over decentralized networks using cryptographic methods.

Detailed Description

Decentralized Identity (DID) is fundamentally changing how personal identities are managed online by shifting the control of identity from central authorities (like governments and corporations) to individuals. DIDs are a type of digital identifier that utilize blockchain technology to ensure secure, private, and verifiable identities without relying on a central registration authority. Users can create their own DIDs and link them to various digital credentials (like qualifications or memberships) which they control. This not only improves security and privacy but also empowers users to selectively share information without exposing their entire identity.

Category
Identity Management
Synonyms
Self-Sovereign Identity (SSI)
Decentralized Identifiers

Impact Details

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Digital Wallets

DIDs can be integrated into digital wallets to manage identities and credentials, allowing users to authenticate and verify transactions securely.

Industries:

Finance
E-commerce

Platforms:

Ethereum
Sovrin
Healthcare

DIDs can provide patients control over their health data and allow for secure sharing with healthcare providers while maintaining privacy.

Industries:

Healthcare
Insurance

Platforms:

Healthereum
MyID
Education Credentials

Institutions can issue verifiable educational credentials linked to DIDs, allowing graduates to prove their qualifications without facing privacy issues.

Industries:

Education
Edtech

Platforms:

Open University
Blockcerts

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FAQs

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