Self-sovereign identity means having digital control over our own identities and how we use our data.
Do you know what businesses have your data? Or what advertising it might be used for?
It seems natural that we should know where our data goes. Yet, often, this is not the case.
Many uses of data are not inherently malicious, but they can be invasive. The idea of our own information in the hands of companies – often with a concept of assumed consent – is enough to make anyone uneasy.
Could it really be possible to have control over our own data? Blockchain technology could, in fact, make it a reality.
Self-sovereign identity in an era of distrust
Many of us don’t trust corporations to look after our data.
This is, simply, because many have demonstrated their inability to. Even if a company intends to keep your data secure, hackers or corrupt practices could combat its security.
Is our data ever really secure? When we agree to let a company take our personal information ‘only for marketing’, can we trust that this is all it’s used for?
The blockchain solution
As an immutable, tamper-proof ledger, blockchain’s best capability is data storage. Any data placed on the blockchain cannot be tampered with or removed. This is why it’s ideal for data self-sovereignty, because it allows the consumer to view a traceable path of where their data is going.
Blockchain provides a method of having absolute control over who our data goes to. It gives consumers the ability to control who receives their data and to what degree, which could also give consumers the ability to monetise their data.
Self-sovereign identity gives users control over their own data, and blockchain is perfectly suited to reinforce this.
Self-sovereign identity is a necessity for a more trustworthy, established future. Possibilities are still being explored, so this identity system may not yet be something that could be implemented on a mainstream basis. However, it could prove promising for a more transparent and trustworthy future.
We’re creating blockchain-enabled solutions to help companies better manage their data. To find out more, click here.