Our credentials act as a record of our achievements or carrying out daily peer-peer
transactions, but when you need them? Where are they? Stored in large, federated silos
(datacenters), or how about managing a plethora of identity instruments using a different set of passwords or emails. Your data is an asset; if dealt with or exchanged in the wrong way, it can potentially lead to identity theft and data breaches. All in all, this could be a walking disaster that would yield more significant issues as have been in the past: Cambridge Analytica Scandal.
Identity management, a desire every user has yearned for a long time. The complexity of
managing multiple identities across different digital mediums is an arduous task and
considering the vulnerability of them being attacked by hackers, puts us even in more danger. Cogent digital security solutions such as two-factor authentication have stirred up in the past. Yet, they don’t solve the issue of multiple identity management or matters pertaining to data privacy.
As individuals, we have become parochial, or in worst case inured, to these complexities as clearly, we are not left with Hobson’s choice.
As for enterprises, they have paid a hefty price for data breaches. Compliance in terms of
data has been deemed essential mainly worldwide with acts such as GDPR & the California act, yet the whole model operates on centralization principles.
Now imagine a world where accessing your credentials would be done by the touch of
hand. Providing access to your credentials could be limited and restricted, where enterprises don’t have to pay much for data security and compliance?
A countenance of bliss? A digitally empowered customer? Proponents of realism would
declare it to be a chimera.
However, by leveraging web3 digital identity, both enterprises and users can benefit. An inchoate technology and a rather ubiquitous term popping up everywhere, advocates fueled by the stigma of centralization would argue. Quite contrary to their popular held beliefs, the concept of Self-Sovereign Identity is only achievable using blockchain technology, which safeguards data privacy and helps with digital empowerment and transparency.
But how does this sound security layer help with identity management?
My.D, an Identity management solution based on SSI principles, powered by the underlying EOSIO blockchain protocol, not only provides you complete control of your identity but safeguards it. It rescinds the federated autonomy marked by the dilemma of centralization.
A transformative application that gives back control to users. An application that is simple and easy to use. It gives users the flexibility of sharing the data they deem essential for sharing.
When narrowed down to revocation, customers aren’t entitled to data being revoked, and that is where My.D fits the puzzle. As an individual, you have every right to be forgotten. A company can be held liable for holding your data and reusing it without your consent. The dApp is ideally suited for both: individual users & businesses. A fully functional enterprise resource tool leverages DLT to cater to issues that pose a threat to cybersecurity.
What makes My.D unique is it holds the capability to act as a digital wallet, manage multiple identities, and share credentials. A tool designed and scaled for user transparency and authentication. Furthermore, it can be tailored according to the business needs, and individual customer needs too. It is designed on open standards, which affirms its interoperability. Anyone can access it from anywhere and is not dependent on the existing single authority. It could be verified across multiple channels.
My.D for users
Say goodbye to managing multiple passwords and emails. My.D is the perfect digital wallet that grants users to store their Personally Identifiable Information (PII) issued by issuing bodies in the form of verifiable credentials. A perfect data protection tool tailored for individual users diminishes the possibility of unnecessary information exchange. It acts as an ideal identity management tool for storing verifiable credentials and exchanging them. Built on the premise of zero-knowledge proof, My.D eliminates ineluctable identity thefts and unnecessary data gathering
My.D grants users complete control over data, which could be accessed from any part of the world, hence reinforcing portability. Through My.D, users are entitled to exercise revocation and the right to be forgotten. Users can verify the fraudulent activities, ensuring that the trust swings both ways and the credentials can’t be accessed through chicanery. The information is shared using DIDs, which means the actual credential never leaves your digital wallet; only attributes in the form of unique DIDs are shared, meaning your credentials are safe with you.
How does it work?
Mark, an employee of Dublin design studio, downloads My.D on his phone and provides one-time login details. My.D stores all the digital credentials inside the wallet. Now, whenever mark gets his digital work certificate from the issuing body, Dublin Design Studio, in this particular case, he can save the credential in his wallet. The app further allows him to manage his credentials and interactions with the issuers.
Now Mark wants to apply for a bank loan. He needs to provide evidence of his job to the
bank. He grants access to his credential, which is done by generating a DID. The bank can
verify the credential through the use of EOISO protocol and My.D enterprise verification
tool. Now Mark can setup time parameters for how long he wants to share the key, and after that period, the identifier disappears. This makes the process speedy, and mark doesn’t have to compromise on releasing irrelevant PII. This is where DID comes into play. Through the usage of DIDs, no credential is stored in the blockchain, making it more secure.
An Enterprise Resource Tool
For enterprises and SMBs, the value of My.D is of great pertinence. The app is geared
towards, primarily, cutting the cost of cybersecurity and helps in data minimization. Perennial liabilities linked with data breaches would significantly be minimized, facilitating businesses with legal ramifications entailed with the hacking of data and enterprise overflow.
My.D intends on making centralized data storage centers archaic in the near future,
eventually yielding more revenue for the businesses and driving the focus of business geared towards services insteadof spending a mass amount of money on storage and cyber reinforcement.
Compliance with Data Protection laws has been a problem for businesses for so long. To
address the exigent issue, companies had to resort to legal consultants. The cost of
compliance was simply ineluctable in terms of monetary value. Small businesses had to start from scratch. My.D offers the perfect solution to compliance. It is GDPR ready tool and is not a band-aid solution to compliance. The fact that it is conceived and designed on the underlying principle of SSI corroborates its probity to compliance.
No more canonical two-factor and multi-factor authentication methods. My.D makes the
process of KYC easier which leads to faster client onboarding and acquisition. It speeds up the process of authentication and eliminates middle parties.
My.D not only helps with intractable identity management issues, but it unequivocally
contributes to an eco-system where sharing of data is transparent and ensures trust goes both ways. Say even in the worst-case scenario the network faces a power failure or is down; the credentials can still be checked and verified. It increases control and ownership for users; they feel safe with their data. For organisations, it lowers the cost, minimises data liabilities, avoids overcollection of data, and provides exemplary customer services.