The discourse that everyone has the right to own their digital identity has been gaining momentum around the world.
According to the concept of self-sovereign digital identity, owners (holders) of the digital identity are responsible for the control and management of their data. And that not only includes basic personal data but also information about your relationships with other people, companies and even things.
Decentralized digital identity consists of several electronic credentials issued by different participating identifiers (also called agents) that are part of a blockchain network. Blockchain interoperability is important here.
With decentralized digital identity, this credential, formed by personal data and various identifiers, is in the user’s possession, who can present it to other financial institutions with which they do not relate, but which have an offer of interest. So, FinID basically works like a passport that a person can use at several banks.
Data Portability
The implementation of the open financial system and the new instant payment platform
- To create a unique, portable and secure identity for financial institutions, with clients in control of their own personal data and enabling easy access to contract financial services.
A decentralized financial identity management solution, comprising:
- identity creation and management;
- digital account accreditation (called onboarding); and
- authentication of identities and information.
Public blockchains are where anyone can join the network as a service user. Public protocols create trust through mathematics, with a consensus mechanism that encourages individual behavior to achieve a collective goal.
Blockchain vs DLT
The least common denominator for public and private blockchains lies in the principle of distributed storage and data verification.
https://cointelegraph.com/news/blockchain-technology-financial-and-self-sovereign-digital-identities
Identity in a Digital World
A new chapter in the social contract
http://www3.weforum.org/docs/WEF_INSIGHT_REPORT_Digital%20Identity.pdf