Friday, February 3, 2023

Digital Identity: Get Ready for a Brand New Way to Manage Your Life

Digital Identity: Get Ready for a Brand New Way to Manage Your Life

With brand new applications hoping to reduce online frictions, the importance of a uniform digital identity service is now more pronounced than ever. Bitsonline looks into what a world with a digital identity would look like and what brand new solutions are on offer that will change the internet as we know it.

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Goodbye Password Managers

You are scrambling to catch the next flight out and security decides that today they will fumble through your belongings to figure out who you are. With a worn-down ID and a spotty digital record with limited information as your only ally, you plead your case. You just want to get home and cause no trouble.

Now imagine that very same situation with a real-time complete digital representation of you that. Digital attestations from your high school and university verify your achievements. Your local government has digitalized the dates where you decided to be adventurous and go overseas.

It may not feel like it, but organizations are rapidly developing solutions that will be able to connect the protocols of the future to simple applications that can confirm what makes you actually you.

From banking to loan management, to confirming the charity work you may be proud of, entrepreneurs are joining up to design, develop, and build identity frameworks in a peer-to-peer manner. Not only that, logging into the internet and buying, selling, or confirming the most painful part of the e-commerce experience is about to get a whole lot easier. And that is just the beginning.

digital identity

Being Responsible for Your Online Identity

Creating a decentralized identity ecosystem isn’t for the faint of heart. Not only are there multiple opportunities for failure, but once the integrity of the ecosystem is damaged teams may struggle to become the standard for digital verification. Because of this, many third parties want to centralize digital identity and become another middleman, like we have seen during the Google, Facebook, and Netflix era of the internet.

Others are fighting to prevent that from happening. Teams like BaaSid are designed to be inherently decentralized, while at the same time, provide the same reduced frictions that digital identities can cause. By encrypting their data into thousands of pieces, similar to sharding, internet services will be safe as well as convenient, and boast unique services such as the integration of all identity attestations via a one-time instant access service.

Microsoft is already working on a blockchain-based digital identity architecture with the Decentralized Identity Foundation (DIF). The future of a real-time, platform with diverse identity solutions where the users are in control seems inevitable. Consumers can expect to see these innovative solutions soon. The solutions will be faster, cheaper, and better, yet void of password managers, long text files of old digital keys, and third-party middlemen seeking rent and providing limited experiences.

Is the everyday internet user tech savvy enough to be in charge of their own digital identity? What would happen if they got locked out? Share your thoughts below.

Images via Pixabay  

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