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Self-Sovereign Identity-The Future of Identity-Self-Sovereignity Digital-Wallets and Blockchain

Published: 2020-01-01

Organization: IDB

Overview: Self-sovereign identity introduces a revolutionary and innovative solution for the management of individual digital identities. This model has the potential to solve the problems and inconveniences presented by the current identity management systems in terms of regulation, technology, and security. In doing so, this model combines two innovative technologies: digital wallets and decentralized ledgers. Digital wallets will allow individuals to manage all their digital assets with total independence, sovereignty, and privacy. We will be able to have fast and safe access to digital versions of identity documents, academic diplomas, and property tiles, among other valuable identifying information. We will also be able to manage tokenized fiat currencies such as the dollar, euro, libra, pesos, yuan, and even cryptocurrencies. Decentralized ledgers, such as blockchain networks, allow for storage of cryptographic proofs of the existence and ownership of digital credentials and assets, increasing the trust, interoperability, security and efficiency of electronic transactions while preserving data privacy.

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