Self-Sovereign ID Tech Is Being Advanced By Security Failures, Privacy Breaches

Lucas123 writes: There is a growing movement among fintech companies, banks, healthcare services, universities and others toward disintermediating the control of online user identities in favor of supporting end-user controlled decentralized digital wallets based on P2P blockchain. Self-sovereign identity (SSI) is a term used to describe the digital movement that recognizes an individual should own and control their identity without intervening administrative authorities. The wallets would carry encryption keys provided by third parties and could be used to digitally sign transactions or provide access to verifying information, everything from bank-issued credit lines to diplomas — all of which are controlled by the user through public key infrastructure (PKI). The blockchain ledger and PKI technology is hidden behind user-friendly mobile applications. Currently, there are more proof-of-concept projects than production systems involving a small number of organizations. The pilots, being trialed in government, financial services, insurance, healthcare, energy and manufacturing, don’t yet amount to an entire ecosystem, but they will grow over the next few years, according to Gartner.