Evernym / Sovrin
None of us actually owns a digital identity. We simply ‘rent’ identities from each of the websites or apps we use, resulting in an inefficient, fraud-riddled, privacy-invading mess. Additionally, each organization we interact with must store our personal information in massive databases. These ‘silos’ become gold mines to hackers and toxic liabilities for anyone obligated to store the data.
A siloed approach to identity may have worked in the early days of the Internet, but with practically every business and billions of people now online, problems such as fraud are growing rapidly. The costs of these problems will soon balloon as billions more identities come online with the Internet of Things.
Regulators try to police misbehavior by dishing out billions in fines each year, but they don’t address the root cause.
Data breaches continue to occur almost daily, often because siloed identity creates massive troves of data attractive to hackers.
Solving the identity silo problem begins with a digital identity that you literally own, not just control — a “self-sovereign” identity. When combined with verifiable claims, it enables any person, organization, or thing to interact directly with any other person, organization or thing, with trust and privacy.
If anyone other than you can “pull the plug” or change the rules for your identity, it isn’t self-sovereign, it is siloed – even if it uses ‘blockchain’ technology. True, globally scalable self-sovereign identity requires an open source, decentralized network which no single entity owns or controls.
Until the advent of distributed ledger technology (DLT) this was impossible. Not any more. Sovrin, invented by Evernym, is the world’s only global public utility for trusted, self-sovereign identity. Like the Internet, it is not owned by anyone: everyone can use it and anyone can improve it.
– Any person, organization, or thing can actually own their digital identity – not just control it – independent from any silo.
– Any person, organization, or thing can instantly verify the authenticity of “claims,” including who (or what) something claims to be.
– Complete control of how, what and when information is shared, without added risk of correlation and without creating troves of breachable data.