Millions of users get their digital privacy invaded everyday. It is becoming common to see reports of Facebook data breaches. Needless to say, ensuring you are investing in top-notch security measures to protect your digital presence is more pertinent than ever. If you are also a digital user who is worried about the data they’re sharing online every day, the concept of a “decentralized identity” is relevant to you.
It is a new type of identity management mechanism that aims at letting netizens control their own information without relying on a third party provider. Our entire digital identity consists of our usernames, passcodes, government documents, credit cards, Google and purchase histories to name a few. All of it is constantly under threat from cyberattacks.
Benefits of decentralized identity solutions
Decentralized identity management works as a two-way benefit to both companies and their consumers. Business entities can ensure legitimacy of credentials shared by users quickly, saving time and cost. It becomes harder for fraudsters to submit illegitimate documents. They can also significantly reduce data breaches, phishing attacks, identity theft and the like.
For the customers, there is guaranteed privacy and security that is not found in traditional identity management systems. App developers can also focus on building better reinforcements to protect user data as we do away with the usual passwords and authentication methods. Signing up and signing in to your accounts has been reimagined with evolved security measures in the era of decentralized identity management systems.
Consumers will be the focus
Decentralized identity solutions value user-friendliness and protection of their data above everything. They also employ the latest technologies to ensure users receive the best protection. Digital users no longer have to depend on 3rd party services to protect their information. Self-governance of data and partial sharing of information is possible, thwarting any attempts of cybercrime based on our phone numbers, bank account details and so on.
If you are someone who thinks twice about accepting “cookies” on any website you visit, you can rest assured that decentralized identity management helps in preventing all kinds of tracking. No one can steal your credentials or commit identity theft after we store our information on a decentralized identity system like an e-wallet.
Bottomline
Investing in decentralized identity solutions is the need of the hour as more parts of the world migrate to the virtual world and Web3 services take over different industries. Cyberattacks and concerns over data privacy continue to escalate and it can only be combatted with the help of decentralized identity systems. Thank you for your interest in Bahaa Abdul Hadi blogs. For more information, please visit www.bahaaabdulhadi.com.
