Decentralized Identity In Web3.0
Blockchain technology enables a decentralised identity infrastructure which seems to be promising. More people started preferring privacy and security of their personal data. The Decentralized Identity, a.k.a DID, has developed rapidly in the past few years. The development of DID benefits from the emergence of blockchain technology as it provides current solutions to identity and data management securely. It generally refers to a crypto wallet address which does not require any additional verification procedure. Through this article, we will learn about the DID & its future in web 3.0 and how it works.
What Decentralized Identity is?
Decentralized identity offers individual control to the users over their own identity. So, they can decide in what way their private data accessed and shared, enabling trusted interactions while preserving privacy. Here individuals have controls and supporting trust.
Identifiers are absolutely important for this digital world. It is increasingly important actually to identify persons, concepts, things because everything we do where data is connected to one another. Whether its reasoning, control, rely on identifiers and this proper identification is absolutely essential for the combination of information coming from different sources. Globally unique identifiers are actually all around us and they are pretty ubiquitous these days for various purposes.
How decentralized identity works?
Digital way the IDs stand sort of like a layer for self-sovereign control over those keys. It is available publicly and it’s resolvable to all this information from anywhere from any system under one single decentralized identity. A user can have multiple keys attached to it. Also importantly is that the identity owner can revoke their identity any time.
Decentralized Identity: THE FUTURE for web 3.0
Web 3.0 holds promises to entirely revolutionize every single aspect of our digital lives. The future of web 3.0 sets the stage for a sort of prototype shift from web 2.0 to web 3.0. As, web 2.0 is basically managed by an email address and then the email address is linked to a bunch of poles apart from websites with passwords. Here data is stored in centralized servers and controlled by third party companies, so owners of identities have no control over this information. Also, it provides identity information to those websites, whenever you sign up.
Why do we need a password for every site?
Central identity allows people to use a single password or the set of credentials to sign into multiple websites. In this model one website acts as an identity provider. Centralized identity adds the ability for them. The term federation is a reference to this trustworthy relationship and the fact that it is established between two. Otherwise independent domains federated identity is widely used in enterprises and often reduces the number of passwords.
Why is DID important to Web3.0?
In current Web3.0, the identity certificates we talk about generally refer to the wallet address. However, since the creation of the wallet not require any additional verification procedures, a large number of “fake” identities get created. In “Decentralized Society: Finding Web3’s Soul”, Vitalik Buterin also points out that the lack of native web3 social identity prevents Web3.0 applications from getting rid of the Web2.0 business model to develop their native products of Web3.0.
Advantages of decentralized identity
Decentralized identity approach has returned the ownership back to the identity owner. Identity owners have complete control over their own digital identity. This way, users have an absolute right to permit which information to disclose to services or applications for access.
Decentralized identity identifies the owner to conveniently carry out intersections and interact for all interactions as it only requires users to verify their identity once to the trusted third party. Once they can access the application as much time they need.
Decentralized identity involves the generations’ digital identity using digital ledger particularly a blockchain. A blockchain-based data storage mechanism is immutable. Therefore, these criterions make decentralised identity delivers secure exchange of data for access authorisation as the cryptographic are impossible to modify and permanent.
Lower risk of data mishandling:
Decentralized identity allows the identity owner to have complete power over their personal data and digital identity. Customer implement enterprise transformation technology to achieve scale, scope and speed.
Future of DID
Although Decentralized Identity has come a long way, its adoption in Web 3.0 is still in its early stages. Similar to KYC as the entrance of CEX, the DID infrastructure will become the entrance of Web3.0 in the future. It is more likely that multi-chain wallets will be integrated with the DID system in the near future and become identity aggregators.
The decentralized identity space is still in its infancy; it has potential to change existing identity management for the better. Decentralized and blockchain technology, an increasing number of people are taking back to get control of their data. It allows users to generate identity without depending on a specific or a centralized provider. The decentralized identity infrastructures will become the entrance of Web3.0 in the future; it will bring new possibilities to the market.