Self-Sovereign Identity: A Prototype Identity Solution on the Blockchain
It was great to have Hugo O'Connor from Sydney's Bit Trade Labs giving us his insight into the blockchain and its applications for Sovereign Identity.
What do we want in an identity? Hugo suggests that an identity solution protocol should provide personal ownership, privacy, portability and power. Personal ownership gives you individual legal control. Privacy, refers to your ability to selectively reveal information to others. Then, ideally the system should be portable, when using relevant identity information across various identity registration use cases (e.g. governmental docs, social media, legal docs etc. ). The identity should also provide power, in the sense that everyone can act as a CA. All of these things can be achieved by using a blockchain backed solution known as Sovereign Identity.
The goal in the sovereign identity scheme is to remove information redundancy and to help individuals retain control of their own data as opposed to the current system where information is duplicated and stored with multiple third parties. This helps make identity more secure while reducing the cost of compliance for service providers.
Problem of Adoption
Among the greatest challenges, is to get multiple stakeholders to collaborate.
In order to make it future proof the
system should be built in a way that allows modifying the encryption methods such that the highest level of security is always attainable.
Hugo O'Connor - Biosnap:
Hugo is one of the founders and owners of Bit Trade Australia, the country's leading bitcoin exchange. Bit Trade Australia recently established Bit Trade Labs, a development arm that builds and incubates blockchain related products. Hugo works as a developer at Bit Trade Labs and is excited about the transformative potential of the blockchain.