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☑️ Can the Virtual Identity become a basis for decentralized identity policy?
Yes, the Virtual Identity (VID) can become a basis for decentralized identity policy. A VID is a self-sovereign identity that is not controlled by any single entity. This makes it ideal for use in decentralized identity systems, which are systems that allow users to control their own identity data.
Decentralized identity systems are becoming increasingly popular as a way to address the problems of identity theft and fraud. These systems allow users to create and manage their own identities without having to rely on third-party providers. This gives users more control over their personal data and makes it more difficult for identity thieves to steal their information.
VIDs can be used to create decentralized identities in a number of ways. For example, VIDs can be used to create digital signatures that can be used to verify the authenticity of documents. VIDs can also be used to create access control lists that can be used to control who has access to certain resources.
The use of VIDs in decentralized identity systems has a number of potential benefits. These benefits include:
- Increased security: VIDs are more secure than traditional identities because they are not controlled by any single entity. This makes it more difficult for identity thieves to steal VID information.
- Increased privacy: VIDs give users more control over their personal data. This allows users to decide who has access to their data and how it is used.
- Increased flexibility: VIDs can be used to create a wide variety of different identities. This allows users to tailor their identities to their specific needs.
The use of VIDs in decentralized identity systems is still in its early stages of development. However, there are a number of projects that are working to develop and implement these systems. These projects include uPort, Civic, and Sovrin.
As decentralized identity systems become more developed, we can expect to see VIDs play an increasingly important role in these systems. VIDs have the potential to revolutionize the way we interact online by giving us more control over our personal data and making it more difficult for identity thieves to steal our information.
Decentralized Identity and Verifiable Credentials Whitepaper
by Microsoft
We include here below the integral PDF by Microsoft from which you can read the start here:
The landscape of digital identity
The landscape of digital identity
Digital transformation is changing our lives in unprecedented ways—necessitating new trust
fabrics for digital identities.
The landscape of digital identity is growing at an exponential rate due to the digitization of nearly every service or interaction imaginable. This proliferation of digital identities is creating impacts at both the individual and
organizational level. People are struggling to keep track of how they’re sharing their personal data across the various digital platforms they use, while organizations must secure massive amounts of customer data accumulated from these identities.
Today, there’s no simple digital equivalent to a universally accepted identity like a state-issued driver’s license or social security card. Consider what makes a traditional driver’s license a good form of identification. You can present your driver’s license in a wide variety of interactions—like passing through airport security, verifying your identity with an employer, or opening a bank account.
Not only do recognizable security features make your license trustworthy and easy to verify, but you also control whom you share it with and when. And a license is inherently decentralized; since you can carry it with you, no central service is required to present it on your behalf.
Until now, no digital identity could offer similar benefits. Whether for a popular social platform or a work account, a digital identity has always been controlled by the organization that issued it. As the digital sphere takes a foothold in every aspect of our lives, this needs to evolve.
The global digital identity solution market is projected to grow from 23.3
billion USD in 2020 to 49.5 billion USD in 2026. The rapid market growth
is driven by increasing instances of identity fraud, data breaches, and new
government regulations.
☑️ Why a decentralized approach is the future
It’s clear we need solutions that solve
tomorrow’s problems today.
People use their digital identities at work, at home,
and across every app, service, and device they
engage with—when purchasing tickets for an
event, checking into a hotel, or ordering lunch. Yet
currently their identity and digital interactions are
owned and controlled by other parties, some of
which users may not even be aware of.
At the same time, there’s a rising need for
decentralized identity systems across industries.
Organizations are adopting multi-cloud strategies,
cyberattacks have evolved and become more
complex, and ubiquitous decentralized computing
is becoming an adopted practice.
Moving forward, modern identity solutions need to
fit seamlessly into the flow of daily life while being
secure, sustainable, and reliable.
• Individuals deserve the opportunity to know
that their vital information is safe and within their
control while having the ability to recover and
self-service their accounts quickly, efficiently,
and with minimal effort.
• Organizations need better means of verifying
identity for fast, remote onboarding procedures
to keep pace in a hybrid world.
• Temporary workers and contractors need identity
solutions that provide access to high-value, missioncritical applications within minutes.
A decentralized approach delivers on these needs by
bringing an individual’s digital identities together into
a system that they own, while making digital identities
portable in a way that’s trusted and secure.
By 2025, an estimated 70 percent of the workforce
will be working remotely at least five days a month.
Organizations and individuals require identity solutions that support rather than inhibit this new work model.2
By 2030, digital identities will be user-centric, convenient to use, and regulated by a few economic superpowers.3
☑️ Five guiding principles for a decentralized identity system
The following guiding principles are key to realizing the promise
of a decentralized identity system.
1. Secure, reliable, and trustworthy.
A person’s digital identity shouldn’t be easy to
hack or impersonate. A user should always be
able to access, use, and securely recover their
digital identity, plus view a detailed log of every
time they’ve used their digital identity, whom
they used it with, and what it was used for.
2. Privacy protected and in the user’s control.
Users shouldn’t be tracked across unrelated services without their consent and they should be able to delete all aspects of their digital identity—including any associated data and log
files—from wherever they choose to store them.
3. Inclusive, fair, and easy to use.
A user’s digital identity must be usable, available,
and accessible regardless of race, ethnicity, abilities, gender, gender identity, sexual orientation, national origin, socio-economic
status, or political status.
4. Supervisable.
A user should be able to designate which family
or friends can access their digital identity, if needed. In addition, parents or custodians should have oversight and control over digital identity solutions used by their children in a
classroom setting.
5. Environmentally responsible.
Creating and using a digital identity should be ecologically sustainable and not cause longterm environmental harm.
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