The Major Effect Of Decentralized Identity (DID) Providers

Source

INTRODUCTION

As our lives get more digital, the way we identify ourselves online has become so important. For example just Imagine trying to get access your bank account, sign an agreement, or just trying to log into social media without any form of identification, you would agree with me that it’s going to be very challenging?

Normally, we’ve relied on entities like the governments or large corporations to manage our identities for us. We have use this system for decades, but we can say that it doesn’t have its issues. The system often face massive data breaches, privacy issues, and many of us don’t like the way our personal information is being handled. This is where Decentralized Identity (DID) steps in, giving us a different approach to identity management, one that puts the control of our identity back into our hands .

What really is decentralized identity, and why should we care? Well, we should because DID helps Us create and control Our own digital identity without the help of the government or any corporation. Instead of one central authority holding all our personal information, decentralized systems Gives us that control. We become the owner of our identity, managing it through technology like blockchain and cryptography.

THE EFFECT OF DECENTRALIZED IDENTITY PROVIDERS

• PROMOTING PRIVACY AND SECURITY:

DID doesn’t keep our information in one place as does the traditional identity system Rather it was spread out, making it much harder for someone to steal everything at once?

This is another important part of decentralized identity. our information instead of being stored in a central database, is now distributed across a network. That means even If one part of the network is compromised, the rest remains secure. Just like locking different parts of your house with different keys instead of having just one key .

DID providers use cryptography to keep our identity safe When you create a DID it’s like your are given two keys .One key is for your personal use while the other is what you share with the public . So as long as you keep the other key safe with you , no one will be able to tamper with your personal information

• GIVING POWER TO THE PEOPLE :

DID providers helps gives power to the people. Right now when we share our information with companies, we have to trust that they would keep that information safe . But that’s not the case all the time as some companies break that trust.

Source

When we use DID we don’t need to place too much trust in anyone. We’re in control. Because we decide what information to share, who we share it with, and for how long. For example, if you wanna sign up for a new service, you only need to share the necessary information and then take back that access immediately you’re .

DID providers help promote self sovereignty. They allow individuals to be in control of their identity and prove who they are without the help of a third party.

• GIVES EVERY ONE AN IDENTITY:

Decentralized identity providers helps to provide identity for every one especially for those who have been left out, and those living in a places where It is almost impossible to get an ID, With this ID people cant do many thing like open a bank account, apply for loans etc. That is why we need DID because it makes our lives easy by giving us an identity with the help of the government .

DID providers provide a way an identity without the help of the government. This is very helpful especially for people in developing countries, and for displaced people .

Consider the examples of the refugees that flees their homes. When they do so , they loose everything including their identification papers. Without these papers, they can’t get access to basic things of live . That’s why we need a decentralized identity cause it travels with you, flees with you so even if you lose your physical documents, you still have proof of who you are.

• IMPACT ON THE ECONOMY:

DID has a huge impact on the Economy. It gets in the way of traditional businesss, by providing new ways of doing things so that companies won’t be able to control our identities and the data economy. As a result they won’t be able to control who get access to certain information and also won’t be able to charge fees for it .

DID providers doesn’t just help to cut cost it also bring about innovation by making new types of services possible. Services that can make job hunting easier for both the employers and employees.

Source

CONCLUSION

In Conclusion DID is a game changer. It help provide privacy and security to individuals identities, it also gives control back to the people,unlike the centralized system. It also help to reduce cost and make life very easy for everyone .