Decentralized Identity (DID) refers to a digital identity model that allows individuals to manage and control their own personal data, without reliance on a centralized authority. DID technology frameworks shift ownership of identity to the user, giving them more control over their digital identity. DID enhances overall privacy, reduces the risk of identity fraud, and offers a secure, user-centric approach to authentication.
Use case/ examples for decentralized identity (DID)
Service privacy: Accessing financial or healthcare services without the need to transmit personal data to third-party servers.
Data minimization: Sharing only the necessary verified attributes required to open an account or conduct a transaction, such as age or citizenship, rather than full identity documents. Digital Wallets: Using digital wallets rather than physical documents to store and present verifiable credentials. Cross-Platform Verification: Enabling identity verification across platforms without the need to create multiple sets of login credentials.
