Self-sovereign identity can solve common issues in current blockchain transactions
OP’s Technology Strategist Pekka Kaipio writes about the possibilities of self-sovereign identity in his article published on Medium. He writes that blockchain technology has not fully lived up to its promise and opportunities in solving the complexity of transactions still exist.
While different blockchain platforms have introduced transaction solutions based on smart contracts, a problem with identifying users across platforms remains an issue. Public networks often lack the proper legal enforcement whereas closed networks are governed by allowing only known participants, thus restricting the number of players on each platform.
Self-sovereign identity can solve issues related to both open and closed blockchain networks by creating a digital identity that is controlled by the user and shared across different networks based on the user’s consent. Users can store different identification documents and credentials within the digital identity and share them (or parts of them) with transaction parties based on case-by-case requirements. A digital identity controlled by the user increases data privacy by letting the user always choose how much of their personal information they are willing to share. In business transactions, digital identity can simplify the creation of legally binding contracts across platforms and between multiple parties.
Read the full article by Pekka Kaipio here: https://medium.com/@pekkakaipio/best-of-both-worlds-identity-based-blockchain-transactions-66d7d054a7b2