Decentralized Identity

Decentralized Identity offers a self-sovereign model, empowering users to own and control their digital identities.

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1. Definition and Principles

Definition and Principles:
Decentralized identity is a self-sovereign model where users control their digital identities without centralized authorities.

• Principles: Self-ownership, interoperability, and privacy.
• Goal: Minimize reliance on centralized identity providers while ensuring secure and verifiable identity.

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2. How It Works

How It Works:
Decentralized identity relies on these components:

• Decentralized Identifiers (DIDs): Unique, blockchain-based identifiers.
• Verifiable Credentials: Digitally signed credentials for secure identity proof.
• Blockchain: Provides a trusted, tamper-proof ledger for verifying identity components.

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3. Benefits and Use Cases

Benefits and Use Cases:
Decentralized identity enhances privacy, security, and user autonomy.

• Benefits: Eliminates reliance on central authorities, reduces fraud, and improves data privacy.
• Use Cases:
  • Healthcare: Securely share patient records while maintaining privacy.
  • Finance: Enable identity verification for banking without exposing sensitive information.
  • Social Platforms: Protect user identity and reduce data harvesting.