One Portable Digital Identity for the Global Netizen
In the competition to manage our future digital identities, the blockchain has emerged as a clear leader on the technology front. The Sovrin Foundation—a creator of portable digital identities for individuals, organizations and things—is positioning to be the global public utility of digital identities on the distributed digital ledger. The nonprofit organization has attracted some technology giants to help steward its digital identity network.
The weaknesses of the current centrally managed digital identity system have been well documented.
Of foremost concern are the selling, hacking and manipulation for marketing purposes of information without informed consent. The rapid growth in the number of individual digital identities is increasing susceptibility to these privacy invasions. The average number of online accounts per internet user is expected to double from 100 to 200 by 2020. On average, these netizens use 12 different passwords.
Full Stewardship Ahead
The self-sovereign identity is a lifetime portable identity designed to replace the average internet user’s multiple siloed identities dispersed in centrally controlled data repositories around the globe. Sovrin replaces the many central authorities that handle digital identities for their respective sites with a global public utility that assigns one sovereign digital identity to each individual. This cryptographically secure digital identity is created by adding an identity layer to the Internet. Unlike centrally managed identities, owners have full stewardship of their digital identities, including permissions.
A Portable Self-Sovereign Identity
The competition to be the digital identity platform of the internet is young. Only with the arrival of the blockchain and related protocols did a fully viable alternative identity verification platform appear. The Sovrin service has benefitted from the Verifiable Claims Working Group’s initiative to standardize identification in the banking, health, government, education and other areas.
The self-sovereign identity platform replaces centralized roots of trust such as certificates of authorities, which are time-consuming and costly to use, with a consensus algorithm that distributes information across many machines in a decentralized network. A cryptographic record of immutable transactions is then formed.
Sovrin has further benefited from W3Cs introduction of decentralized identifiers (DIDs), which allow the creation of cryptographically verified identifiers under the owner’s control. The DID and related information are stored on the blockchain with a public key accessible by the owner’s private key.
The Sovrin token will be used as an exchange of value in the protection of privacy by credential issuers, owners, and verifers. The token can be used in the Sovrin global marketplace to digitize credentials, as well as for digital credential insurance and permissioned first party data (direct from the customer).
Token Sale: June–August, 2018 (To be announced)
The Sovrin Foundation is a hub of development activity for global digital identity services. Sovrin Foundation Stewards are developing and will ensure interoperability of the open source decentralized digital identity network. IBM, the leader in Blockchain enterprise solutions, became a founding steward in April 2018.
Phillip J. Windley, Ph.D., Chair
Jason Law – Cofounder/CTO/Chairman
Timothy Ruff, Cofounder/CEO
Steve Havas, Chief Operating Officer
James Monaghan, VP, Product