We are excited to commit to our development of Digital Identity on IOTA. The Unified Identity Protocol is a Digital Identity implementation built on the Tangle. It establishes the foundation for trusted interactions and truly enables the Economy of Things.
“The Case for a Unified Identity” white paper explains our vision for Digital Identity on IOTA. The paper provides an introduction to the subject and explains why things, organizations and people should use a shared layer of trust.
Lack of Online Trust
The internet forms the basis for many of our interactions in the modern world. It has created new business opportunities, better customer experiences and improved our day-to-day lives. However, it lacks essential properties of trust and privacy. With a decentralized digital identity protocol we can add those properties to online interactions.
In the current system, companies like Google and Facebook provide an estimation of identity. This process can be inaccurate, with insufficient depth to user profiles, and, in some cases, the information is altogether false.
These companies developed business models around this information, but impersonation and fraud remain common, highlighting a persisting, intrinsic lack of trust. Similar trust problems can be observed in many online interactions between companies, people and even devices.
In business-customer relationships, identification is usually solved via time-consuming and costly Know Your Customer (KYC). Fast, cheap and trustworthy identification remains an unresolved problem.
Decentralized Digital Identity
The World Wide Web Consortium (W3C) has drafted several proposals for Digital Identity standards enabled by Distributed Ledger Technology (DLT). The concepts of Decentralized Identifiers (DID) and Verifiable Credentials enable online identification of someone or something in a verifiable and trusted manner.
As discussed in a previous article, IOTA i...