Currently, we store our most sensitive identification data in centralized government databases, which are supported by legacy software that has multiple single points of failure.
Hackers are allured to large, centralized systems that contain the personally identifiable information (PII) of millions of user accounts. In 2018, 2.8 billion consumer data records were exposed at a cost of more than $654 billion, despite regulatory legislation and corporate efforts to improve cybersecurity.
We now have the tools to build new identity management systems based on the concept of decentralized identifiers (DIDs) – potentially including a new subset of decentralized identities known as self-sovereign identity (SSI) – thanks to the growing sophistication of smartphones, advances in cryptography, and the advent of blockchain technology.
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