The idea of proof of identity is not a new concept. From the wax seals and sigils used in medieval and Roman times to the paper identification used until the advent of more effective technology, society has long placed a premium on the importance of proving who you are. However, the rapid evolution of the digital world, with its intense need for identification creating tension with companies’ need to collect as much information about their users as possible, has caused a shift in how identities are viewed, and measured.This rabid rush to monetize leads to an important question—who owns the rights to profit off one’s identity? Is it the corporations who provide a service in exchange for the privilege, or is it users themselves—who rarely see a penny off these efforts—that should decide how their identity is used and sold?Blockchain has reawakened the idea of self-sovereign identity, a single system that gives users complete control over all aspects of their identity, to do with as they will. In this new model, companies could no longer simply take users’ identifying information—in any capacity—without directly compensating users themselves. So far, this hasn’t been a silver bullet, but it does posit a clear… Read full this story
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