MyDigiID is an blockchain based application providing digital identity solutions that cater to individuals and businesses for providing KYC credentials for Banking, Insurance, Mutual Funds, Educational Institutes etc. The users will prove their identities more easily across the web without sacrificing control over sensitive data. Users choose precisely which information they want to input into their digital ID, as well as who they choose to share it with keeping in mind the Personal Data Protection Guidelines getting into effect very shortly.
It actually offers a single source of users’ personal information securely encrypted by hash using blockchain protections using Self Sovereign Identity DID Models which keeps immutable record cryptographically over the blockchain without storing the actual data on the blocks. The platform also offers services that are critical to identity management; namely, compliance, fraud detection, and identity authentication, a crypto wallet, a asset Vault and data storage encryptly linked to your own paired devices. Users can then share their self-sovereign, blockchain verified Digital identity without worrying that data is being taken from them without consent. It will also help businesses unlock a secure, global business network where qualifications are verified, and trust is ever-present. Users can input their attested government ID, social profile, and financial status based from verified documents, then use the platform to deploy necessary information without ever giving up true ownership of the data. With attestations – essentially endorsements – from third parties that can verify your information is valid, your phone becomes your universal identifier – better not lose it.
1. Single Point Failure
2. Work only on Same Network
3. Third Party Control on Your Identity
4. Over Sharing of Personal Data
5. Time Consuming
“Self-Sovereign Identity is the next step beyond user - centric identity, and that means it begins at the same place: the user must be central to the administration of identity.” By Cristopher Allen, blockchain and cryptography pioneer, co-author of the TLSSecurity Standard
Self-sovereign Identity is an identity that is owned and controlled by its owner withoutthe need to rely on any external administrative authority and without the possibilitythat this identity can be taken away. It can be enabled by a decentralized identity eco-system that facilitates the recording and exchange of identity attributes,and the propagation of trust among participating entities.
Better control over usage of your data: This isn’t the theoretical control, this is a tactical decision-driving control where you have the ability to stop companies from storing, processing, or moving your data. You can personally decide who can — and can’t — see data about you. You can also decide exactly what data is shared and isn’t.
The User shall be able to easily access their own identities without any gatekeepers. They shall be aware about all the amendments and changes that have been adapted to all claims related to their identity.
By now, we’ve all heard how companies profit from the data they collect about us — selling aggregated views (and sometimes more detailed data) that is then used for marketing, sales, or other purposes like influencing public opinion on a controversial topic. Control, mentioned above, will allow you to stop companies from selling your data. But you now also have the ability to monetize your data directly.
Identity platforms aren’t just focused on control over your data, they’re focused on ensuring your data are protected from observation. By keeping your data out of centralized systems where possible, and by encrypting it, identity platforms allow you to protect your privacy in ways that aren’t possible today.
While privacy is about anonymity or keeping people from observing your data, security is about protecting your data whether people know it’s yours or not. Blockchain-based identity systems remove honey pots because there will be fewer large pools of data to attract hackers. They’ll have to hack each user individually. Also, this user-by-user hacking makes it more expensive for hackers to do what they do.
It will help to enhance the privacy as best as possible; disclosure of data must be minimized and should involve the minimum quantity of data which is necessary to accomplish the required task.
1. User control and consent –
DigiID Platform will allow the User to share the Information that revealed by him with the third party and that too with the user’s consent.
2. Minimal disclosure for a constrained use –
DigiID will take care that the Identity information will only becollected on a “need-to-know” basis and kept on a “need-to-retain” basis.
3. Justifiable parties –
On the DigiID Platform your Identity information will only be shared with parties thathave a legitimate right to access identity information in a transaction.
4. Directed identity –
DigiID Platform will provide support for sharing identity informationpublicly or in a more discreet way.
5. Human integration –
The user experience must be consistent with user needs andexpectations so that users are able to understand the implications of their interactions with the system and this will make available by DigiID for their users.
6. Consistent experience across contexts –
DigiID will provide the Users a consistentexperience across different security contexts and technology platforms