In the current world, the individual is viewed as new person whenever they have an interaction with a new entity, which gives rise to the situation of individuals holding multiple identities.
Accredify CEO and co-founder Quah Zheng Wei says your identity in the new digital world will put you at the centre of all data interactions. “Meaning you only need one single digital identity to authenticate yourself and to get access to different ecosystems and services around the world,” he added.
What “verifiable identity” solves
Quah says verifiable identity “allows you to control what you have and whom you share it with, in terms of personal data.”
He claimed that it grants an individual data ownership and consent management over his data. In a way, it reminded me of the promises of General Data Protection Regulation (GDPR) – that ownership of one’s data belongs to the individual and that person can decide who gets access to what part of his or her information.
“Verifiable identities contain documents that are issued by Distributed Ledger Technology, which means these documents are tamper-proof and traceable back to the source. By granting access to certain data points within your verifiable identity, you can prove whom you are based on your data, such as education qualifications, healthcare records, and even automobile licenses,” he elaborated.
Previously, it was not possible to do so without sharing all your personal information without any discretion.