Decentralized Identity Management

What is Decentralized Identity Management?

itMyt Explains Decentralized Identity Management:

Decentralized idEntity control (DIM) is an approach to identification and get entry to management (IAM) that that permits individuals and Computing Devices in the net of things (IoT) to manage their own Personally identifiable Data (PII).

In a decentralized identification Framework, the allotted Database is used to validate the existence of an valid identification credential — the Credentials themselves are stored in a Digital pockets app managed with the aid of the entity whose identification is being sought.

The advantages of a decentralized identification management include:

• Control – gives people and virtual gadgets strength over their virtual Identifiers.
• Security – reduces Attack Surfaces with the aid of storing in my opinion identifiable Records such as credit card numbers as soon as.
• Privacy – permits entities to use the precept of least Privilege (PoLP) to designate minimal or selective get right of entry to for identity credentials.

The concept of using disbursed databases to manage PII is also referred to as self-sovereign identification (SSI). Interest in a distributed technique to handling identity credentials has elevated in latest years as Blockchain allotted ledgers have gained huge-spread acceptance.

What Does Decentralized Identity Management Mean?

Decentralized identification management is regularly described as a “accept as true with framework” made possible by bLockchain.

How Decentralized Identity Works

Instead storing identity credentials on a couple of seller web sites, identity credentials are stored within the user’s virtual wallet. Because the pockets uses Encryption in addition to a disbursed architecture, it does not present a Single Point of Failure if Hacked.

Essentially, decentralized identity lets in a person to create a “new” virtual identification with the aid of aggregating all their identity credentials in a virtual wallet app that generates Public and Private Cryptographic Keys.

The Public Key's used to pick out a particular wallet. The non-public key, that is saved within the user’s wallet, is used all through the Authentication Method.

Future of Decentralized Identity

Decentralized identity control is expected to play an critical Function in:

• Web3
• Decentralized Finance (DeFi) Transactions
• Zero agree with commUnity Access (ZTNA) Automation

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