Self-Sovereign Identity: fundamentals of a new decentralized digital ecosystem.
TMT (Telecoms, Media, Technology) Department report | Self-Sovereign Identity: fundamentals of a new decentralized digital ecosystem
Dear Sir or Madam,
On March 29th, 2022, Diego Fernandez, the Secretary of Innovation and Digital Transformation of the City of Buenos Aires, published the proposal for a digital identity platform based on blockchain. The protocol proposes an ecosystem of digital interactions based on self-sovereign digital identity based on consensus with the community. It will facilitate its use by a critical mass of users so that the ecosystem will then take on a decentralized life of its own.
The purpose and expected benefits are:
• Empower individuals and evolve towards a paradigm where individuals and society are the social guarantors and not a few centralized entities. An open, reliable, secure, and transparent ecosystem, built on a decentralized architecture, where trust is supported by the network and not by centralized entities.
• Enhance relationships between individuals and institutions (public and private) based on trust, with a technological safeguard backed by the users themselves. In doing so, a paradigm governed by borders and control structures is replaced by a decentralized and fluid one.
• Speed up transaction times by simplifying the process of identity verification and compliance with requirements, thus giving time back to individuals and reducing costs for companies. Eliminate the need to present documentation, replacing it with a simple authorization to an interested party to automatically verify the possession of a credential that proves the fulfillment of a condition or access to information.
• Enable new ways of doing business, sharing information, and providing access to government services and resources. Anyone will be able to develop and build on the basis offered by this protocol, opening countless doors to new projects and methodologies that involve identity as a fundamental factor.
Click here to access the full text of the proposal “Self-Sovereign Identity: Fundamentals of a New Decentralized Digital Ecosystem”.
Please, do not hesitate to contact us should you require any additional information on this matter.
Emilio Beccar Varela