This post assesses how Hyperledger blockchain application development with Indy can solve the identity management problem worldwide.
First, let’s explore how current centralized identity management functions, and why there’s a revolutionary shift required.
Centralized Identity Management
Usually, a centralized governing body has control of everything related to our identities. It includes the issuance of website security certificates, the curation of offline and online information, monitoring of access to the world wide web, and more. A centralized model enables authorities to accumulate personal data of users that might be vulnerable to various risks. Storing sensitive information in centralized models and their monitoring by governing officials expose potential data breaches.
No transparency Identity theft risks Disparate identities Cost-draining While the current identity management systems fail to resolve these problems, self-sovereign identity gives all power to identity owners.