As you’d be aware, two of the most widely discussed software/service requirements are security and interoperability. Whether it be for user-level data protection or government-mandated legislative compliance, enterprises require innovative security solutions that help them meet emerging threats.
Decentralized security solutions are built on security and privacy-focused paradigms, such as Ann Cavoukian’s Privacy By Design, which emphasize end-to-end encryption, least privileges (for data access), etc.
Interoperability has also become a business necessity. While email is a ubiquitous interoperable standard, the more recent secure encrypted messaging systems have emerged as single company controlled “walled gardens” that create vendor lock-in rather than introducing new types of interoperable service offerings.
The standardized decentralized identity service offerings will enable business to attain both strong security and cross-platform interoperability.
We’ve previously noted on this blog that businesses that seize the opportunity to implement emerging standardized decentralized Identity technologies will create a long-term competitive advantage that will enable them to get ahead of the competition and maintain these advantages far into the future.
For proactive organizations, decentralized identity technologies will:
- reduce the need for centralized databases (and the data items they contain) to the absolute minimum (e.g. for regulatory purposes) and thus give customers complete control and ownership over their personal data
- reduce vulnerability to data misuse by those charged with managing it, and to cyberattacks, fraud and other financial crimes
- make customers’ lives easier by eliminating passwords for login and ongoing authentication
- generate unprecedented levels of human trust between the organization and its customers and partners
- reduce the compliance burden of managing customers’ personal data in services
- allow participation in an open, trustworthy, interoperable, and standards-based identity management ecosystem
- enable exciting new business alliances within which partners can communicate and exchange information securely to deliver services (e.g. in medical or education).
As we said at the start of this article series, Big Tech is scooping up users’ digital exhaust like candy and using it to generate massive profits. Big Data analytics technology is being used to commercialize knowledge of user behavior and influence their digital activities. The privacy crisis is real.
Consumers want a solution – and businesses, largely due to regulatory requirements, also want to increase user privacy and protect data entrusted to them by their customers. As businesses provide customers with innovative privacy-preserving solutions, customers will reward them with their loyalty.
We believe the solution lies in returning control over personal information back to users through digital identities and decentralized identity technologies – the future of privacy and identity management on the internet.
Building on the Sudo digital identity and the Sudo Platform privacy and cyber safety capabilities – which contain integrated decentralized identity enhancements – enterprises can rapidly develop and deploy branded privacy and cyber safety solutions to their customers and create a significant competitive advantage.
Talk to us about how we can help you.
Next week, in the final part of this series, we’ll explain how we are actively contributing to decentralized identity development.