Anonyome Labs’ CTO and Co-CEO Dr Paul Ashley recently gave Australian students studying advanced topics in security 7 insights into how decentralized identity (DI) is rapidly solving the global data privacy crisis.
He gave the lecture at The University of Queensland, a leading provider of education in cyber security, cryptography and blockchain technology.
Dr Ashley’s lecture explored how DI is the new approach to identity management on the internet and the biggest privacy breakthrough of the next decade.
Dr Ashley’s 7 insights were:
- We need to improve privacy in the surveillance economy. Data breaches have eroded consumer trust in organizations that collect and store their personal data and users urgently need to regain control.
- Decentralized identity enables selective disclosure around digital proof of identity, and we’re already seeing rapid uptake of this in government uses such as licenses and everyday applications such as gym memberships.
- Verifiable credentials (VCs) have quickly become the “killer feature” of DI because they’re making selective disclosure of PII possible and will drive DI’s ubiquity across the internet in the next decade.
- The rise and rise of VCs has led to the widespread need for the identity wallet, a massive growth area.
- Blockchain is the anchor of trust in decentralized systems, and therefore DI is one of the most important use cases for blockchain technology.
- DI standards are rapidly evolving to drive interoperability of DI solutions across the internet.
- Block’s tbdex decentralized exchange protocol is a useful case study for organizations interested in this space.
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