Revolutionizing Data Integration: Self-Sovereign Identity enables Data Ecosystems, which are the future of managing and making use of the growing amounts of data generated in an increasingly digital world. For data-driven businesses, they gradually replace unstructured data lakes, which largely follow the approach of "throw it on the pile and let's sort through it later".
Data lakes can only be used where they have been generated. Sharing data lakes between entities is a no-go, as it threatens to expose private, confidential, and personal information. This lack of structure also makes it harder to generate value from data within a single organization, as it increases the required investment in new use cases.
In contrast, data spaces and data meshes follow a domain-driven approach for semantically structured data that is made available across domains and meshed together where required. This way, data can be controlled as it is stored, shared, and processed. Security, privacy, and compliance can all be guaranteed for each participant.
Switching to this kind of data integration approach depends on a robust, reliable, and decentralized identity layer that can protect authenticity, manage and monitor access, and selectively share and disclose information between participants, potentially integrated with a digital payment channel.
Among the options available, only Self-Sovereign Identity (SSI) meets all these criteria and also protects the participants from lock-in and rent-seeking in the future. Which is why organizations such as Gaia-X, the meanwhile largest global organization for data infrastructures and data spaces, are built upon SSI for their Gaia-X Federation Services (GXFS).
But of course the utility of this implementation goes far beyond Gaia-X, which is one of the reasons the stack was renamed to XFSC – Cross Federation Services Components and contributed to the Eclipse foundation for further development and adoption across all industries worldwide.
Vereign has been responsible for the initial implementation of the GXFS/XFSC SSI stack, has been a key contributor to the ongoing specification for future improvements, and is the primary contributor to the stack to date.
This places us in the unique position of supporting businesses in adopting Self-Sovereign Identity, and providing them with the scalable, robust, and enterprise-ready capability to receive, validate, process, and issue Verifiable Credentials.
What do data ecosystems mean for you?
If data is important to your business, you will be affected by this transition sooner or later. The ability to integrate data from the supply chain or environment into a service or product can quickly add a lot of value. The only question is which company in your domain will do it first.
For financial institutions, it often starts with simplified Know Your Customer (KYC) and Anti-Money Laundering (AML). For manufacturers, it may be the supply chain that is first to switch to this kind of approach. Legal documents, compliance checks, product passports, integrated weather for travel, additional services that travel with the user, less friction for onboarding or the sale of services or products, all of these are real drivers for the adoption of SSI we see each day in the market.
Ultimately, we expect you to know best where the most value can be generated quickly.
Our expert team of seasoned engineers not only read the book but literally built the stack that can help you achieve these goals. Let us know how we can help you.
Let us know how we can help you.