Digital identity is one of the most obvious and valuable applications of Self-Sovereign Identity. Without a robust, reliable, and secure digital identity, there will be no authenticity or trust in a digital communication network. The past few years have already seen a dramatic increase in cybercrime and falsified information. Artificial intelligence threatens to dramatically increase the speed at which trust in digital information will erode, at great cost to society as more and more applications become unsustainable.
Self-Sovereign Identity (SSI) adds trust and authenticity to existing and future use cases while protecting privacy and confidentiality. Furthermore, it removes existing and costly dependencies on central intermediaries that currently provide much of the electronic identity service. SSI allows each entity to hold their own identity in the form of Verifiable Credentials issued by third parties for easy verification as required, based on selective disclosure to third parties. Self-Sovereign Identity is also more robust in that it allows for social proof as well as formal proof, and the failure of a single entity or proof does not compromise the entire system.
Unsurprisingly, companies and governments around the world look toward SSI as the answer to many of today's challenges. The European Union is updating its eIDAS framework, which is shorthand for electronic identification and trust services, to fully support SSI, and Switzerland is currently on its way to launch the Swiss eID as a Verifiable Credential service in 2025. Organizations can already protect themselves against fraud and impersonation by providing proof of their legal identity as a Verifiable Credential from GLEIF, the Global Legal Entity Identifier Foundation.
For online businesses, SSI allows them to remove the friction of ever-annoying sign-ups and registrations, eliminating the risks of data breaches almost entirely. Customers can safely re-identify themselves using their SSI wallets and submit verified email or postal addresses for delivery of goods and services.
Benefits of Self-Sovereign Identity for businesses
Is your business challenged by impersonation or concerned about the risks associated with personal or confidential information? Are you wondering how to reap the benefits of eIDAS 2.0, Legal Entity Identifiers, or how to accept the Swiss eID?
Vereign is a leading provider of Self-Sovereign Identity software and services for the first enterprise community-driven stack allowing organizations to receive, validate, process, and issue Verifiable Credentials. Not only have we been responsible for the first implementation, but we continue to be a leading voice in the Eclipse Foundation when it comes to planning future improvements and are still the primary contributor. We are also part of the business community and are in close dialogue with and supporting the Swiss government in its implementation of the Swiss eID.
Our products are available as professional Open Source with full enterprise support and services. Our team of domain experts will be happy to support you in integrating Self-Sovereign Identity into your products, services, and internal systems. Having built our expertise since 2017, we are one of the most experienced teams worldwide in applying SSI to real-world use cases.
We typically start by understanding your current situation, after which we identify the most impactful first steps together and then conduct an exploratory proof of value together.
Let us know how we can help you.