From Equifax and Cambridge Analytica to GDPR and COVID contact tracing, the world is faced with an age-long digital challenge. How can we better protect people’s identity and data? The challenge is largely due to the way we manage data on the web. The current architectures manage identity based on centralized, top-down approaches that rely on trusted authorities and third-party operators. And because of this, there was no way to use digital credentials to prove an online identity in the same manner we do in the real (offline) world.
AMCHAM Korea hosted a morning webinar featuring ICONLOOP to introduce the Decentralized Identity (‘DID’) technology and how it re-envisions the way people create, control, share their personal data. Often referred to as the self-sovereign identity, DID aims to give people power back over their identity and data.
During the webinar, ICONLOOP focused on three key points including what DID is and why it matters, and how it will fundamentally change the way people interact in the digital society.
1) State of the Digital Identity Today
• What is identity? What is digital identity? What are some challenges today?
2) Decentralized Identifier
• What is DID? Why is the concept of DID getting more popular? How is blockchain relevant?
3) Application Case in the Finance Industry
• What is an example of DID?