IOTA, the world-renowned accounting technology that promotes decentralized trading for the Internet of Things, has announced the launch of Digital Identity on its platform under the name of Unified Identity Protocol. This new feature was created to improve the experience of "Tangle", the operating technology of the IOTA blockchain.
The white paper of the project called "The Case for a Unified Identity" presents to investors the vision and mission of the company for its highly anticipated function of Digital Identity on IOTA. The article provides an overview of the main topic of technology revealing why entities, organizations and people should employ a shared level of trust.
Reduced online trust
The Internet serves as the basis for a series of operations in the modern world that has paved the way for revolutionary business challenges and improved customer experiences leading to a better daily routine. However, these interactions fail to reach high levels of trust and privacy, but with the help of the decentralized digital identity protocol these profitable attributes can be added to online operations.
Currently, tech giants like Google and Facebook offer an identity feature. These processes may lack the characteristics of accuracy, in-depth analysis of user profiles, etc. These business models have followed this pedagogy, although cases of imitation and fraud continue to exist in the ecosystem. Such problems are widespread in online interactions between companies, individuals and sometimes devices.
In the case of business-customer interactions, the identification process is generally supported by the Know Your Customer structure which requires a lot of time and expense. The system still faces the problem of the lack of rapid, cheap and reliable identification.
Digital identity aided by decentralization
The renowned global organization, the World Wide Web Consortium (W3C) has unveiled various proposals for digital identity protocols facilitated by Distributed Ledger (DLT) technology. Interestingly, the unprecedented concepts of decentralized identifiers (DID) and verifiable credentials offer effective online identification of people or things in a methodology that ensures verification and trust.
The IOTA blockchain shines as one of the best platforms offering digital identity implementation aided by a completely open and transparent DLT system. The platform offers its excellent features for free to its solid customer base. IOTA offers a neutral environment in which no person has control over identity management which is quite common in an authorized DLT or in a DLT with consent to profit seeking. After the inclusion and adoption of the unified identity protocol, IOTA has established itself to offer an invisible trust infrastructure useful for everyone and everything.
IOTA has announced that in the first half of 2020, the company will present a series of blogs on the implication of unified identity on different entities. The platform invited customers to explore digital identity implementation scenarios on Github. In short, the future seems increasingly interesting thanks to these new technological developments. And what do you think of it? Write your comments below.