INFOGRAPHIC: 5 potential benefits of a decentralized digital identity
Did you know:
An estimated ONE BILLION people worldwide lack access to proof of identity (Source: Worldbank, 2018). Without proper identification, these individuals may be unable to access basic financial or governmental services, such as opening a bank account, receiving social service support, acquiring property, or even getting a mobile phone.
Five Benefits
Security
The immutable, tamper proof nature of blockchain helps ensure the security of a decentralized digital identity. Once an individual creates their digital identity, it cannot be altered by anyone else. This can be helpful for individuals who may be at risk of having their identities stolen or falsified.
Access
By living on a decentralized ledger, individuals can access their digital identities from anywhere in the world with an internet connection. This can be useful for refugees who may need to access services and resources in different locations, or who may transit through several countries on their path to resettlement.
Trust
The immutable nature of a decentralized identity, with all its credentials stored securely on-chain, is nearly impossible to falsify. This could help reduce instances of fraud, and give individuals and organizations a high degree of confidence that the individual they are corresponding with is who they say they are.
Ownership
Decentralized identity puts the individual in control of their identity and credentials, without the need for an intermediary. In an era of scams and misuse of consumer data, this helps individuals protect their personal and identifying information.
Financial and Social Inclusion
For the one billion people around the world who lack access to proof of identity, a decentralized digital identity could provide them with the credentials they need to access essential financial and social services, whether it's opening a bank account, purchasing a mobile phone plan, or applying for vital community services.
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