Blockchain technology can eliminate the need for companies and other organizations to maintain centralized repositories of identifying information, and users can gain permanent control over who can access their data (hence “self-sovereign”), says Drummond Reed, chief trust officer at Evernym, a startup that’s developing a blockchain network specifically for managing digital identities.
Self-sovereign identity systems rely on public-key cryptography, the same kind that blockchain networks use to validate transactions. Although it’s been around for decades, the technology has thus far proved difficult to implement for consumer applications. But the popularity of cryptocurrencies has inspired fresh commercial interest in making it more user-friendly.
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