IOTA, the globally reputed distributed ledger technology that fosters decentralized trading activities for the Internet of Things has announced the launch of Digital Identity on its platform branded by the name of Unified Identity Protocol. The new feature has been created to enhance the expertise of ‘Tangle,’ the operating technology of IOTA blockchain.
The white paper of the project named “The Case for a Unified Identity” introduces the investors about the firm’s vision and mission for its highly anticipated feature of Digital Identity on IOTA. The paper gives an insight into the core subject of the technology by revealing why entities, organizations, and people should employ a shared layer of trust.
Reduced Online Trust
The internet serves as the root base for an array of operations in the modern world which has paved the way for revolutionary business challenges and enhanced customer experiences leading to better day to day routine. However, these interactions fail to achieve high levels of trust and privacy but with the help of decentralized digital identity protocol these lucrative attributes can be added to online operations.
Presently, tech giants like Google and Facebook offer a feature of identity. These processes can lack the features of accuracy, in-depth analysis of user profiles, etc. These business models followed this pedagogy, though instances of impersonation and fraud continue to exist in the ecosystem. Such issues are widespread in online interactions amongst firms, individuals, and sometimes devices.
In the case of business-customer interactions, the identification process is usually aided by Know Your Customer facility which requires a lot of time and expenses. The system still faces the problem of lack of quick, 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 Technology (DLT). Interestingly, the unprecedented concepts of Decentralized Identifiers (DID) and Verifiable Credentials offer efficient online identification of individuals or things in a methodology that ensures verification and trust.
IOTA blockchain shines as one of the best platforms offering implementation of Digital Identity aided by a fully open and transparent DLT system. The platform offers its excellent features for free of cost to its strong customer base. IOTA offers a neutral environment in which no person has control over the management of identities which is quite common in a permissioned DLT or a DLT with profit-seeking consensus. Post the inclusion and adoption of the Unified Identity Protocol, IOTA has established itself to offer an invisible trust infrastructure helpful for every person and everything.
IOTA has announced that in the first half of 2020, the firm will present a suite of blogs regarding the Unified Identity’s implication on different entities. The platform has urged the customers to explore the scenarios of the implementation of Digital Identity on Github.