Instead of a centralized issuer and storage, DID solutions spread out the issuance and storage of information that make up an identity across various entities.
This information could include a user’s height, weight, eye color, favorite Spotify playlists, and even social security number. Decentralized identity solutions are very comprehensive and sometimes offer incentives to attract new users, similar to how airline mile points can be earned for signing up for new credit cards.
Instead of storing your personal information on a single server, blockchain technology encrypts this data and spreads it across multiple nodes. Usually, this encryption comes in the form of a two-key password called a private and public key. The only way to access the personal information in question is by matching the two keys.
Admittedly, the blockchain does have loopholes that can be illegally misused, but it also provides the ingredients needed for mending this issue. In the right hands, the use of blockchain innovations, such as:
Decentralized Identifiers (DIDs)
Self Sovereign Identities (SSI)
Verifiable Credentials (VCs)
will help to acquire the needed permissionless trust in the form of Trust Network.
Today, the language of self-sovereignty had spread far beyond its beginnings as a type of identity to users of many sorts of digital assets, such as cryptocurrency. Digital-asset holders speak of it as something that gives them the autonomy to make their own decisions about those assets, without any interference from third parties or other gatekeepers. So, even if there is still some question about the “self-sovereign” nomenclature in the digital-identity ecosystem, it seems to be increasingly accepted by the digital-assets community.
There’s no doubt that data stored in graph databases as part of an MDM framework becomes eminently more discoverable and usable, especially in the context of the Semantic Web. They promote interoperability by making it easier to share data with relevant stakeholders, allowing those stakeholders to make data-driven decisions based on accurate, complete, and easy-to-interpret information.
When thinking about moving to a Master Data Management model, companies must prioritize solutions that enable the shift to Web 3.0, also known as the Semantic Web. This is the next generation of the Internet, and it’s being defined by the common semantic standard (W3C) that allows machines to easily communicate with each other.
At its core, Web 3.0 is attempting to empower organizations and individuals by getting rid of centralization and intermediaries.
The past few decades have been incredible. The Internet provided inexpensive global connectivity as the underlying backbone of digitization. The Web offered robust, convenient navigation for information of all kinds: text, image, video, or any media. And voila`– with this universal connectivity and hypermedia – we have the computing platform that revolutionized society.
While the Web 3.0 stack is not yet fully developed, much progress has been made to set the foundations for a new online ecosystem that breaks away from the traditional web into new realms of online interaction.
There are many examples of early-stage Web 3.0 applications being made and used which show how much potential the technology has. The concept of Web 3.0 may be interpreted differently but it is, at its core, a movement for a free web.
“We haven’t had an opportunity like this in the past 500 years.”
That’s Amir Taaki speaking on a closing panel at the Web3 Summit in Berlin Wednesday, and his statement was greeted with breathless applause by the audience. An early bitcoin developer, Taaki addressed a crowd of more than a thousand coders that had gathered to discuss “Web 3.0” – or the restructuring of internet infrastructures with an emphasis on decentralization.
These comments are adapted from a talk to the Net Mundial conference in Brazil on May 4.
“Twenty-five years ago, when the Internet had been running for 20 years, there was internet mail and net news and remote login, but there was no web. No web sites, web pages, links. So I invented the World Wide Web. As the project grew, I needed collaborators. To achieve that, I went to the Internet technical community.
Specifically, I founded the World Wide Web Consortium (W3C), a multistakeholder organization that develops open standards to ensure the long-term growth of the Web. W3C works on different aspects of Internet technology with numerous organizations, including the Internet Engineering Task Force, ECMA/TC39, IANA, and ICANN.
Hopefully you all agree that we have done a reasonable job. The Web, and its underlying Internet infrastructure, have been an enormous engine of growth and understanding for society. It has been the collaboration between these multi-stakeholder organizations which has made this possible.
Our technical community achieved this contribution with little oversight from governments. In fact, our “OpenStand” vision is that the right way to build a technical infrastructure for society is through multi-stakeholder technical groups where decisions are made in the public interest and based on technical merit. Discussion is open. Documents are available for free on the web. In W3C specifically, companies commit that as the standard emerges, they will not charge royalties to those who implement it.
The web needs to remain a system which exists without regard to national borders. Today most of the work is already done in the non-national Internet technical community. I was also pleased to hear that ICANN is beginning a dialogue to create a multi-stakeholder review process to replace that of the U.S. government. That is appropriate because ICANN services the global public interest.
For me, that means that when a decision is taken about a possible new top-level domain, ICANN’s job is to work out, in a transparent and accountable manner, whether it is really in the best interest of the world as a whole, not just of those launching the new domain.
It also means that ICANN’s use of the funds should be spent in a beneficent way; such as supporting standardization, security hardening, and internationalization of the technology; accessibility, and closing the digital divide.
The Internet has thrived by the collective empowerment of capable, public-spirited people: initially, from the technical community and academia, and more recently, also the private sector in general, civil society and governments. We need a system of internet governance that allows each community to bring its particular strengths to the common table, but allows none of them to elevate its own interests above the public good.
The web has become an essential public utility. Much of our traditional thinking about human rights of course applies directly to everything on the Internet. New things also become important:
Net neutrality means keeping the net free from discrimination, be it commercial or political. The innovative explosion which has happened across the web over the last 25 years has happened only because the net has been neutral. The social ground-breaking sense of possibility that we can understand each other and live in peace relies on an open net.
Freedom of expression is a crucial right, but it has to be coupled with a complementary right to privacy. Mass surveillance presents perhaps the most immediate and perhaps the most insidious threat to human rights online.
It is great to be back in Brazil. Not just because Brazil is a wonderful country, and one which has always had a strong vibrant sense of opportunity with the Net. But especially today as we are celebrating the Brazilian senate passing the Marco Civil da Internet — a very good example of how governments can play a positive role in advancing web rights and keeping the web open. [This so-called “Constitution for the Internet” guarantees privacy, net neutrality and free speech. — editor.]
Of course Europeans are also celebrating the European Parliament passing legislation protecting the rights of users of the net, including a form of Net Neutrality.
These two data points mean we are making progress.
We have a huge way to go.
The principles of human rights on the net are new and not universally accepted. The web becomes ever more exciting with advancing technology, but 60 percent of the population still can’t use the web at all. As the web is giving people greater and greater power individually and collectively, so many forces are abusing or threaten to abuse the net and its citizens.
The web we will have in 25 years time is by no means clear, but is completely up to us to decide what we want to make that web, make that world. That is why I am asking web users around the world to define a global Magna Carta for the Internet. That’s why I am asking countries everywhere to follow Brazil’s example and develop positive laws that protect and expand the rights of users to an open, free and universal web.