This article was first published on OntologyNetwork - Medium
A byline by Ontology’s Founder — Li Jun
*Note* this byline was originally published in CoinMarketCap.
What Is Self-Sovereign Identity and Why Do We Need It?
Ever since the early days of mass internet usage, questions have swirled about the nature of our online selves. Each and every one of us has countless online personas that we use to log in to various online services, from social media platforms to online banking. Just for a moment, stop and think about how many different accounts you have created across the web — a trail of digital breadcrumbs that represent your digital identity, albeit fragmented and unrecognizable.
Each time we log on to use a new service, the process is the same: we provide some of our personal information and, in exchange, we are granted a digital identity by the service provider that permits us to use their platform. But, in considering the order of this exchange, it becomes clear that something is amiss and that we’ve been doing things backwards for years. Firstly, we don’t need a company to bestow us with an identity because we have one already — surely all we should be doing is verifying that fact. And secondly, we have provided social networks and service providers with our most valuable asset — our information — and we’ve done so free of charge and without asking for much in return, besides the use of their services, which, of course, they are only too happy to grant.
The Value of Our Data
It is only in recent years that we have come to the realization that we have merely scratched the surface when it comes to the true value of our data. Do you know what your data is worth? Do you know who has access to it and how it is used? The majority of us do not know the true answers ...
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OntologyNetwork - Medium