Ontology at Consensus 2021: Why Digital Identity Systems Must Be Decentralized In Order To Bring…

This article was first published on OntologyNetwork - Medium
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Ontology at Consensus 2021: Why Digital Identity Systems Must Be Decentralized In Order To Bring About A New Era In Data Privacy

Last week Li Jun, Founder of Ontology, took part in a fireside chat at Consensus 2021.

It’s that time of year again; the blockchain industry’s flagship event kicked off in style last week and the Ontology team was out in force. Getting things under way on the first day, our Founder, Li Jun, was honoured to hold a fireside chat on “Why Digital Identity Systems Must Be Decentralized In Order To Bring About A New Era In Data Privacy”. The insightful discussion touched on the blockchain and crypto industry, as well as honing in on Ontology’s core offering, including our DID solutions, OScore, and Wing Finance.

If you didn’t manage to catch Li Jun’s chat, we’ve got you covered! Below is a recap of some of the highlights.

The Future Of Decentralized Identity Will Put Personal Data In The User’s Control

Digital identity is not just a passport or an identity card; it has multiple elements, and it is the cornerstone of our offering. Your digital identity can include anything from your ethnic background or your work experience, to your interests and habits, or your favorite places to shop. Ontology’s decentralized identity offering allows you, the user, to control your personal data without a single centralized service maintaining it. For instance, if you wanted to prove your identity to a third party but the only actual information they needed to verify was your nationality, you could share this one piece of data with the third party while keeping your name, date of birth, home address, and any other relevant data points, private.

Currently, centralized services do not provide this option for individuals. Such identity protocols are flawed because they rely ...

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