Why Self-Sovereign Identity (SSI) Solutions are Essential for Personal Data Protection Self-sovereign identity (SSI) is a decentralized digital identity model that enables individuals to have full control over their personal information and digital identity. This means that individuals can store their personal information on their own devices, and they have the ability to selectively disclose it to third parties as needed. SSI solutions aim to provide better privacy and security than traditional identity solutions, which often rely on centralized entities such as governments or corporations to issue and manage identity credentials. The need for SSI solutions is driven by a number of factors. Firstly, the increasing frequency of data breaches and identity theft has led to a growing demand for better identity solutions that provide greater security and privacy. According to a report by the Identity Theft Resource Center, the number of data breaches in the US alone reached an all-time high of 1,632 in 2021, exposing over 523 million records to potential misuse. safer and more effective identification solutions are required because of the growing importance of digital identity verification for online financial dealings. The significant expenses incurred by organisations and customers due to hacking and fraud using traditional identity verification techniques like usernames and passwords are unacceptable. In 2020, identity cost American consumers $56 billion, according to a research by Javelin Strategy & Research. theft Security, efficiency, privacy, and ownership over one's own data are all factors that contribute to the pressing need for independent identity issuing and verification solutions. There is still a lot of work to be done to create and deploy these solutions, but they show a lot of potential for empowering people to manage their digital identities and improving the safety and efficiency of online commerce. NexeraID Joins World Wide Web Consortium (W3C) to Promote Decentralized Digital Identity revolutionary NexeraID solution for autonomous identity issuance and verification has joined the World Wide Web Consortium (W3C), the most prominent global online standards group. NexeraID enables companies to onboard workers to Web3 with either self-custodial or custodial wallets. The platform streamlines onerous compliance activities while protecting users' identities and assets by complying to W3C's established standards for decentralised identifiers (DIDs) and verifiable credentials (VCs). AllianceBlock's : Vested Interest Disclosure The author is an independent contributor publishing via our . Be it through direct compensation, media partnerships, or networking, the author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR brand-as-author program The World Wide Web Consortium (W3C) is an international group that brings together businesses, projects, and the general public to promote the development of progressive web standards. Hypertext Markup Language (HTML) and Cascading Style Sheets (CSS) are two of the many ground-breaking web technologies developed under Tim Berners-Lee's leadership. The group's members work to advance the backbone of the internet, develop ethical guidelines for the responsible use of technology, and disseminate their findings to the academic and corporate worlds. Rachid Ajaja, CEO and creator of AllianceBlock, is pleased to be working with other industry heavyweights to advance open, compatible web standards. We are thrilled to be collaborating with other W3C member groups on the creation of open, standardised protocols for the World Wide Web. NexeraID will collaborate with industry leaders to promote the widespread use of Decentralised Identifiers (DIDs) and Internet-wide Verifiable Credentials (VCs). By working with W3C, the platform will get exposure to a wide range of influential industry participants, all of whom are committed to advancing common standards for digital identities and willing to provide their technical knowledge to the cause. By eliminating the necessity for a centralised authority in the development and maintenance of digital identities, the W3C standard known as "Decentralised Identifiers" seeks to enhance the privacy and security of both users and organisations. With "Verifiable Credentials," another W3C standard, users can present secure and encrypted authentication documents over the internet. With over 400 member organisations spanning dozens of industries, W3C's "One Web" concept has attracted the attention of thousands of passionate engineers. The World Wide Web Consortium (W3C) is an international, non-profit organisation headquartered in the United States of America, governed by a Board of Directors, and staffed by individuals from all over the world. By becoming a member of the W3C, AllianceBlock is demonstrating its expertise in the digital identification sector and asserting its position as a frontrunner in the industry. Don’t forget to like and share! Image credits: AI.

This writer has a vested interested be it monetary, business, or otherwise, with 1 or more of the products or companies mentioned within.

This is a PR written by or for the company mentioned within it. The writer has a vested interest in the company and products mentioned within.

AllianceBlock's NexeraID Solution Revolutionizes Autonomous Identity Issuance and Verification

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

Zero-Knowledge Proofs: Questionnaire Result Verification in Smart Contracts

06/03/2018: Biggest Stories in the Cryptosphere

10 Ways Bluzelle is building the Decentralized Internet

10 Essential Essays on Bitcoin

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

Zero-Knowledge Proofs: Questionnaire Result Verification in Smart Contracts

06/03/2018: Biggest Stories in the Cryptosphere

10 Ways Bluzelle is building the Decentralized Internet

10 Essential Essays on Bitcoin

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps