Identities are vulnerable to being stolen, faked, lost or altered
Existing methods reveal more privacy than needed
Valid identities are not interoperable
Identity issues for institutions
Manually and repeatedly user identity checking
Victim of identity fraud and phishing
Cost for user password security protection
Regulatory compliance for identity checking
Clients are known in different ways in different systems or business lines within the same organisation
No portable ID based on naming conventions that organisations may share with one another
Possible Solution - Identity on Blockchain or DLT
User's verifiable attributes of the identity, such as name, age or address are hashed, then digitally signed by a trusted body. Hash with the signature then stored on the Blockchain or DLT and users store their verified ID information encrypted on their phone and carry it with them. During the verification process, user provides the relevant original information with the signed data (retrievable address on the Blockchain or DLT) to a 3rd party, and if the 3rd party can reproduce the hash from the provided information, match it with the one stored on the Blockchain and trust the signature, then the identity of the user can be treated as verified.
ID Attestation
Benefits of using this approach:
Protected self control identities stored in user's mobile phone
Fast identity access for user and identity verification for institution
Clear on which information is requested and consented to share
Blockchain or DLT guarantee immutable, tamperproof and timestamped
Zero Knowledge Proof enables sharing of ID verfications without exposing unnecessary info
