Decentralized Identity: Enhancing Trust in Web3.0 with DID
The emergence of Decentralized Identity (DID) is set to revolutionize digital identity systems by enhancing end-user trust, solving trust issues in current models, and paving the way for Web3.0. DID prevents forgery, eliminates passwords, and boosts operational efficiency. However, key obstacles like siloed implementation, lack of regulatory standards, limited education, and risks of lost wallets or private keys need to be addressed for widespread adoption. To explore more on this topic, visit the full publication by Lab45 Think Tank.
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Insights Visuals Main Primer : Digital Sovereignty Rising: The Emergence of Decentralized Identity Infusion of Decentralized ID in Identity systems will enhance End-user trust for our customers. It will be foundational for web3.0, that will be dynamic and interactive and will democratize the internet. DID is the next stage in the evolution of digital identity. It solves the problem of trust which is a major drawback of the Silo and federated identity model. The current systems reside at a very low trust level. 93% of users distrust Social platforms digital custodianship. Confidential To access the full publication on this topic by Lab45 Think Tank click on this link IV_DID_0005_v1 Sep-24
Increased digital services need a more secure and user-friendly solution Federated Identity model enhanced UX, enabling access to multiple service with one credential, introducing a third-party intermediary between users and provider. Insight 1 Intermediary becomes the bottleneck now! 1 Confidential To access the full publication on this topic by Lab45 Think Tank click on this link Sep-24 Sep-24 Sep-24 Sep-24
Using DID prevents forgery, does away with passwords and improves operational efficiency among other benefits Insight 2 Web 3.0, Internet s next evolution, aims for a decentralized, interconnected and intelligent web consisting of peer-to-peer networks for secure, smooth transactions without intermediaries. To access the full publication on this topic by Lab45 Think Tank click on this link 2 Confidential Sep-24
Key obstacles on the way of DID adoption 1. Siloed Implementation: DID can enable a highly interoperable ecosystem. However, it requires, organizations & governments to participate. Involvement of government and organizations will boost verifier interest and promote legislative changes Decentralized identity has many benefits and new use cases are emerging. 2. Lack of Regulatory Standards: Lack of clear rules around Blockchain creates uncertainty and mistrust. W3C announced Decentralized Identifiers as web standard in July22. More needs to be done However, several obstacles need to be tackled for widespread adoption and making DID as the standard. 3. Limited Education: As it is mainly driven by open-source community has limited awareness among users due to its complexity. As use cases increase and the Identity access management products mature, more awareness will seep in. 4. Lost Wallets or Private Keys: Presently, blockchain wallets rely entirely on private keys for authentication and access, risking data and financial loss if misplaced. A robust solution is yet to emerge. Insight 2 Source : Developed by To access the full publication on this topic by Lab45 Think Tank click on this link 4 4 4 4 4 Confidential Sep-24 Sep-24 Sep-24 Sep-24
THANK YOU WWW.LAB45THINKTANK.COM This insight document has been created exclusively for Wipro GAE s to share with customers. The complete publication associated with these insights can be read here. A Wipro brand T H I N K TA N K I S B A S E D I N S I L I C O N VA L L E Y A N D B A N G A L O R E
