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Decentralized identity can bring the analog world into the digital one

CryptocurrencyJun 20, 2021 09:00AM ET
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Decentralized identity can bring the analog world into the digital one

It is a given that connected devices need reliable, distributed ledger, technology-based digital identity solutions. That is an essential requirement for the Internet of Things (IoT). In the machine economy, devices must be able to recognize and communicate with one another; robust identity management solutions are key to effectively securing data and processes. But what about the multitude of analog “things” all around us? Surely they can also benefit from the advent of digital identity.

Imagine the following: You are just back from a grocery run or a walk in the park with your pooch when you suddenly realize the family heirloom ring that has been getting a little too loose around your finger is not there anymore. You retrace your steps, scan the ground and check the gutters and molehills, but you come back empty-handed. So many aspects of our daily lives have moved online, with precious things like passwords, pin codes and login certificates safely stowed away in appropriate security solutions. You can retrieve them at any time and manage them centrally. Why can’t you have the same for your family ring or other analog valuables?

Dominik Schiener is a co-founder of the Iota Foundation, a nonprofit foundation based in Berlin. He oversees partnerships and the overall realization of the project’s vision. Iota is a distributed ledger technology for the Internet of Things and is a cryptocurrency. Additionally, he won the largest blockchain hackathon in Shanghai. For the past two years, he has been focused on enabling the machine economy through Iota.

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Decentralized identity can bring the analog world into the digital one
 

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Peemil Nicho
Peemil Nicho Jun 20, 2021 12:14PM ET
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go to the moon
 
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