NCFAs innovation and funding ecosystem

What the heck is SSI? (Self-Sovereign Identity)

Liquid Avatar Technologies | RJ Reiser | Jul 14, 2021

What the heck is SSI - What the heck is SSI? (Self-Sovereign Identity)

What if I told you we are on the brink of another boom as big as the .com boom, creating a tectonic shift in how we live, how we do everyday activities, and how we interact with the world?  The .com boom changed the game, as nearly every company in the world either created a website and built a new go-to-market strategy, or were put out of business by their competitors who did. I believe we are at the precipice of another shift, but this time, the consumer has the control.  Every big name in the tech industry and financial world is racing to provide the Trust Layer that the internet so desperately needs.  This Trust Layer has developed enough that a group of industry leaders have come together to form an open-source foundation: Trust over IP. The Trust over IP mission is to redefine our internet identities into cryptographically-verifiable digital credentials.  Although there are other projects focused on digital identity, we believe that the open-source foundation will prevail, as only an open-source community could provide could live up to this definition for a Self-sovereign Digital Identity.

Why is this important? What does it entail? It starts with bringing the concept of trust back to our digital interactions. Through verified credentials, people trust that it’s you on the other end and vice versa.Self soverign identity - What the heck is SSI? (Self-Sovereign Identity) This eliminates the barriers to getting to where you want to go on the internet and streamlines the verification process, forgoing the need for usernames and passwords. Another key element to SSI is the ability to transfer your digital identity across all platforms. The same way your license proves multiple credentials: it verifies you can drive, if you’re old enough to drink, if you’re a citizen, etc., your digital identity carries and extends your credentials, preferences, and values across various platforms and ecosystems. However, taking it a step further, YOU are in control of which of those credentials gets shared on each platform you come across. This not only increases the users’ control and privacy of their information, it allows for higher quality data to be shared. If data works on a permission basis, that shared data is subsequently verified by the users themselves. Ownership of this data also entails the ability to monetize, putting the onus on the users as to whether they want a piece of data to remain private or be sold. It’s a win-win scenario.

An essential ingredient for this upcoming boom is for government entities to get involved, and we’re beginning to see movement towards this phenomenon. On October 21, 2020, Premier Doug Ford and Peter Bethenfalvy announced an action plan to introduce a secure digital identity for Ontarians by the end of 2021. (Link to Article) In the U.S., California is leading the way forward, as citizens voted yes on the Privacy Rights and Enforcement Act Initiative (Prop 24) this past election to expand upon the California Consumer Privacy Act (CCPA), enhancing privacy rights and consumer protection to give citizens greater control of their personal data.

See:  Fintech Fridays EP54: How Digital Identity will Transform Human Potential

The boom is coming and it starts with putting the power in consumers’ hands with a new, secure layer of trust on the internet. Change is in the air and we’re here to keep you up to date so you don’t get left in the dust. You can learn more by following Liquid Avatar Technologies as we develop Liquid Avatar to be the foundation for SSI.  Through our bank-grade verification platform, we will provide a digital credential.  In the near future, we will be introducing networks that will accept this credential.  Liquid Avatar is here to show you the path to SSI and give you control of your identity.

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About the author:

RJ Reiser is the Chief Business Development Officer at Liquid Avatar Technologies Inc. (KABN Systems North America Inc.)  Liquid Avatar is focused on leveraging Blockchain and Biometrics to protect Digital Identity in support of consumer protection regulations like GDPR, PIPEDA and CCPA. Mr. Reiser is known as a creative thinker and dynamic executive who brings new ideas to expand business and drive results. He is a self-starter and motivator who leads global teams to work together achieving technical and financial breakthroughs, while building innovative technological advances.

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This article appears in NCFA's digital magazine, Fintech Confidential (Issue 3). Click to read the latest thought leadership, insights and trends about Fintech in Canada:

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NCFA Jan 2018 resize - What the heck is SSI? (Self-Sovereign Identity) The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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