IOTA Foundation Announces a Decentralized Identity for People & Companies & Things
- IOTA has taken its very first steps towards Unified Identity Protocol
- IOTA Foundation says IOTA is “uniquely suited” for the implementation of digital Identity
IOTA is developing a Digital Identity called Unified Identity Protocol on IOTA built on Tangle that will establish the foundation for trusted interactions and enables the “Economy of Things,” announced the IOTA Foundation.
In the current system, the IOTA Foundation points out how companies like Google and Facebook provide an estimation of identity that can be inaccurate and even altogether false. Impersonation and fraud are still common in the business models around information developed by these companies.
In business-customer relationships, know your customer (KYC) is the way to identify which is a time consuming and costly process.
“Fast, cheap and trustworthy identification remains an unresolved problem.”
However, IOTA Foundation says IOTA is “uniquely suited” for the implementation of digital Identity as it is an open, transparent, and feeless DLT and Unified Identity Protocol is their solution.
As per its white paper, this Unique Identity Protocol will enable individuals, organizations, and things to identify themselves online.
Under this system, users will be able to prove that their information is verified and is communicated peer-to-peer without the need for observers that will increase privacy and trust.
“This bridges the gap between the physical and virtual worlds, solving long-standing limitations for identification on the internet.”
With IOTA, that has no controlling party in the network and is a public, permissionless and feeless network, at its base, this solution forms a neutral and trustworthy protocol for identification.
“With the addition of the Unified Identity Protocol, IOTA is extremely well-placed to become the invisible trust infrastructure for everyone and everything.”