“We don’t think that blockchain is the universal solution to the identity problem; however, it certainly provides a missing link by allowing people and organizations to prove things about themselves online, as they do offline, using decentralized and verifiable identifiers. Identity-related information can be looked up (verified) without involving a central directory or paper-based document. Additionally, the identity owner does not need to overshare, and the recipient does not have to store unnecessary sensitive data.”
Original source: The path to self-sovereign digital identity starts with blockchain
So why is everyone, including us of course, so excited? Because the benefits are extensive:- decentralisation, reliability, simplification, transparency, traceability, cost saving, reduced room for error, faster transactions and improved data quality… just to mention a few!
I don’t really understand any of this, but it seems like a thing.