![]() In the example of your lost ring, you have proof that you own the ring and can also use pseudonymization to make it harder for unwanted third parties to trace your valuables back to you.Ĭonspicuous ownership of inconspicuous valueĪnalog things hold different kinds of value - monetary, emotional, practical - and can attract unwanted access and potential theft from bad actors at any moment, for any reason. If you do not wish to publish your personally identifiable information on the ledger - a wise decision at any rate - you can create your own verified digital identity and associate your analog belongings with it. It is stored safely because of its distributed ledger technology (DLT) backing, and it can establish ownership without leading directly to the owner. Depending on the item, digital tags with additional capabilities are another viable option.Ĭompared to a simple tag or another tracking device, digital identity has a few other key advantages. ![]() With your credentials, you can prove you are the owner a miniature QR or barcode - or another kind of scannable identifier - attached or lasered onto the object is all it takes. It describes the ring closely and makes it instantly identifiable. In practical terms, this means there is a reliable record that establishes you as the owner of your now-lost family ring. This digital identifier is placed on an immutable distributed ledger and includes a detailed description of attributes, capabilities and ownership. The time has come to talk about the digital identity of analog things and finally invite our prized offline possessions into our increasingly virtual world.ĭecentralized identity, or DID, refers to a digital identifier for something existing in the physical world. More importantly, we own a non-trivial number of analog valuables, and slapping trackers on each one at $40 a pop is not practical. You could tag it with a tracking device that connects to your phone, such as Apple’s AirTag, but this raises privacy and security issues, perhaps many more than it actually solves - not to mention, it is a bulky and odd accessory for a piece of jewelry. Unlike your email password, your ring currently only lives in the analog world. Why can’t you have the same for your family ring or other analog valuables? You can retrieve them at any time and manage them centrally. 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 retrace your steps, scan the ground and check the gutters and molehills, but you come back empty-handed. ![]() 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. But what about the multitude of analog “things” all around us? Surely they can also benefit from the advent of digital identity. 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. That is an essential requirement for the Internet of Things (IoT). It is a given that connected devices need reliable, distributed ledger, technology-based digital identity solutions. A system of unified digital identity can replace lengthy approval and authentication chains with a simple DLT solution. ![]()
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