Self-sovereign identity is without a doubt the future of online identity. Today, governments and companies are more open than ever to adopting SSI. In addition to our understanding of identity, SSI will have an unprecedented impact on many other domains of society. Consider, for example, the world of digital advertising: if you don’t need to give your personal data to third parties, they can no longer sell it to advertisers. In essence, SSI would herald the end of the data economy as we know it today.
In a business context, implementing SSI would greatly ease access management. Instead of having to configure a completely new set-up in all systems for each new employee, companies could choose to allow the new employees’ SSI to access their services and platforms, saving a lot of time and money. When the employee leaves the company, the latter would simply deny access to its services.
Finally, SSI could take privacy regulation to a whole new level. Today, concepts like ‘the right to be forgotten’ do exist, but they are extremely hard to enforce without imposing fines. With SSI, you could anchor privacy regulations through cryptographic truth, making it impossible for companies to abuse the data they collect. In the future, we might even see evolutions like fingerprinting to enable you to track your data when companies sell it to other parties.