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Setting the Stage for Universal Decentralized Identity

The Anonybit creates a secure framework that enhances compliance, safeguards identity, and safeguards individual assets. It offers cloud-based biometrics, biometric MFA, zero-trust security, cryptography, private key storage, etc.<br>

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Setting the Stage for Universal Decentralized Identity

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  1. SETTINGTHESTAGEFOR UNIVERSAL DECENTRALIZEDIDENTITY PresentationsareAnonybit thatcanbeusedasverifiablecredentials .

  2. WHATISDECENTRALIZEDIDENTITY, AND HOWCANITBELEVERAGEDTO SECUREDIGITALIDENTITY MANAGEMENT? Decentralized identity speaksto awholly independent processofuseridentification.Baseduponthisframework, usersarenotonlyempoweredtocreateandmonitortheir ownPIIwithoutthehelpofacentralizedthirdparty,but theycanalsobenefitfromincreasedsecurity.Inall,this breakthroughindigitalidentitymanagementisdesigned to put control of howandwhenpersonal data is shared backintothehandsofconsumers.Theideaistoonly providetheinformationnecessarytocompletea transaction,butnomore.

  3. DECENTRALIZED IDENTITYUSECASES Decentralized identifiers andverifiable credentials haveimmensevalue. Onan organizationallevel,theycansimplifyonboardingprocessessothatemployeesor consumersdon’tneedtotransfertheirpersonaldataacrossvariousinputs.They canreducefriction,makecustomeradoptiongofasterandreduceconcernsabout datasharing,storageandprivacy. Differentverifiablecredentialscanalsobeissuedfordifferentpurposes.Besidesthe obviousIDcarts,consumerscanalsoleverageDIDstosecuredigitalprescriptions,or proveeducationcredentials,businessescanuseverifiablecredentialsforbillsof lading,insurancecertificates,exportlicenses,andmore.Inshort,decentralized identifiersandverifiablecredentialspresentcountlesspersonal,organizational,and societalapplicationswhenitcomestofortifyingpersonalinformation.

  4. THE ADVANTAGESANDDISADVANTAGES OFDIDSANDVERIFIABLECREDENTIALS Howwillaccesstothebackenddatabasesbesecured?Itisnotunheardof fornefariousactorstobreachidentitysystemsandissuefakecredentials. -Howistheidentityoftheactualholderverifiedifthecredentialisissued ontheblockchainandlinkedtoadevice?Devicebiometricsareonlyableto verify the owner of a device; so if an attacker can impersonate someone to generate a credential and link it to their digital wallet, how will anyone knowthatitisnottherightpersonaskingforservices? - How do entities that need to manage user identity across a “lifetime” leverage these credentials for ongoing access? For example, banks still need toensureuserauthenticationintoamobileorwebapplication.Theywillstill need to conduct their own KYC/AML checks and will unlikely be able to rely on third party issued verifiable credentials. Users also need to be able to log in, make payments and transfers, add additional payees, etc. On their own, verifiablecredentialsdonotsatisfytheseusecases.

  5. HOWCANDECENTRALIZED DATAVAULTSHELP? Leveragingmulti-partycomputing,decentralizeddatavaultssplitdatainto multiple pieces, encrypt them and distribute them across peer-to-peer networks.Eachpieceofdataisstoredinadedicatedstoragenodethathas a corresponding node that is responsible only for the decryption of the specificdatacomponent. If designedproperly,userbiometricsarerequired for data verification, and access protocols will limit the number of users that can run verification requests. Threat detection layers alert abnormal activityevenwithauthorizedusers. THISPROCESSAFFORDS MULTIPLEBENEFITS: Itcanbeleveragedforbothonetooneaswellasonetomany biometric functions (critical for deduplication and watchlist checks whichwouldbeimportantintheissuanceofverifiablecredentials); It is not dependent on any device, which makes it now possible to verifytheidentityoftheactualholderofaverifiablecredential,aswell astostreamlineaccountrecovery; Itenablesregulatorycompliancearounddataprotectionrequirements around data minimization, pseudo-anonymization, safeguarding personaldata,datalocalization,andpreventingunauthorizeddata

  6. HOWDODECENTRALIZEDBIOMETRICSAND DECENTRALIZEDIDENTITYWORKTOGETHERTO PROTECTPII? Decentralizedidentityrepresentscredentialsthatarestoredonablockchain,whereasdecentralized biometricauthenticationistheprocessofstoringandmatchingbiometricdatainadecentralized way. Inadditiontotheexistingusesofthisprivacy-preservingtechnology,theuseofdecentralized identifiersandverifiablecredentialscanbefurtherdevelopedwhenconsideredthroughthelensof theCircleofIdentity.Atitscore,theconceptoftheCircleofIdentityacknowledgesthatbiometric datacollectedataccountregistrationwillbeusedtoverifyidentitydowntheline.Whenissuing verifiablecredentials,collectinguserbiometricsandassociatingthemwiththeuser’scredentials andensureproperuseandeasyreissuanceasneeded.

  7. FIND&CONTACT USONDETAIL info@anonybit.io +1(917)(655)2045 NewYork, NY https://anonybit.io/

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