The tale of an on-chain privacy-preserving identity?
The Concordium blockchain is here to help, with a built-in ID layer — let’s get to know the blockchain and talk about shared values between Concordium and digitalsocial.id
Blockchain technology is still considered to be in its early days and innovation comes with all the strings attached: many question marks that remain unanswered for now. People argue, that wider blockchain adoption requires more regulation. And regulation usually begins with identification —certainly not a strength of blockchain tech and its trust-less, privacy-first mentality.
As a layer-1 blockchain, Concordium integrated a native identification layer on top of its chain. Every wallet address created on the blockchain, went through a third party identification and hence has a real human behind it.
“A user’s identity is anonymous on-chain, however this anonymity can be revoked and their real-world identity revealed in response to a valid request from a government authority via established legal channels.” — Concordium Whitepaper
The blockchain maintains privacy by utilizing zero-knowledge-proofs. To refresh you briefly on this tech see the picture below.
Shared values
We have a very simple conviction: navigating web3 will require sophisticated identity solutions that are not in place yet. We need to re-think identity to integrate it into the world of decentralized applications and digital wallets.
Concordium’s idea of creating a blockchain that combines trust-less technology with “real world” regulation standards, is a brave step into a direction of wider blockchain adoption.
Privacy vs. transparency
We at DSID also believe that privacy and transparency are no direct competitors — with state of the art technology we can create privacy-preserving accounts that still provide a level of transparency to accommodate businesses with higher KYC/AML standards.
Concordium’s identity layer covers the parts of identity that provide proof-of-humanity and attributes such as age, gender and similar standard values. DSID intends to add personality, character and many more attributes to the mix.
Identity-Interoperability
You don’t want to live on only one chain. Your identity, and especially your reputation, is supposed to travel with you wherever you go. Hence, we are creating a solution where blockchains communicate with one another. One could for example use traditional verifiable credentials to bidirectionally bind together our Ethereum address with our Concordium address to share credentials that live on our home account.
Proof-of-Humanity included
Our credo at DSID is that we don’t want to know WHO is behind a wallet but only HOW CREDIBLE he or she is. We neither ask for nor store any personal identifiable data. But still: especially in financial services there is a growing demand for KYC/AML regulation. It might be a good idea to own a wallet that does have a “KYC checkmark” without revealing to the public who it is. This is precisely what Concordium’s zero-knowledge ID-layer is doing. As a digitalsocial.id holder, you would automatically add a KYC checkmark to your reputation identity as soon as you link a Concordium wallet with your home wallet.
A growing ecosystem
DSID supports internet infrastructure by building a layer of trustworthiness to your anonymous on-chain interactions. We need to have infrastructure in place — there is no use of an internet identity if you can’t do anything with it. Therefore, the growing ecosystem of Concordium is a good place to start.
Final thoughts: getting people to use blockchain
Now, we don’t want humanity to jump on blockchain apps for the sake of jumping on blockchain apps — we want to create new ways of doing things better than before. Blockchain technology is the vehicle, but we are still in the driver seat.
Defining your digital self based on a diverse data set from different fields of life, ranging from public identifier such as your passport number to your favourite music artists, is what I mean by talking about your identity — and even this is not enough to describe the term.
Every technology that is helping us as individuals to build a bridge between accountability and privacy, will accelerate the internet identity revolution. 2023 will be an important year in our view and Concordium seems very well prepared.
About Concordium
Concordium is a public-layer 1, science-backed blockchain, designed to balance privacy with accountability through its ID layer.
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About digitalsocial.id
DSID is a user-centric identity management solution that enables people to build a measurable online reputation and leverage good behavior on the world wide web. We are a venture born and supported by the Blockchain Founders Group Superstar program and endorsed by the Frankfurt School Entrepreneurship Center.
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