Why we joined the ERC-725 Alliance

Blockchain is a new exciting technology. But new and exciting also means it is rapidly evolving. Companies that want to exploit it, have to get up to speed pretty quick. Due to being a global phenomenon, new developments around Blockchains are arising everywhere in the world. Thus for companies there is the constant need to find ways to always stay informed and up-to-date on the newest developments. At the same time, it is their chance to contribute in the very early stages and in doing so, shaping the future path of this new technology.

Being part of a development that has the potential to change processes worldwide as we know them today, provides a valuable opportunity. As the best way to participate in the newest developments is to gather like-minded people working towards the same goal, striving to achieve the same things. Alliances for example are a promising way for participants to discuss current developments as well as to exchange and communicate their findings to others and jointly progress at a rapid speed.

This is why we decided to join the ERC725 Alliance which is focusing on creating an identity standard on Ethereum.

As the alliance describes:

“ERC 725 allows for self-sovereign identity. Users should be able to own and manage their identity instead of ceding ownership of identity to centralized organizations. We have seen the negative effects of having centralized identity with damaging leaks and unfair selling of user data and identity. An open, portable standard for identities will enable decentralized reputation, governance, and more. Users will be able to take their identity across different Dapps and platforms that support this standard.” (source: ERC725)

Another great thing about an alliance like this one is that it focuses on moving a topic forward and not just one single technical standard. This fosters open discussions on how an existing standard should be developed further or if solving the problem of having a truly digital and self-sovereign identity needs a totally new approach and thus a new technical standard.

We are excited and looking forward to participating in this initiative and be at the forefront of the Blockchain Identity development.