Enhancing ID Management with Algorand
Much like financial decentralization being brought about by blockchain, identity management can use transparency, decentralization and provenance to do away with issues of duplicity, counterfeits and doubts over validity of the identity documents including ID cards, educational records, medical history, etc. Self Sovereign Identity (SSI) is an initiative which has been at the forefront to do away with most such issues. SSI is a user centric approach in the digital exodus whereby the individual identity holders can fully create as well as control their verifiable credentials, without being forced to request permission of centralized authority.
The Collaboration: Algorand and InfoCert
With an aim to create a fluid and transparent monetization processes, InfoCert and Algorand have partnered to create a digital ID ecosystem, a European SSI initiative, inline with the global SSI initiative. InfoCert, the largest Certification Authority in Europe, and Algorand announced a partnership for the integration of the Algorand Standard Assets (ASA) in Infocert’s DIZME platform.
InfoCert’s DIZME platform
Some of the identity management services provided by InfoCert include digitization, eDelivery and Digital Signature. InfoCert also provides digital preservation of documents and is an accredited digital identity operator in the area of Public System for the management of Digital Identity. DIZME, a decentralized digital identity platform designed by InfoCert, integrates the SSI with eIDAS regulatory compliance, aggregating the mutual benefits: a distributed digital identity but with full legal validity. With the three actors Issuer, Owner and Verifier in the DIZME network, the platform has the ability to contribute to the network’s growth with their own sets of credentials, third parties wishing to use DIZME credentials within their processes as well as internet users as the data subjects are part of its Trust Community.
What Algorand brings to the table?
Making DIZME a distributed identity ecosystem, where owners do not only exercise full power over their credentials, but also benefit from a rewarding remuneration system without the need for intermediaries. Algorand provides an apt platform based on ASA for achieving this objective, ensuring the secure and swift monetization of exchanged credentials.
A win-win collaboration
Seeking alternatives for centralized identity solutions for personal information is imminent and this partnership between Algorand and InfoCert serves a purpose which the internet has not been able to serve till now.
Concluding Insights
SSI is an important global initiative and with this collaboration with InfoCert, Algorand has placed itself strategically to lead this initiative in Europe and move towards its commitment as a facilitator of digital transformation at global level. With a consensus mechanism that enhances scalability and security and ASA features which enable tokenization of any type of asset, Algorand sure is an apt choice.
