How Can Metadium Help Protect Our Personal Information?
Continuing our last discussion of “What Would Your Day Look Like with Meta ID in Your Pocket?,” we will address a couple of issues regarding the latest model of digital identity management and notable advantages of the SSI.
Let’s first examine the issue regarding proving yourself online; because there is a limited level of trust between users and service providers as well as between service providers, users must directly register their personal information onto each online service they wish to utilize, create sign-in information to re-access the service, and memorize their sign-in credentials for each service individually.
Currently, “federated identity management systems” are the latest solution to the issues of digital identity management, and refer to services of modern mega-corporations that act as a trust gateway by providing a user easy access to others partnered with mega-corporation. The most notable include Facebook and Google’s “Single Sign On” solutions and, albeit of a slightly different grain, Google’s “Password Management” feature on Chrome. However, there are certain significant drawbacks for users in regards to privacy and security with this model.
The first is the lack of transparency with federated identity management systems. In other words, there is little to no transparency in what these corporations and institutions do with their users’ data. As it is centralized and maintained directly by these firms, you would never have full control over your own data. You wouldn’t know if your data is being sold to a data analytics firm or if it’s fully deleted from their servers once you terminate your account from their services.
Alternatively, even if one of these services is hacked, you wouldn’t be aware if your data has been leaked or compromised until actual harm has been caused and investigated. Stolen access tokens on Facebook could lead to a breach of their centralized database which could result in your data being compromised.
Furthermore, centralized corporations maintain the ability to cut off your access to their services for any conditions they deem appropriate or warranted. Albeit you would typically have to violate the service’s terms or engage in exceptionally abusive behavior to be banned from using a service, this implies that the user’s control of their own identity via the service as well as the service’s upkeep remains under the jurisdiction of the service provider in question.
The second is that federated identity management systems do not eliminate the need to memorize sign-in credentials on the user’s end. In order to access the services of Google and Facebook, you still must have an account that utilizes an ID and password to sign into these services to access the other services you wish to use — whether it is Tinder, Fortnite, or Uber. It definitely makes your life much easier, but this also means that you need to protect and monitor that one account much more aggressively.
The true beauty of self-sovereign identities, specifically the Meta ID service, is in how they take advantage of the convenience and efficiency of digital transactions when supplying one’s identity for services while circumventing the key issues of security vulnerability and trust of federated identity management systems. SSIs eliminate the critical security vulnerability of any other digital identity provision and management system by simply encrypting and storing all of your personal information directly on your device. You would be able to instantly register and then sign into any of the services partnered with the network as your credentials would be loaded, attested, and ready-to-use on the Meta ID app.
Any data that you produce from using services on our network and any claims you make about your own identity within our network would be logged on the Metadium network ledger, anonymous and unable to be traced back to you. However, Metadium will develop a DApp on our platform which would organize the data from claims and identity transactions such that our service providers could set targeted/specialized achievements. Users would also have the option to directly exchange their data to service providers or analysts who desire genuine consumer data tied to specific users for financial compensation.
While the SSI does represent a revolutionary workaround to the inefficiencies of contemporaneous identity management and provision models, we believe that the expansion of the Metadium network and complete decentralization of identity systems will lead to yet unforeseen potential for politi-socioeconomic developments and industry intersectional use-cases that offer the utmost security and optimal convenience in our daily lives. The opportunities are limitless.
In our next article, If you have not already read our previous post — “What Would Your Day Look Like with Meta ID in Your Pocket?”— click on this link for the second post of Metadium’s abridged introductory series.
As always, the team thanks all of you for your continued support in our project, and we look forward to providing you with exciting updates and our progress!