Ontology Collaborates With The Block To Uncover The Decentralized Identity Industry
Earlier this month, Ning Hu, CTO of Ontology, took part in a webinar panel debate on Decentralized Identity Solutions, alongside the publication of a research report in The Block.
In today’s world, it is becoming increasingly obvious that managing digital identity remains a huge challenge. Every day we hear about data breaches and hacking scandals. A typical internet user manages between 70–80 different usernames and passwords, while there are on average 30,000 websites hacked every day. On the flip side, according to Global Prison Trends 2020, 1.1 billion people in the world are unable to prove their identity, thus obstructing them from accessing vital healthcare, education, and financial resources.
The Block Webinar, “The State of Decentralized Identity Solutions”
In April 2021, Ning Hu, CTO of Ontology, spoke at a panel titled “The State of Decentralized Identity Solutions” in association with The Block, one of the leading research, analysis, and news brands in the digital asset space. Hu Ning was accompanied by experts in the field of digital identity, Daniel Buchner, Senior PM of Decentralized Identity at Microsoft, and Tobias Fox, Co-founder of Serto. The discussion delved into how digital identity applies to everything from financial services to upskilling workforces, and how blockchain infrastructure can be utilized to lay the trust framework for decentralized identity solutions.
Watch the panel discussion back here.
The Block Research Report, “An Introduction To Decentralized Identity Solutions”
In tandem with the panel discussion, The Block also released a research report titled “An Introduction to Decentralized Identity Solutions”. Read the full report here.
Key Findings
The report’s key findings include:
- Blockchain-based decentralized identity solutions are challenging centralized identity management paradigms.
- Identity issuers, holders, and verifiers could all benefit from the transfer of ID management processes onto distributed ledgers and blockchains.
- While the space is still in its nascency, ID holders, application development companies, and blockchain consulting companies have made exceptional progress.
The Decentralized Identity Landscape, According To The Block
There are several stakeholders in the decentralized identity system, with numerous organizations developing frameworks for digital identity solutions. The decentralized identity industry is broken into four pillars of key players that are driving adoption: blockchain infrastructure; standards and interoperability; consulting and deployment; and wallets and verification services.
Leveraging blockchain and public/private cryptography to manage verifications of digital identities presents a whole world of new possibilities where individuals can selectively decide who their information is shared with.
Check out the full research report here, or watch a replay of the webinar here.
Want more Ontology?
You can find more details on our website for all of our decentralized solutions across identity and data, or keep up with us on Twitter. Our Telegram is for discussion, whereas the Telegram Announcement is designed for news and updates if you missed Twitter!
