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- SEDIMARK has officially rolled out its decentralized data marketplace on the IOTA Tangle Distributed Ledger Technology, marking a significant advancement in the digital identity space.
- SEDIMARK’s adoption of the Self-Sovereign Identity (SSI) model represents a paradigm shift in digital identity management within the decentralized data marketplace.
Full decentralized data Marketplace SEDIMARK recently went live with its deployment on the IOTA Tangle Distributed Ledger Technology (DLT). As part of the development, SEDIMARK will be deploying its own custom SSI framework. This move is set to revolutionize digital identity management within the marketplace.
In a significant development, SEDIMARK’s platform empowers users with full control over their digital identities, ensuring the preservation and maintenance of privacy. Notably, individuals using the marketplace can independently create and manage their identities without reliance on a central authority.
We are proud to be supporting @sedimark's decentralized marketplace, thanks to #SSI 👥🔐. https://t.co/ex7rIfLLa1
— IOTA (@iota) November 21, 2023
The incorporation of Self-Sovereign Identity (SSI) introduces enhanced authentication and authorization policies, offering users a more granular level of control. For instance, data providers now have the capability to verify the specific individuals authorized to access their data, thereby restricting access to a designated group. This strategic integration marks a milestone in advancing user-centric identity solutions and privacy management.
Importance of Self Sovereign Identity (SSI)
In the current digital landscape, users typically register for services that store their data, essentially handling their identity in a centralized manner. SEDIMARK, however, is charting a different course by aspiring to become a fully decentralized data marketplace.
The decentralized approach not only transforms the data marketplace but also impacts user management within the system. SEDIMARK embraces the Self-Sovereign Identity (SSI) model, marking a paradigm shift in digital identity management.
SSI is a groundbreaking digital identity model that empowers users with complete control over their identity and the information they choose to share. Rooted in the Decentralized Identity paradigm, the user, known as the Holder, owns a unique identity composed of a set of attributes.
Entities, referred to as Issuers, release and associate claims with the identity. These claims, such as academic achievements issued by a university, can be verified by other entities known as Verifiers. For instance, a future employer can act as a Verifier to confirm a graduate’s academic claim.
While SSI is a relatively new concept in digital identity, it is gaining traction as an emerging technology leveraging blockchain and other evolving distributed ledgers. Microsoft’s recent introduction of Microsoft Entra Verified ID, which employs decentralized identity, exemplifies this shift. Moreover, the European Union is steering EU citizen identities toward a model where users have complete control over their data through initiatives like the European Digital Identity Wallet.
The Benefits of IOTA Tangle
The IOTA Tangle stands out as an innovative form of distributed ledger technology (DLT) meticulously crafted for the dynamic landscape of the Internet of Things (IoT). Unlike the conventional blockchain model, IOTA technology is built on a novel type of DLT.
Recognizing the design limitations of traditional blockchain systems for certain applications, the need arose for alternative virtual currencies that could cater to diverse purposes. In response, the IOTA Tangle was developed to facilitate micro-transactions within the burgeoning ecosystem of IoT devices, all without imposing transaction fees.
The key attributes of the IOTA Tangle also include a commitment to high scalability, the absence of fees, and the promise of near-instant transfers, making it a pivotal advancement in the realm of distributed ledger technology tailored for the IoT environment.