These days, the concept of digital identity is not new on unintroduced. Similarly, Bitcoin established itself via a concept of decentralized digital identity, years ago. Actually, a crucial breakthrough has been taken place by Blockchain technology which is propelling digital identity ahead in the scenario of Self Sovereign Identity that reshapes the decentralized P2P economy’s future.
The emergence of Digital Identity:
- It’s a storm for the stakeholders who strive their best for it to takes place
- Increases organization’s efficiency in getting the identity’s assurance
- Prevention of data breaches abreast with weekly headline news
- Allows people to decide the data’s distribution
The best part is that people receive all the advantages without relying on the third parties such as Facebook or Google to share and store their data. Moreover, people will be also having their digital identity via fingertips or exactly how they wish?
But a question still arises that what exactly the identity is?
In the industrial era specifically in a digital context it’s a representation of real human relationships but not by social connections. When one thinks in terms of society and decentralized economy things begin in an exciting manner. Moreover, when people become owners of their own data, facts & information then, truly it can be a catalyst to the business’s new sets new ways of interaction.
Why is Digital Identity important?
The challenges of the new digital identity model will only be solved by risk and reputation. Risk will be directly managed by sharing information allowing applying an intelligence layer to the same. On the contrary, when it comes to Reputation, it can also allow the creation of decentralized models in order to establish and generate trust in the economy.
No doubt, the future of digital identity will automatically be a return to the identity as defined by the trust’s web that links all the individuals. Henceforth, in order to comprehend where exactly you are, you prior need to comprehend from where are you coming?
Moreover, it is also true that the society is getting attracted towards the cashless atmosphere via which the initial awe has given a path to the flurry of concerns. To earn incentives going cashless is also one of the best ways.
Advantages of earning incentives while going cashless:
- Tracking Spends
- Discipline Budget
- Major Gains
- Lower Risk
Disadvantages of earning incentives while going cashless:
- High risk is associated with identity tracks
- The difficulty for tech-un savvy
- Losing Phone
Thus, it is true that there are always some pros and cons associated with something but alas!!! Everything is used accordingly while keeping concerns of all such associated factors in mind.
The same concern is also applicable in earning incentives while going digital or holding digital identity. It all depends on a user that how he makes use of it and in what ways and sense.