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Want To Avoid Theft? Maybe Digital Identity Technology Can Help You Out

How many times has the airline lost your baggage?

How many times have you had something stolen, only to see it in the hands of someone else later, but with no recourse, as you could not prove the item was yours?

How many times have you not been able to get something due to a shipping shortage, or some kind of supply chain issue?

Well, there is an answer for all those woes, and it comes in the form of digital decentralized identity powered by blockchain technology.

I’ll let the video below explain it more, but basically this is a way of digitally tagging and tracking things down in such a way that leaves no mystery as to who owns said things, what they are, or where the thing came from.

There is a lot of really exciting potential for this technology because of everything I just described and MORE!

Cross border transactions are typically an enormous burden and undertaking, but with this type of digital ID tech the transactions go through smoothly and flawlessly. No need for middlemen or costly international brokerage houses.

No need for the state to get involved in your transaction……

Take a look:

Coin Telegraph gave us some insight into what the tech could do for us:

Analog things hold different kinds of value — monetary, emotional, practical — and can attract unwanted access and potential theft from bad actors at any moment, for any reason. Establishing a robust system of DLT-based digital identity for valuable physical objects has the added benefit of discouraging theft, as confirming a stolen object’s provenance on the ledger would automatically negate the option to resell it.

To further discourage misappropriation attempts, you can create different verifiable credentials associated with your digital identity. You also choose with whom you share this sensitive information — if anyone at all. Thanks to selective disclosure, you can establish your ownership of analog objects reliably, without sharing any more information than necessary. For instance, a public record on the ledger can list you as the owner of a white porcelain vase with blue floral motifs that is 20.5 inches tall and weighs 14.8 pounds.

In a different verifiable credential, you can specify the vase is a Qianlong — a collector’s item worth millions of dollars. This information does not need to be public, but you can share it with potential buyers if you decide to part ways with your prized collectible. DLT-powered digital identity affords you complete control over how much information you make public and how you compartmentalize so that it matches your individual ownership, identification and security needs.

Forbes offered us this perspective:

What can we take away from the decentralized identity movement? First, trust is everything. If a service provider can’t rely on users to be who they say they are, there’s trouble in River City. Likewise, if a user believes a company’s promises about what personal data it will protect, use and not share further, and the company doesn’t adhere to those promises, trust is eroded. Getting both verification and consent right is critical.

Second, when it comes to consumers of services, we need to think about identity in terms of building and maintaining trusted digital relationships. With adtech cookies in the regulatory crosshairs, and our research finding that 70% of consumers prefer apps that won’t sell their personally identifiable information, we can’t afford to think in terms of one-time purchases or disappointing experiences. Many consumers need to manage person-to-person and person-to-device relationships, too. We’re not alone in this connected world.

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