The shift towards remote working and e-commerce not only increase users dependencies on the internet but also increase the complexity in identity and access management (IAM) challenges. Significantly, this transition urges the security and risk management leaders to improve their IAM implementation model. According to an article released by Gartner on 5 Key Predictions for Identity and Access Management and Fraud Detection, decentralized identity is predicted to emerge in the market to address the increasingly IAM challenges centered about customer-facing interactions and increase remote workers by 2024. Surely, decentralized identity that make into the list offers many benefits as a better IAM solution. What are the benefits of decentralized identity?
1. Privacy
Decentralized identity is an IAM approach that returns the ownership back to the identity owner. In other words, identity owner having a complete control to their own digital identity (cryptographic key). This way, users have an absolute right to permit which information to disclose to a service or application for access.
2. Simplicity
Decentralized identity lets identity owner to conveniently carries out intersection and interact for all interactions as it only requires users to verify their identity once to the trusted third party. Once the identity is verified, they can access the application as many time they need.
3. Security
Decentralized identity involved the generation of digital identity (cryptographic key) using digital ledger particularly a blockchain. A blockchain-based data storage mechanism is immutable. Therefore, this criteria make decentralised identity delivers secure exchange of data for access authorisation as the cryptographic are impossible to modify and permanent.
4. Lower risk of data mishandling
Decentralized identity allows the identity owner to have complete power over their personal data and digital identity. So, when the handler is the owner himself, what would be the chances of his own data will be compromised?
E-SPIN being active in helping enterprise customers to implement enterprise digital transformation technology to achieve scale, scope and speed. E-SPIN since 2005, already in the business of supply, consultancy, integration, training and maintenance of various supplies for enterprise customers and government agencies. Feel free to contact E-SPIN for identity and access management infrastructure and application security, infrastructure availability and performance monitoring solution.
Other post that may interest you:
1. Identity Verification-What is Decentralized Identity?
2. From centralised identity to decentralised identity
