The orchestration required to bring together Decentralized Identity ecosystems is today’s biggest gap for Commercial SSI.
This blog post was based off of a podcast conversation with Charles Walton.
By this I mean the Trust over IP, Level 4 Governance Authorities that are required to make something commercially real.
We have the approaches, the principles, the technologies and the standards down. There is also clear market demand for data ownership and privacy-preserving digital interactions. We’ve have also seen great enhancements on mobile devices for authentication methods such as biometrics and continuous authentication.
So the question is: how we make decentralized identity more of a reality in our day-to-day lives?
How can we create a place in which a bank, a gig economy company or a start-up can all simply plug-in and begin using verifiable credentials?
There is a glaring need for Commercial SSI Governance Authorities.
As we know, half of the battle in decentralized identity, especially in government regulated industries, is governance. We require governance entities to help in the formation of ecosystems, the setting of rules, the making of markets, the monetization strategies, the dispute strategies, etc.
More entities are required to manage the bits of a trust framework that are commercial decisions.