November 1, 2023
As part of management, you’re very aware of the challenges facing your team. These range from cybersecurity concerns, IT process time and costs, compliance auditing, and more. Here, we’ll show you how SSI solutions can address these challenges.
This article will cover:
So let’s get started!
In an ever-evolving tech landscape, CTOs and other executives across tech-dependent industries constantly grapple with challenges ranging from database complexities to security vulnerabilities. However, what if there was a single solution that could streamline operations, bolster security, and pave the way for unprecedented business opportunities? Enter the realm of Self-Sovereign Identity (SSI) solutions.
Time is money, and time-intensive verification processes can impede business workflows. Waiting for identity checks or document verifications can result in lost opportunities and decreased efficiency.
With SSI, the promise of instant verifiability comes to life. As users have control over their verified identity data (for example their digital driving license), they can grant immediate access to businesses, eliminating the need for redundant checks. In essence, it's a win-win: businesses accelerate operations, and users enjoy a frictionless experience. This immediately translates to improved customer conversions, as 48% of customers abandon onboarding as expectations for seamless experiences rise.
In a world rife with cyber threats, security is paramount. Traditional identity systems often become the weakest link, vulnerable to breaches and fraud.
However, the decentralised nature of SSI ensures that there's no single point of failure. By empowering individuals to manage their identity data, the risk of mass data breaches, and the loss of clientbase and the incursions of fines which come with them, diminishes drastically. When paired with cryptographic proofs, the system becomes virtually fraud-proof, offering peace of mind to both businesses and users.
Regulatory landscapes are notorious for their dynamic nature, especially concerning data privacy and protection. Ensuring compliance is not just about adhering to today's standards but also by staying ahead of the curve and being prepared for tomorrow's changes.
SSI is built to address the specific compliance and regulatory needs of today and tomorrow. It does this by taking both the user/developer and the identity holders in mind in its creation; it inherently supports principles of data minimisation and user consent, making it compliant with existing regulations like GDPR and the coming eIDAS 2.0 regulation. Moreover, its adaptability ensures readiness for future regulatory shifts, providing businesses with a proactive approach to compliance, as the past few years have taught us that KYC regulation regularly levies over €2bn in fines each year.
The most exciting facet of SSI isn't just its problem-solving prowess but its potential as a catalyst for innovation. By decoupling identity from centralised authorities, businesses can explore novel models of interaction, partnerships, and user engagement.
This means a new generation of previously impossible business models.
Imagine creating services tailored to user-controlled data, forging partnerships based on verifiable credentials, or even crafting platforms that redefine user trust. With SSI, the door to these possibilities swings wide open.
Modern businesses often struggle with database sprawl. Managing numerous databases, each with its distinct schemas and data models, can be a logistical nightmare. The inherent complexity not only increases operational costs but also amplifies the risk of errors.
SSI acts as a remedy for these woes by simplifying the complex. By providing individuals control over their digital identities, businesses can substantially reduce their reliance on sprawling databases. The result? A more streamlined data infrastructure that leads to significant cost savings.
For example, you’ll benefit from unified customer profiles, instead of multiple, redundant entries, ie. one profile for sales, one for marketing, one for KYC, and more. With an SSI architecture, a single profile is shared and accessed by everyone involved, from each of your departments to the customer themselves, with no redundancy, and absolute verifiability of identity and credentials. Expand this concept to all the kinds of entries and profiles within your company’s database(s), and the scale of the time savings starts to become clear.
Time and Money Savings:
Reduction in Database Infrastructure Complexity:
The Future of Best Practices:
In essence, the key is to be transparent, present clear evidence, and make the adoption process as seamless as possible. Developers respect data, hands-on experiences, and the promise of innovation, and these should be the pillars of your pitch.
For the proactive executive, embracing Self-Sovereign Identity isn't just about solving today's challenges—it's about unlocking tomorrow's potentials. Whether it's the promise of cost and time-saving efficiency, unparalleled security and compliance, or the allure of groundbreaking business models, SSI stands as the beacon of modern tech solutions. And this shift is already coming– in the form of the EU’s coming eIDAS 2.0 identity regulation, so don’t be left behind. The future is self-sovereign, and it's time to be a part of it.