“There are few things more central to a functioning society and economy than identity. Without a way to identify each other and our possessions we would hardly be able to build large nations or create global markets. Unfortunately, there are persistent – and increasingly serious – problems with the way digital identity works.”
“In the decentralised identity paradigm, the idea is to put the user at the centre of the framework and so remove the need for these third parties. In this world, the user “creates” his or her own identity, generally by creating his or her own unique identifier (or a number of them), and then attaching identity information to that identifier. By associating verifiable credentials from recognised authorities, for instance governments, users can in effect create the digital equivalents of physical world credentials like national IDs and driving licences.”
“By setting up a system in which the user controls not just the identity but also the data associated with it, we can create what are known as self- sovereign identities (SSI). In an SSI approach, the user has both a meansof generating and controlling unique identifiers as well as some facility to store identity data.”
“Perhaps the most important regulation dealing with identity in the EU is the electronic IDentification, Authenticationand Trust Services regulation (eIDAS).”
“Our exploration ends with a few thoughts on what policy makers might do to foster the decentralised identity landscape in Europe. Chief among these is to clarify the open regulatory questions, in particular around the standing of blockchain-based signatures and timestamps under eIDAS.”
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