SEDIMARK, the fully decentralized data marketplace, has recently launched its platform on the IOTA Tangle Distributed Ledger Technology (DLT). In a groundbreaking move, SEDIMARK introduces its custom Self-Sovereign Identity (SSI) framework, revolutionizing digital identity management within the marketplace.
Empowering Users with Control
Within SEDIMARK’s platform, users now wield complete control over their digital identities, ensuring privacy preservation and maintenance. Notably, individuals can independently create and manage their identities, eliminating the need for reliance on a central authority.
Self-Sovereign Identity Integration
The incorporation of Self-Sovereign Identity (SSI) brings forth enhanced authentication and authorization policies, providing users with a granular level of control. This integration allows data providers to verify specific individuals authorized to access their data, marking a milestone in user-centric identity solutions and privacy management.
Decentralization as a Paradigm Shift
SEDIMARK’s approach challenges the conventional centralized handling of user data in digital landscapes. The platform aspires to become a fully decentralized data marketplace, transforming not only the data marketplace itself but also redefining user management within the system.
The Self-Sovereign Identity Model
SSI, a revolutionary digital identity model, grants users complete control over their identity and shared information. Rooted in the Decentralized Identity paradigm, SSI allows users to own a unique identity with associated attributes. Claims issued by entities, known as Issuers, can be verified by other entities, called Verifiers, paving the way for a secure and user-centric digital identity management system.
Emerging Trends in Digital Identity
While SSI is a relatively new concept, its adoption is on the rise, leveraging blockchain and evolving distributed ledgers. Microsoft’s recent introduction of Microsoft Entra Verified ID, utilizing decentralized identity, exemplifies this paradigm shift. Additionally, initiatives like the European Digital Identity Wallet underscore the European Union’s push towards empowering users with control over their data.
IOTA Tangle: A Unique DLT for IoT
The IOTA Tangle, a distinct form of distributed ledger technology, stands out for its innovation tailored for the Internet of Things (IoT). Unlike traditional blockchains, IOTA’s DLT is uniquely designed to facilitate micro-transactions in the IoT ecosystem, devoid of transaction fees.
Key Attributes of IOTA Tangle
IOTA Tangle boasts high scalability, fee-less transactions, and near-instant transfers, addressing the limitations of traditional blockchain systems for specific applications. This positions it as a pivotal advancement in the realm of distributed ledger technology, particularly well-suited for the dynamic environment of the Internet of Things.