Cape Town, South Africa--(Newsfile Corp. - December 6, 2021) - PhotoChromic, a blockchain protocol enabling ownership and control of user identity back to the individual, asserts that self-sovereign identity and decentralized identity are the key elements to unlock maximum security, privacy, and utility.
The introductory idea behind the internet was to create a digital network that enables connectivity and utilization of digital services. Although, the developers involved in the initial architecture did not create a native identity security layer for people.
This shortcoming has led to people's identities being stolen and misused. With the emergence of Web3, the world has seen a significant improvement in identity management. While Web3 has begun to address several problems, it still cannot give unfettered access to the user's identity back to the users.
With the introduction of blockchain technology, a new concept of decentralized identity evolved as a critical technological priority to enhance native Web3 applications. A robust decentralized identity infrastructure, such as PhotoChromic, can effectively solve the issue of identity theft and create a safer private space for users.
Decentralized identity (DID) is a popularly accepted standard that ensures identity systems can interoperate across various platforms and networks. A DID is stored in a DID document that records information, such as data encryption, sign-in data, communication, and more.
DID acts as an identity hub, but with the added advantage of solely being controlled by the user itself. Some of the interesting use cases offered by decentralized identity include complete control, security, privacy, and portability of the internet. This enables the ability to authenticate and verify NFTs, unlocking the next phase of DeFi, and empowering DAO organizations.
Decentralized identity and self-sovereign identity introduce a new layer of privacy among Web3 applications. Individuals enjoy unrestricted access to their private data. PhotoChromic expertly demonstrates the potential of blockchain technology in securing digital identities.
PhotoChromic - Biometrically managed self-sovereign identity on the blockchain.
PhotoChromic is a framework for creating and managing user identity on blockchain networks, software services, and decentralized applications. The project uses NFTs to make people's identities programmable, verifiable, universally addressable, and digitally secured while being utilized for blockchain-based identity verification and Web3 applications.
The driving force for creating self-sovereign identities on the blockchain is to put the power back into the individual user's locus of control. This way, users can safely and securely participate in the plethora of services offered by dApps, blockchain apps, and Web3 applications.
To learn how PhotoChromic develops biometrically managed self-sovereign identity, visit https://photochromic.io/.
PhotoChromic is a blockchain-based protocol that tokenizes an individual's identity through an NFT that is programmable, verifiable, universally addressable and digitally secured, verifying the link between the analogue and digital worlds. The product aggregates biometric proof of life, with government-backed identity verification and unique personal attributes, into an on-chain asset that is utilized for blockchain-based identity verification and Web3 applications.
The benefits that the protocol offers include:
Immutable security and independent management of your online identity
Attestation of true biometric identity, tethered to your physical and digital assets
A multi-chain protocol to run initially on Ethereum, Polygon (MATIC), and Cardano
By developing and deploying this protocol onto key blockchains, there are a host of value-added benefits and commercial opportunities that will be created as a result. These can either be pursued by PhotoChromic in isolation, developed in joint-venture with other parties or proposed to third parties who consume the protocol for their own commercial risks and return.
Official PhotoChromic Links
Telegram Announcements: https://t.me/photochromic_blasts
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106806