By building Self-Sovereign Identities (SSIs) on peaq, individuals, machines and organizations can have sole ownership of their identities and full control over how their data is shared and used. This adds an all important layer of security and flexibility, allowing you to reveal only the necessary data for any interaction or transaction. Using peaq, you can control your information and grant specific access to it without having to go through intermediaries or third parties.
Self-Sovereign Identities can be created by anyone by using Decentralized Identifiers (DIDs). We’ll refer to the creators of SSIs as holders as they are the entities that essentially ‘hold’ the SSI having generated the DID and cryptographic key-pairs. DIDs have public keys which make them publicly identifiable but other than that DIDs alone do not say much. Verifiable credentials must be added to the DID to make it an SSI.
Verifiable credentials are statements about the holder which are assigned by issuers. Issuers are trustworthy parties within a certain context. The issuer provides a user with verifiable credentials which they sign using asymmetric encryption. These credentials can be shared with other parties by the holder in a secure, independent and peer-to-peer manner.
The holder can build a Self-Soveriegn Identity by collecting credentials from the different entities they interact with and trust. These credentials give the holder more autonomy over their data, allowing them to choose what information they share, with who and when. The more verifiable credentials assigned to the holder the more options the holder has to interact with different parties.
When a holder wants a new credential they must first verify themselves with an issuer. The holder shares their DID with the issuer and requests the credential. The issuer signs the credential and any statements about the holder with a cryptographic key registered to their own DID. The credential is then sent to the holder and stored. The holder now has complete autonomy over how they use this credential, unless it is revoked by the issuer.
To use their SSIs with a given context, the holder must share their verifiable credentials with a verifier to prove a statement about themselves. The verifier ensures that the credential is unaltered and the issuer is trustworthy, that the credentials are signed by the right parties and that the credential is still valid.
The SSI holder requests a verifiable credential from an issuer. The issuer provides the holder with a signed credential. The holder uses the credential by presenting it to a verifier. The verifier checks the credential and either accepts or rejects it. An example of this process could be an Electric Vehicle (holder) requesting charging authorisation (verifiable credential) from an automotive company (issuer) to be able to charge at a charging station (verifier).
In the Economy of Things, machines, sensors and vehicles will have their own unique, self-sovereign identities. They will be able to prove their authenticity and specifications instantly, allowing them to seamlessly interact and transact with entities in their environments on a peer-to-peer basis, completely autonomously. Interoperability, portability and speed are therefore critical, and peaq ensures this.
We’re building a world in which we control our own identities and personal information fully independently. With SSIs, we can choose who gets access to what data without having to go through or rely on third parties. Users can create a single online identity containing all their information which they can use, authenticate and earn from directly and securely. Borderless, decentralized self-sovereign digital identity.
While organizations can have their own SSIs for various reasons, they mainly act as issuers and verifiers in the SSI ecosystem creating verifiable credentials for machines and people. An organization issuing verifiable credentials could be for example a government issuing a passport, while another government verifies the authenticity of the credential.
The Internet and Economy of Things are becoming more and more prevalent every day. Find out how you and your business can leverage SSIs on peaq and become first movers in your industry today.