For centuries, ID, a way for people to prove attributes about themselves, has played a pivotal role in society. Yet today roughly 850 million people still lack legal ID, making it difficult or impossible for them to fully engage with society. Simultaneously, many of those with ID do not have privacy and control over how their data is shared.
Innovative approaches to digital ID are now being developed that could help expand access while offering individuals control. Decentralized ID, one such approach, could offer a secure way of managing data without depending on intermediaries. While decentralized ID presents opportunities, it also poses risks and faces challenges. Without fit-for-purpose policy, regulation and technology, the potential for these systems to have a socially beneficial impact will be limited.
The result of an international collaboration involving more than 100 experts spanning the public and private sectors, this report provides tools, frameworks and recommendations for government officials, regulators and executives seeking to engage with decentralized ID.