Why Do You Need Hyperledger Indy?
- Centralized Identity Management Limitations: Currently, individuals and organizations rely on centralized identity management systems, which can be vulnerable to data breaches and lack of control over personal information.
- Lack of Privacy: Traditional identity management systems often collect and store vast amounts of personal data, putting individuals’ privacy at risk.
- Interoperability Issues: Different identity management systems often use different standards and protocols, leading to interoperability issues and difficulties in exchanging data between systems.
- Self-Sovereign Identity: With Indy, people, and organizations can manage their digital identities in a safe, decentralized manner, providing them more control over their privacy and personal data.
- Blockchain Technology: Indy leverages blockchain technology to create a secure and transparent identity management system that is tamper-proof and resistant to tampering.
- Increased Trust: Indy’s decentralized identity management system can increase trust between individuals and organizations, enabling secure and efficient transactions and data sharing.
- User-centric identity: This enables the user to control what information will be shared and it was also limited to the identity register that can revoke access anytime they want.
- No global identity: In centralized systems, there is no global record system so one has to submit the same documents every time one applies for any of the documents like PAN, driving license, etc. This can be very time-consuming and makes the process cumbersome.
- Lack of control: In centralized systems, users don’t have control over the system. The information will be used according to the authority’s needs.
Hyperledger Indy in Blockchain
In order to provide self-sovereign identification, the Hyperledger foundation created the Hyperledger Indy blockchain network. This network was created specifically for decentralized digital identity management. The platform offers several reusable components that are used to build digital identities for entities, along with tools and libraries. Users can use these IDs in any other application because Hyperledger keeps them on its openly accessible distributed ledger.
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