IOTA Partners with Walt.id to Create Privacy-Preserving Login Systems
2022.07.29 23:21
IOTA Partners with Walt.id to Create Privacy-Preserving Login Systems – Budrigannews.com
After launching a request for proposals in March, the IOTA Foundation has announced a partnership with Walt.id to create a privacy-preserving login system that will be interoperable across multiple platforms.
The new solution aims to solve the problems experienced with centralized login systems, such as vulnerability to attacks, safety, and the privacy of users’ data. The login solution will aim to support the IOTA ecosystem alongside other identity ecosystems like EBSI (EU Blockchain Service Infrastructure), Gaia-X, the Velocity Network, Ethereum, and more. The companies intend to provide the solution to both Web 2.0 and Web 3.0 initiatives.
The Need for Decentralized Login Solution
As stated by the company, the project aims to address the centralization of login systems. Websites that store user data have often been vulnerable targets to attacks. Digital identity providers like Google (NASDAQ:GOOGL) and Facebook (NASDAQ:META) offer centrally registered identity solutions which allow providers to share information with websites without having to enter it repeatedly.
However, this solution also served to give large tech companies even more authority over user data. As explained by IOTA in its blog:
“IOTA Identity will allow people to take back control over their data while at the same time adding beneficial features and experiences to the websites. We aim to create a win-win situation where both websites and users benefit from using an IOTA Identity-based login system while removing power from centralized identity providers.”
Interoperability and Standards
Login done right! The #IOTA Foundation and @walt_id are building a seamless sign-in to the world. Read about the privacy-preserving, SSI-based login system allowing traditional (Web2) and decentralized (#Web3) apps to easily onboard users.
https://t.co/Vy5LdgVSr1 pic.twitter.com/VAN4VNq5iM
— IOTA (@iota) July 27, 2022
The “login with IOTA” system will be interoperable with existing standards like OpenID Connect (OIDC), which is used by over 50,000 websites, as the foundation aims for widespread adoption.
The new system will facilitate compatibility between decentralized identity systems (SSI) and traditional, centralized identity and access management infrastructures. The system’s creators will also provide SSI-based user onboarding processes, utilizing the ‘IOTA Identity’ framework to accommodate developers and businesses building Web 3.0 dApps.
Walt.id is a known identity provider, NFT, and wallet infrastructure employed by governments, public authorities, and enterprises. The IOTA Foundation itself is a global not-for-profit foundation behind an ecosystem of open-source digital infrastructure in the blockchain and cryptocurrency space, featuring its distributed ledger technology (DLT) known as ‘Tangle’.
Why You Should Care
- The global digital identity solutions market is projected to reach $49.5 billion by 2026.
- The IOTA Foundation is working on a wide range of blockchain-based projects that are moving forward with the adoption of blockchain and generating real-world value. IOTA was among those chosen to develop EBSI – the first EU-wide blockchain infrastructure, driven by the public sector to fully meet European values and regulations.
- In June, the IOTA Foundation joined forces with Dell, ClimateCHECK, and BioE to fight climate change. Through collaboration, the companies intend to develop solutions to combat greenwashing using real-time carbon footprint data.
