Crypto platforms to underpin secure forms of digital identity: report

As consumers grow wary of online sign-in methods based on social media login credentials, a report suggests blockchain-based sign-in methods associated with crypto wallets may offer a safer solution.

Why should we care?
Blockchain developers have been building “decentralized” identity standards to mitigate the risks of signing in to digital services through social media platforms. Keeping with this trend, the report claims “Sign-in with Ethereum” is coming, whereby the Ethereum wallet is used as an identifier that can be used across multiple services. “Using a cryptographic marker as an identity means the user, not the identity provider, has total control over what information is associated with it. Eventually, you’ll be able to decide, for instance, whether a particular service needs your name, proof of your age, or a glimpse of your Ethereum balance,” the report said. The toolset is reportedly being developed by Spruce Systems, which was co-founded by former ConsenSys staffers. The company claims users will be able to control access to their data on a case-by-case basis. A challenge developers are working to address is the reuse of any identifier that can be connected to wallets used for financial activity.