The concept of Decentralized Identifiers (DIDs) was first proposed in 2015 by Drummond Reed and then became an official W3C standard in July of 2022.
Adoption has grown quite a bit in the last few years. Here are a few ways they are being used today.
You may know what a decentralized identifier (DID) is or even how to generate one, but you may be wondering: what’s the point of yet ANOTHER way to identify myself? To get a better sense of the why behind decentralized identifiers, we’ll discuss the real problems society faces today when it comes to identity, and why DIDs are an enormous practical solution to a pervasive set of problems.
When you hear the term 'credential', what comes to mind? Is it a driver's license, passport, birth certificate, college degree, state ID? The common thread of these forms of credentials is that they are physical items, verified by recognized centralized bodies like a government agency or accredited university.
So how do credentials translate into the digital world where within a few clicks someone can make a fictitious identity? Introducing... verifiable credentials (VCs), a digitally signed electronic credential that follows an open standard that lets you create, own, and manage your credentials across a variety of platforms.
At TBD, we believe in a decentralized future that returns ownership and control over your finances, data, and identity. Decentralized Identity is critical to our mission. It’s what puts people in control of their own data. It is the most private, secure, and user-centric way to facilitate information exchange and verification online.