Guest blog: Alastair Johnson from Nuggets | Verified, Self-Sovereign Decentralized ID Enables Compliance Without Compromising DeFi
Nuggets CEO and founder Alastair Johnson recently contributed to Forbes: Digital Assets with a piece on how verified, self-sovereign decentralised ID could enable compliance without compromising decentralised finance (DeFi) and its development.
New techniques involving encryption, decentralization, and standardization have been developed to provide the level of verification, in conjunction with privacy and accountability, that regulators need while still allowing DeFi protocols to preserve the promise of DeFi – decentralization, privacy and autonomy, while enabling compliance through Identity checks, such as know-your-customer (KYC), Anti Money Laundering (AML), and accountability.
These proofs can then be encoded into a digital identity – creating a Self-Sovereign Decentralized Identity (SSI) for the individual, and nobody else is able to access it or forge the linked data.
The holder of the SSI owns and controls their private information and can then provide W3C Verifiable Credentials and ZKPs to confirm all information across any platform, all in a private and secure manner.
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