Self-sovereign identity is a technology that takes control of personal data away from third-parties and puts it in the hands of individuals. By using blockchain technology and cryptographic signatures, users can effectively manage their own personal data without having to worry about large companies having access to it. Users have full control over who gets information and how it’s used, making them less vulnerable when using online services.
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Data for today’s episode is provided by Mercator Advisory Group’s report – 2019 U.S. PaymentsInsights – Technology and Fraud: Consumer Concern Is Real.
Consumers Show Interest in Self Sovereign Identity
- Self Sovereign Identity is a secure solution developed by companies to store and manage identity-related information.
- Information like passwords, PII, and relationships across online entities like banks will be tracked and managed.
- Overall, 65% of consumers are at least somewhat interested.
- 19% of consumers are very interested, and 36% are somewhat interested.
- Interest in Self Sovereign Identity is slightly correlated to income: 17% with income <$75k are very interested, 27% with income >$100k are very interested
- Across income levels, 35-40% of consumers are somewhat interested
- Consumers with income <$75k are the least interested (48% not at all)
Mercator Advisory Group’s most recent consumer survey report, Technology and Fraud: Consumer Concern Is Real, from the bi-annual North American PaymentsInsights series, takes an in-depth look at U.S. consumers’ current perspectives on technology and fraud.
This report explores how technology and fraud impact consumers lives and, in particular, the way they shop and pay for things. This includes detail on not only what they do but also how they feel about these two important consumer issues.