Privacy professionals have a hard job keeping up with data security and privacy compliance. One way to ease the hardship is by using decentralized identity management systems like AesirX Shield of Privacy. This ground-breaking solution meets the needs and worries of privacy professionals by giving users control over their online identities and personal information, all achieved via decentralized consent and ownership.
Organizations value personal data; it helps build loyalty, customer lifetime value, and strong client-employee relationships. However, when it comes to managing a resource as important as personal information, privacy professionals must treat that data with the respect its owners (your clients and employees) deserve.
What is Decentralised Identity?
In traditional identity systems, personal information is typically stored in centralized third-party databases. This creates concerns regarding data breaches, privacy violations, and lack of control over personal information. Instead, decentralized identity management put the control of data in the hands of the individual user.
To explain that further, there are several reasons why decentralized identity management is necessary for privacy professionals:
Decentralized Consent and Compliance
One of the main concerns for privacy professionals is ensuring compliance with the increasingly stringent global privacy regulations, such as GDPR (the European Union’s General Data Protection Regulation) and CCPA (the California Consumer Privacy Act).
- Data breaches cost $4.35 million worldwide in 2022 [1].
- GDPR fines for severe data breaches are up to €20 million or 4% of a company's yearly revenue [2].
- Between July 2019 and December 2022, GDPR fines totaled €2.4 million [3].
AesirX Shield of Privacy addresses these concerns through its decentralized consent model. Instead of relying on centralized entities to manage user permissions and data access, users grant or revoke consent directly through their Web3 wallets. This model promotes transparency, compliance with privacy laws, and aligns with the privacy by design principle.
Regaining Control Over Online Identity & Data Ownership
Privacy professionals understand the vulnerabilities associated with traditional identity systems, such as limited control over personal data and the potential for misuse. AesirX Shield of Privacy with the integration of Concordium Web3 ID, leverages decentralized blockchain technologies to give users comprehensive control and ownership over their identity and data. This shift not only bolsters privacy but also enhances compliance with privacy laws.
→ Enhancing Privacy & Trust
AesirX Shield of Privacy prioritizes privacy by storing user identity information in an encrypted and decentralized manner using blockchain technology. The application of zero-knowledge proofs (ZKP) enables users to verify their identity without revealing sensitive information. This system not only significantly reduces data breach risks but also fosters trust and transparency, both essential components of a robust privacy strategy.
→ Integration with Concordium for Secure Data Management
AesirX Shield of Privacy integrates with the Concordium layer 1 blockchain, providing an additional layer of security and transparency to the identity management process. The collaboration between AesirX and Concordium ensures that identity and data are stored and verified on a secure and scalable blockchain infrastructure, enhancing the reliability of AesirX Shield of Privacy and adherence to privacy principles.
→ Concordium Web3 ID for Credentials Verification
With the integration of Concordium Web3 ID, AesirX Shield of Privacy provides users with the high level of security and transparency that Concordium provides. This Web3 ID ensures that every wallet is associated with a real-world identity that has been verified by a third-party ID provider, allowing people and businesses to trust one another while remaining private, with zero-knowledge proof.
→ AesirX 4-Tier Decentralized Consent Model
Traditional consent models rely on centralized entities to manage user permissions and data access. With AesirX Shield of Privacy, users can grant or revoke consent directly through their Web3 wallets, ensuring that their data is used only with their explicit permission. In fact, websites utilizing the AesirX 4-Tier Decentralized Consent Model give their users a choice of four consent options. This ranges from users agreeing for their data to be used during a single 30-minute session to full Web3 ID and Wallet integration where users give explicit consent for data collection & processing, and can revoke permissions at any time.
Influence on the Future of Privacy Management
AesirX Shield of Privacy, with the integration of Concordium Web3 ID, is spearheading a new approach to privacy management. By providing users control over their personal data via decentralized consent and ownership, AesirX Shield of Privacy is setting new standards for privacy, security, and user-centric identity management. Its partnership with Concordium and commitment to a decentralized future make AesirX Shield of Privacy a powerful tool for privacy professionals navigating the digital landscape.
Are you a privacy professional looking to prioritize data protection and
compliance with privacy laws within your organization? AesirX Shield of Privacy can help.
Contact us at https://aesirx.io/contact and let us know how AesirX can solve problems specific to your business.
