Are you looking for a platform that can give you control over your data and identity? Then, Hyperledger Indy might be the best option for you. Do you want to know more about Hyperledger Indy? Is this article for you? We will discuss the features and advantages of Indy in this article.While performing various tasks, we need to disclose our personal information on online platforms in this digital world. The risk factor increases with performing financial transactions. Even though online platforms claim to be secured, identity thefts increase alarmingly worldwide. Here, Hyperledger Indy comes into the picture.
What is Hyperledger Indy?
Hyperledger Indy architecture creates digital identities that have roots in the blockchain or any other distrusted ledger format. With this architecture, the user can access many tools, libraries, reusable components, etc. The best part of this architecture is that every identity is interoperable across organizational silos, multiple domains, and applications.Because of the transparent approach, users know who they are dealing with and who can verify their information before interacting.
Features of Hyperledger Indy:
1. Verifiable Claims: While performing the tasks practically, users might have different credentials for their identities, like birth certificates or driver’s licenses.Hyperledger Indy can make it more powerful. We can generate a single ID from the ledger with the Indy system. There is no need to submit all IDs every time.
2. Self-Sovereignty: In Hyperledger Indy, the identities are stored on a distributed ledger. This ledger ensures security for unique artifacts like proof of existence, cryptographic accumulators, public keys, etc.Only the user can remove or change the identity from it.
3. Privacy: Hyperledger Indy documentation specifies how privacy settings would be preserved and how to operate with any party without contradiction. This document also mentions how it ensures security in a decentralized system.
4. Identity Correlation-resistant: Identity correlation-resistant is the crucial feature of the Hyperledger Indy. It ensures that two IDs or similar identifications in the ledger will not connect.
5. Purpose-Built: This platform is suitable for integration in any company dealing with identities. A different setup is not necessary for incorporating the Indy platform in any industry. Hyperledger Indy takes all the functionalities to care.
6. Peer-to-peer Connection: This platform has a peer-to-peer connection, meaning communication can happen between two peers. The server acts as a middleman.
7. Decentralized Identifiers (DIDs): In this platform, all the decentralized identifiers are unique and resolvable globally with no involvement of the central party.This feature means they allotted a unique identifier to every decentralized identity on the platform. The platform minimizes identity theft, as no other party can use someone else’s identity as their own.
8. Zero-knowledge Proofs: The user can choose to disclose and release the information needed if it provides credentials.
For Example, if the user wants to disclose the birth certificate, they have the facility to do so. This facility gives additional control to the users over their information.
Why is Hyperledger Indy gaining popularity?
At the time of the start of the era of the internet, the aim was to connect people with no intermediary. But, over time, the internet has become privatized, and third-party intermediaries emerged.Now, these intermediaries have become a fundamental part of this infrastructure. The risk associated with the changes in the information and misuse of the information by the third party has increased.Hackers can misuse this massive pool of information. The threat of data breaches has also increased. It can change this situation using with the adoption of Hyperledger Indy.
Some infrastructure issues in the existing system
Let us start.
1. Lack of transparency: In centralized systems, because of the absence of clarity, the chances of privacy violation issues are more.
Some known examples are fine on Facebook for using user data for promoting advertisements, illegal patient data sharing by DeepMind, Cambridge Analytica Scandal.
2. Lack of Control: Major flaw of the centralized system is that the user does not have control over the information. For Example, even after deleting the Facebook account, your personal information remains in the database, which cannot be deleted completely.
3. Absence of Global Identity: There is no global record system in the centralized system. The lack of a centralized system results in submitting certain documents like driving license, passport, PAN card, etc.
4. Identity Theft: There is always a threat of identity theft by hackers. The problem comes when hackers demand ransom for getting back your data.
Conclusion: The above factors have led to the need for a secured identity management system. The Hyperledger Indy efficiently manages and ensures the identity of the users.
The Hyperledger Indy helps to solve the issues related to the identities. It is straightforward to issue identities using decentralized identities.
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