IOTA recommended in “German blockchain report” for innovative technology on identity management

  • Germany’s blockchain industry can leverage IOTA’s identity solution to provide self-sovereign identities to its citizens.
  • Such a decentralized infrastructure will help businesses and organizations access user identities in a secure environment.

The German Blockchain Report 2022 is just out and it presents a detailed analysis of how blockchain technology is making important in multiple industry verticals of gaming, supply chain, banking, medicine, and much more. Germany’s blockchain industry has continued to expand fast this year with one of the key areas of focus being blockchain and Web 3.

Berlin has now become home to some of the top startups operating in this space. The German Blockchain Report 2022 mentions that in addition to cryptocurrencies, NFTs, and smart contracts, self-sovereign identities (SSI) would serve as the essential building blocks for the exploration of new use cases.

Along with the Ethereum Foundation, the report also names the IOTA Foundation among the list of strong, diverse, and networked players to steer further growth of blockchain in the region. The report notes:

The robust ecosystem in the German capital, which creates important synergies between decision-makers, investors, startups, and SMEs, provides the ideal framework for the blockchain community to flourish. Among them are important players like the Ethereum Foundation, the IOTA foundation, and Ocean Protocol.

As we know, IOTA’s blockchain-based Digital Identity solution helps to bring decentralized identity in a digital economy. Thus, Germany’s blockchain industry can leverage the benefits offered by IOTA in building a strong network for self-sovereign identities.

Also, with the help of the IOTA Identity solution, they can unify identity under a single protocol thereby offering seamless interaction across all forms of identities. Self-sovereign identities also make data-sharing safer and simpler. They can also money and time for businesses and government organizations using them.

IOTA’s Digital Identity Solution

The great thing about IOTA’s Digital Identity is that it gives proof of ownership for physical products in digital forms. This helps to improve the trust factor significantly while reducing the chances of fraud.

Also, the IOTA Identity solution offers “data protection and privacy by design” and complies with data management and privacy laws from around the world. Besides, it provides a neutral and trusted protocol for identification with no single entity controlling everything as the IOTa blockchain network is entirely public and permission-free.

Earlier this year, Tangle Labs – the platform behind IOTA’s Digital identities announced the launch of Identity Manager. As per Tangle Labs, IOTA’s identity manager will allow businesses and organizations to get easy access to the IOTA identity protocols. This will allow them to access user identities in a completely decentralized environment.

This year in September, Tangle Labs released the latest version of its open-source Identity Manager Libraries with the goal of offering businesses easy access to IOTA’s development tools and thus building their decentralized identities on IOTA. Also, the Identity Manager by Tangle Labs will make it easy for developers to manage their identities without technical challenges.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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