Decentralized identity and verifiable credentials

With decentralized identity management, access is distributed across multiple environments. Users must have different sets of credentials for any applications they access. Here's a quick take on decentralized identity:

Customer-facing websites and apps can offer users greater convenience and still boost security by allowing bring your own identity (BYOI) third-party credentials. BYOI also may provide an amount of identity proofing to verify a user’s true identity. Here’s how BYOI and identity proofing intersect.

Imagine a future in which your identity is protected, passwords are a thing of the past and everything you need to verify yourself to banks, government agencies and websites resides in a smartphone-based digital wallet that is accessed with the simple scan of a QR code. Here’s how this might work.