The entire blockchain system is based on digital transactions, and privacy is the key to keeping it secure. And to maintain that privacy, blockchain platforms rely on decentralized digital identities. In a significant development, Spruce Systems Inc. has announced the integration of decentralized identity to the Tezos platform.
Today, we are proud to announce our collaboration with the Tezos ecosystem, which will result in extensible open-source identity products built on #Tezos. https://t.co/Ul8SanoaIY
— SpruceID (we're hiring) (@SpruceID) August 27, 2020
Perks of Decentralized Digital Identity
Decentralized identities create a secure environment for issuance and storage of digital assets as well as ensure verification of third-party information in a trusted manner.
Also, digital identity capabilities are the very foundation of establishing blockchain interoperability, where credentials are kept intact without risking data privacy and security.
Given the trust and compliance offered under different projects, businesses have too little to worry about when it comes to managing their digital assets.
What Does This Integration Mean?
This integration will pave the path for the development of various open-source projects on Tezos, including Taquito, Agora, Tezos Domains, Kukai, and Beacon. Additionally, Spruce Systems will combine W3C standards to build these digital identity-based projects.
What Does it Mean for Spruce Systems?
Spruce Systems’ mission is to equip blockchain applications with decentralized digital identity smart contracts for allowing peer-to-peer and secure digital transactions. Furthermore, it aims to bridge Tezos on-chain accounts with real-world assets and credentials.
What Does it Mean for Tezos?
Tezos is committed to creating an infrastructure where end-users experience a sense of security when using products on the blockchain protocol. After being powered by digital identity capabilities, Tezos can interact with authentic credentials while allowing its users to integrate products based on decentralized identity. Stay updated with the latest and leading XTZ market updates from all around the world on our Tezos news section.
In a nutshell, with a reliable and upgradable blockchain protocol built around the Tezos ecosystem, Spruce Systems believes that the decentralized identities for building verifiable credentials-based projects will be a road to success.
