Love to welcome Nick Mason to the stage. Hi there. Welcome.
Hi there. It's good to be with you.
Great. And with that, I'll let you take it away with your presentation.
Raised that some really interesting talks. My name is Nick Mason. I'm joining you from London today. Sorry, I can't be with you in person. And I wanna talk a little bit about how identity ecosystems in particular decentralized ID is an identity network. It's wrapped with a, an, a no code SAS platform for building identity workflows and ecosystems. And I'm the CEO, one of the co-founders of proof space. And we really set out as a company to make it easy for, for companies to build and deploy and scale decentralized identity workflows and ecosystems. And, and the reason I wanna talk about customer experience today is, is that we actually think the level of UX and ease of implementation on the company side that's available for web two should be available to oriented identity interactions. And this looks beyond the binary exchange of credentials between a user and an organization into the use of those credentials in goal-oriented goal oriented workflows, without having without the user having to jump around to, to different services.
And so, you know, in, in essence, the pithy summary is, is that we, we look to take care of the tricky SSI tech so that our partners can actually focus on what they, they do best for, for those who are already familiar with the self-sovereign identity ecosystem. And just to give you a bit of context, we, we built our stack on Hyperledger indie and, and we're actually just integrating Cardos SSI protocol at the moment, which is a tele prism. And, and in the long run, we're hoping to create a, a platform that, as I said, I'm, I'm, I'm Nick and I'm, I'm meeting the team here at, at per space. And, and also I'm backed by an incredible team of, of engineers collectively. We've worked together for, for decades. And I think many of you would've seen the recent liminal report about the, the market for reusable identity and, and that this is this market's gonna grow by eight times over the next five years.
The, the, the big, one of the big drivers for this is that the number of online identities that we have is likely to expand from, let's say the few hundred that it might be now to many thousands of identities linking to different accounts we hold, but also to our increasing use of assets in web three tokens and FTS, the explosion of this market presents opportunities for most people in this room. I'm sure. And the question for me is what proportion of this market will be snapped up by decentralized models. And, and I thank Fraser. I just wanna talk a little bit about some of the constraints and opportunities as it relates to the, the, the customer experience. So value in, in this emerging market for, for usable identity
Will be driven by this is any rudely interrupting. I'm sorry. We have some connectivity issues where your audio and video is freezing from time to time. We're losing chunks. If you have a quick fix for that, then we can continue smoothly. Thank you.
I think the quickest fix the quickest fix is if I turn off my video, how's that
So far, so good. Let's try. Are you speaking at the moment, Nick, because we can't hear you. I'm sorry. Okay. Please continue.
Okay. So the, there is a, there is a de facto market for decentralized identity
Singly, a a market in web two that, that demands high levels of privacy and, and reusability of Prudentials that that potentially provides for a way in, for decentralized identity to become more mainstream. There was a session hosted earlier by Jacqueline showback that draw attention to some of the potential business models in healthcare, financial services, security, and so on. And, and so I, I suppose when we look at the, the potential for, for decentralized identity to, to take a larger market share, I wanted to briefly just do some SSI basics, self that are, that are online identities, follow the track of being in, in a centralized environment where they're issued by a single entity. And we're able to use them in reference to the services provided by that entity and where, where, which is pretty much represented by the, by the screenshot that you can see on, on the screen here, where the identity is usable across multiple domains, but, but the identity is still tracked online.
And then the decentralized identity model, where there is an issue of the credential, but the issuer doesn't track where that credential is used. And that, and that really is one of the core values of decentralized identity. And, and again, the, just doing some SSI basics, the, the SSI trust triangle, which I think was a term coined by, by drum and read from, from E but you can never be sure, I suppose, if there was a way of verifying it, the, the interactions between peers aren't, aren't tracked by centralized by central organization, the credentials and the interactions that those credentials engage with are, are driven by the user sort of data minimization by design attribution. And, and I suppose the, the last point particularly important from an ecosystem perspective is that the, the verifier of the credential and the issue, I don't need to have a, a technical or a business integration in order to trust the information that's being presented.
And as we move forward in, in the market for, for reusable identity, what we're really aiming for is, is many to many relationships. And to scale a self-sovereign identity ecosystem, you need trust registries and credential, schemers trust registries are a vital, are able to issue and, and yeah, create an issue that credentials these form, the consistent reliable foundation for verifies to have confidence in the credentials that have been issued. So that's a, so a scheme of relationships, you know, in essence, anything that I issue they can verify and anything that they issue I can verify. And, and the exciting thing is that they, the, the verifier can be virtually unlimited because the user is in control of the organizations that they interact with. And those organizations don't need to be integrated with one another. And this really is where the magic happens with, with SSI.
So we wrap this all with the next generation data minimization tools, like I mentioned, selected disclosure already, but also zero knowledge credit cards. And you've got a really exciting opportunity for online credentials to physically taking your ID card out in a shop, the added a advantage of credentials, representing a much broader range of identity attributes with no central tracking of where the identity credentials are used and with the confidence towards better customer experiences and, and while regulations and risk management still presents serious constraints to adoption of, of, of SSI in, in, in KYC KYC for, for example, regulated financial markets, we're already working out how to manage these things. Things like liability, for example, by introducing models for credential issuers, to be remunerated by credential verifiers, possibly as part of a smart contract flow. But, but what, what the opportunity presents in essence is for a user to reuse the KYC credential that is issued to them by one party with bank accounts, this is a really potentially a really valuable and time saving opportunity, both for the organization and for the, and for the, the, the, the users. And we're looking at this for the first time with a, with a P.
So the sign in sign sign up sign in an access management scenario is, is a, is a classic. I think it's worth throwing attention to it though, because rather than using a trackable email ID to sign up and log into a service, we can use verifiable credentials in an SSI version of an O interaction. So from a us UX perspective, it's as easy as pressing a button on your phone, and you don't have to worry about remembering lots of passwords. Of course, there's the ever present value with SSI of increased privacy. And this is one of the, the faster growing use cases for, for proof space in particular for, for Dow communities, whether it's a university or a regulator, or, or otherwise have a problem, both on the sell side and the buy side with certification flows, the sell side problem is that if people can easily make a false claim about their qualification, it devalues the qualifies brand, having the right person. So this is expensive to overcome because it requires boots on the ground, but SSI, ecosystems, where mutual trust enables the verification of credentials across the network can go a long way to changing this.
And we are also really excited about how decentralized identity can accelerate do adoption growth and, and long-term viability as it relates specifically to the experience of the members within those communities. So multi-level identity for Dow members and governance helps to authenticate, sorry, helps to be authentic to their mission of being decentralized. So you can create the kind of user experience with peer trust, which, which promotes peer trust and networking, liquid governance, and the kind of meritocracy that so many of these now communities are model identity that they often by that they often rely upon. And, and again, this is a really exciting growth area for, for proof space. One we're hoping to, to do a lot more within the, in the card community, once we've, once we've integrated the Atala prism stack into, into our platform. So I I've mentioned proof space a few times, and I, I, I don't want it to be abstract for people.
So concretely it's a web dashboard where you can configure test deploy and scale decentralized identity workflows, ecosystems, and mobile application, where those workflows are experienced B2C digital services, where that marketplace is powered by identity, the hope, and, and we're already executing this by, by creating interoperability between Indian solar prism credentials. The hope is that we enable and enable a truly interoperable experience for the end user call from IQ, sorry. And, and that, and, and so our hope is through the year that we might integrate with Ethereum with, with PKA dot, with Lana various other platforms that, that we're exploring and making great progress with. So finally, I'll pause there. Thanks for your, thanks for your time and attention. Sorry about the video issues. And I welcome your questions.
