What Does a Sustainable SSI Business Look Like? The Business of Self-Sovereign ID
The Business of Self-Sovereign ID: What Does A Sustainable SSI Business Look Like?
Convener(s): Riley Hughes (StreetCred), Joachim Lohkamp (Jolocom), Ricardo J. Méndez, (Samsung NEXT)
Notes-taker(s): Ricardo Méndez
Tags for the session - technology discussed/ideas considered:
trust, business models, sustainability
Discussion notes, key understandings, outstanding questions, observations, and, if appropriate to this discussion: action items, next steps:
- Timothy Ruff, Evernum
- It's about the internet stack. Do we have applications?
- Money is made at the application layer
- Fat protocols is a failed model
- Store-of-value does not enable interactions
- Attendee distribution: about 15% are on a SSI provider, 15% on something that expects to consume it.
- Valuable when...
- Verifying assertions is costly or important
- Credentials are valuable in other contexts. Example: military IDs being useful for both base access or discounts... but what's the product? Cost reduction?
- Audience check on skepticism vs. belief...
- Timothy: who's a skeptic of SSI? Who's a believer?
- Ricardo: I believe on the benefits for individuals, but I'm skeptical on the likelihood for mass adoption.
- (General audience agrement)
- Audience check...
- Who would like to be able to manage their identity in a self-sovereign manner? (90% of hands go up)
- What sort of service would you be willing to pay for? (Crickets, mostly)
- Examples of SSI business models people would pay for
- Something that pings you when someone tries to use your money
- Password managers as a tangentially-related business
- "To create or find the value you have to go very deep into existing business models"
- CU Ledger "is priming the pump" by getting credit unions to issue credentials to their customers
- Scott Perry: "It's the trusted identity that businesses are willing to pay for. It doesn't matter if it's self-sovereign or not, it's the trust that matters."
- Most business-focused solutions that the discussion converges to can be summarized as "liability reduction".
- CU Ledger example: who makes money?
- CU Ledger makes money charging to verify credentials
- Primitive service providing ledger
- Middleware provider for the credential management system