# Top 5 trends in Decentralised Self-Sovereign Identity (SSI) and Privacy-Preserving Technology in Web 3.0  Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-05-31 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Top 5 Trends in Privacy-Preserving Technology Revealed Meta Description: Explore the top five key findings from our recent survey, including insights on data control, motivations for SSI adoption, and privacy-preserving commercial URL: https://financedigest.com/top-5-trends-in-decentralised-self-sovereign-identity-ssi-and-privacy-preserving-technology-in-web-3-0html ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1361572805-1736815674559-compressed.jpg) ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/1-da-31-1736815674456-compressed.jpg) _By_ **_Ankur Banerjee_** _Chief Technology Officer at cheqd_ In January 2022, at cheqd, we conducted a survey to find out what are the top five trends regarding privacy-preserving technology. To do this, we surveyed 114 individuals and organisations. We wanted to create a pool of [data that spoke to all sectors](https://www.financedigest.com/how-data-governance-as-a-service-can-transform-the-financial-sector.html "How Data Governance-as-a-Service can transform the financial sector") of our market. And so, by contacting experts from a list of over 45 partners, as well as general outreach across all our media channels, we were able to create a microcosm of [insight across all facets of our industry](https://www.financedigest.com/flooded-battery-to-remain-top-choice-across-industries-accounting-for-49-0-of-lead-acid-battery-sales-in-2021-future-market-insights.html "Flooded Battery to Remain Top Choice across Industries, Accounting for 49.0% of Lead Acid Battery Sales in 2021: Future Market Insights"). **We have [listed the top](https://www.financedigest.com/the-secret-to-academic-success-colouring-in-oxford-and-cambridge-residents-top-the-list-of-crayon-wielding-adults.html "The secret to academic success? Colouring in! Oxford and Cambridge residents top the list of crayon wielding adults") five key findings below:** **1 – Maintaining privacy and control of their own [data is of paramount importance to web](https://www.financedigest.com/investing-in-the-future-with-alternative-web-data.html "Investing in the future with alternative web data") users** An astonishing 68% of individuals believe they have limited to no control over their personal data, with many agreeing that Self-Sovereign Identity (SSI), a new paradigm in portable and interoperable digital identity, which enables individuals to manage, transfer and ‘reuse’ their data, could be the solution over a five (or more) year time horizon. This doesn’t stop [companies from repurposing mandatory data](https://www.financedigest.com/the-logo-of-french-cloud-computing-company-ovhcloud-is-seen-on-a-data-center-building-in-strasbourg-france-october-13-2021-reuters-christian-hartmann.html "The logo of French cloud computing company OVHcloud is seen on a data-center building in Strasbourg, France, October 13, 2021. REUTERS/Christian Hartmann"). But, it does make asking for fewer correlating data points the norm, giving the user control and the means for ensuring their personal data is “adequate, relevant and limited to what is necessary in relation to the purpose for which they are processed”; in other words, [data minimisation.](https://ico.org.uk/for-organisations/guide-to-data-protection/guide-to-the-general-data-protection-regulation-gdpr/principles/data-minimisation/) **2 – The motivation for users  and organisations where they want to use SSI are vastly different** There were different motivations from users and organisations for wanting SSI, as shown in our findings. Both personal data control and reducing compliance risk were key motivators for users and [businesses on the uptake of SSI technology](https://www.financedigest.com/schneider-and-greenyellow-target-smaller-businesses-with-energy-saving-technology.html "Schneider and GreenYellow target smaller businesses with energy saving technology"). While over 70% of industry [expert respondents claimed that reducing compliance risk](https://www.financedigest.com/flu-experts-gather-with-h5n1-risk-on-the-agenda.html "Flu experts gather with H5N1 risk on the agenda") and payment mechanisms for digital identity exchanges were both overwhelming key motivators for caring about SSI technology, 62.3% of user respondents were fundamentally interested in improving solutions for data privacy. **3- Privacy-preserving commercial models for** [digital identity exchange could radically accelerate SSI adoption](https://www.financedigest.com/why-banks-cant-adopt-digital-identities-fast-enough.html "Why Banks Can’t Adopt Digital Identities Fast Enough") There is a clear consensus that the [acceleration of SSI technology within society lies with the adoption](https://www.financedigest.com/venom-foundation-and-hub71-partner-to-accelerate-growth-and-adoption-of-blockchain-technologies-from-abu-dhabi.html "Venom Foundation and Hub71 Partner to Accelerate Growth and Adoption of Blockchain Technologies from Abu Dhabi") of the service from a commercial level before it can benefit individual users. 70.3% of [experts believed SSI adoption would be heightened by privacy-preserving payment](https://www.financedigest.com/from-the-experts-5-payment-technology-trends-to-look-out-for-in-2016.html "FROM THE EXPERTS: 5 PAYMENT TECHNOLOGY TRENDS TO LOOK OUT FOR IN 2016") mechanisms for identity exchange. However, the fundamental issue is achieving value exchange, ultimately creating incentives for both parties. One way around this is through the [verifier-pays-holder model](https://sovrin.org/library/sovrin-protocol-and-token-white-paper/), whereby a charge is incurred for the use of an integral service such as a bank wanting to see a customer’s passport credentials. Over 30% of respondents believe this would have a [large impact on SSI adoption](https://www.financedigest.com/growth-in-sales-of-fed-microbial-market-to-be-largely-driven-by-rising-consumer-adoption.html "Growth in Sales of Fed Microbial Market to be Largely Driven by Rising Consumer Adoption") at a commercial level. **4 – Identity is a foundational [building block](https://www.financedigest.com/innovation-to-be-a-building-block-of-the-automotive-glass-market.html "Innovation To Be A Building Block Of The Automotive Glass Market") for DeFi and Web 3.0** When speaking with early adopters of Web 3.0 technology, one user claimed that [“your reputation travels with you”](https://future.a16z.com/decentralized-identity-on-chain-reputation/) in the digital space, meaning that due to its interoperable nature web 3.0 will need fast and accurate ways of confirming identity. The prevalence of people using pseudonyms online indicates a burgeoning desire amongst individuals to limit the amount of unnecessary information they are giving away; SSI provides a natural extension and realisation of this impetus. **5 – Healthcare, social media, and Government use cases [lead the pack among “traditional” sectors](https://www.financedigest.com/invest-in-infrastructure-to-escape-the-starvation-cycle-warns-leading-nonprofit-sector-strategist.html "Invest In Infrastructure To Escape The ‘Starvation Cycle’, Warns Leading Nonprofit Sector Strategist") where SSI can be applied** The COVID-19 pandemic created a necessity for ‘forced [experiments’ that have accelerated an already fast adoption of digital services](https://www.financedigest.com/choosing-the-best-digital-experience-platform-dxp-in-financial-services.html "Choosing the best Digital Experience Platform (DXP) in financial services"). Providing and proving a COVID-19 vaccination status or test results with a high level of trustworthiness showed us glaring holes in our authentication of individuals in the digital space. With self-sovereign digital credentials, it is [possible to prevent the need](https://www.financedigest.com/do-you-need-financial-guidance-or-financial-advice-or-possibly-both-find-out-here.html "Do You Need Financial Guidance Or Financial Advice – Or Possibly Both? Find Out Here") for large database silos or having to rely on easily forgeable PDF files. As the real and digital worlds continue to merge, it is clear to see that SSI [technology can play an important role in resolving data](https://www.financedigest.com/manchester-arts-centre-the-lowry-selects-logpoints-siem-technology-to-safeguard-customer-data.html "Manchester arts centre The Lowry selects LogPoint’s SIEM technology to safeguard customer data") and identity-related complexities around protection, ownership, and value creation for both individuals and organisations. There is plenty more that could be extracted from the survey, which is a testament to our [community and respondents for providing](https://www.financedigest.com/build-to-rent-in-the-uk-today-community-creators-not-just-property-providers.html "Build to Rent in the UK today: Community creators not just property providers ") such thought-provoking insight. We will be releasing further blog posts, where we go into greater [detail about trends](https://www.financedigest.com/date-palm-market-detailed-survey-on-key-trends-leading-players-business-opportunities-2026-2.html "Date Palm Market – Detailed Survey On Key Trends, Leading Players & Business Opportunities 2026") in the Web 3.0/Cosmos ecosystems, and in the standards stack of self-sovereign identity. The complete outline of our research, including a full conclusion can be found in our extended report; ‘ [Top 5 Trends in Decentralised Self-Sovereign Identity and Privacy-Preserving Technology in Web 3.0](https://www.cheqd.io/blog/top-5-trends-in-decentralised-self-sovereign-identity-and-privacy-preserving-technology-in-web-3.0-2022)’. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---