Secret Double Octopus’s Horacio Zombrano on decentralized identityJun 1, 2022
“Decentralized identity allows you to truly own your data, and preserves your right to decide who to share it with,” said Horacio Zambrano, CMO at passwordless authentication firm Secret Double Octopus. He was speaking to Orchid’s Derek Silva on this week’s episode of the Priv8 Podcast about why the future of digital identity will be decentralized.
Horacio explained that the level of personal data ownership that decentralized identity provides users with will allow them to choose which kinds of information they use to authenticate their identities. “For instance, if you are approved for a loan at Bank of America – which requires that you to undergo a KYC process – you may be able to use that loan as verification for other services.
“You may also be able to use your academic credentials as a means for identity verification,” Horacio said. “Say you graduated from Stanford. Since your degree is verified by Stanford as a public institution, you could potentially use it to authenticate your identity.”
Horacio also said that some of these kinds of alternative identity verification methods are already in the works. “However, it’s currently happening more on the consumer side than the enterprise side.”
Indeed, decentralized, blockchain-based identity is also more popular in the consumer market than in the enterprise market. “MasterCard, and some large industry groups that are working on decentralized identity standards. Some vendors already have blockchain architectures for their solutions, but most of these solutions are aimed at banks and consumers.
“Enterprises aren’t currently as interested in decentralized identity itself. Rather, they’re interested in identity verification solutions that check other boxes.
“For instance, does a solution integrate with my company’s internal systems? Will it disrupt the identity and access management solutions that I’ve already invested in? Further, will it fit with the other pieces of software that my company operates on? How does it play with my VPN, my Cisco, my Palo Alto Networks? There’s a lot to consider on that level.”
Check out the entire conversation with Horacio. And don't forget to subscribe to Priv8 on your favorite streaming service.