What is the problem with digital identity?

The SelfKey whitepaper stated the problem: We do not own our identity.

Our identity is represented in the digital economy as data, outside of our direct control - which is constantly sold, lost, stolen, and abused. We (and anyone with basic computer science training) know that databases can and will be hacked, and the mere fact of storing data in a centralised database is a significant contributor to this problem, which distributed technology can potentially solve. Furthermore, we outlined a requirement for adherence to data privacy laws, and GDPR compliance and fulfillment of real world KYC needs. Our mission remains the same: we need a better approach to identity management and it should be solved by Self Sovereign digital identity.

Identity theft is a lucrative business for hackers. You can google about data breaches and you’ll find the rising numbers disturbing. so there is clearly a demand for data privacy products like selfkey.