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The use of decentralised identity (DID) systems, such as blockchain-based solutions, can bring benefits such as individual control over personal credentials, enhanced data security, and lower online fraud. However, the widespread adoption of DID also faces challenges such as technical complexity, cyber risks, interoperability issues, and potential data exploitation.
OpenWallet, now joined by Microsoft, looks to the near future when digital wallets replace traditional wallets in the same way debit cards replaced checkbooks.