Self-Sovereign Property: a profound change in consumer relations

Self-Sovereign Property (SSP) is a natural progression from Self-Sovereign Identity (SSI): a proposal not only seeking to change how we manage our identity but also how we engage with companies and their decision-making.

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n an increasingly digitized world, where personal information constantly flows, managing identity and privacy has become a priority. Users, now major players in the digital era, demand greater control over their data and how it is used. This is where Self-Sovereign Identity (SSI) is born: a revolutionary paradigm that empowers individuals to be the guardians of their own digital identity. 

The foundation of SSP: Self-Sovereign Identity 

Built on decentralized technologies like blockchain, SSI enables individuals to own their personal data, free from reliance on centralized entities. With SSI, we can create, issue, and verify our own digital credentials, thus preserving our privacy. SSI allows us to become owners of the information that defines us, selectively providing attributes to companies on our own terms and conditions. It’s a proposal that transforms the dynamics between users and companies, reshaping the way interaction occurs. 

The emergence of Self-Sovereign Property (SSP)  

The next step beyond SSI is Self-Sovereign Property (SSP): a disruptive proposal that redefines the consumer’s role in the digital economy, advocating for customers to have a similar power to investors in influencing corporate decisions. Beyond simple product acquisition, SSP enables each transaction to become an opportunity for consumers to actively participate in company decisions, directly impacting societal development; all through their digital wallets. 

Empowering consumers through their digital transactions 

What does this new understanding of the consumer-company relationship entail? Picture a scenario where every purchase you make not only provides you with a product or service but also a voice in the direction of the company. This is the essence of SSP: consumers accumulate “voting rights” based on their economic participation in their purchases. Similar to shareholders, the accumulation of these rights would be proportionate. Through their digital wallets, an interesting horizon of possibilities opens up. Customers can pose questions to the user community and vote on various aspects consensually. 

For example, they could influence areas such as corporate ethics and supply chain transparency, the goals and usage of advertising campaigns, participation in Social Responsibility projects, expansion projects, or the working conditions of their human team. This model empowers individuals and promotes real change in company practices, directing them towards ethics and sustainability. 

A smart move for businesses 

From the perspective of organizations, embracing SSP would yield significant long-term benefits, cultivating engaged and loyal customers. The mechanisms offered by SSP enable companies to build stronger relationships with their consumers, based on mutual respect and collaboration. 

The information provided by consumers through SSP would help companies better understand their needs and make more informed decisions, thus improving their efficiency and competitiveness. Ultimately, SSP creates a more just and equitable digital ecosystem where consumers and companies of any profile work together to build a common future. 

The future of digital identity and participatory consumption 

Self-Sovereign Property (SSP) doesn’t have to be a utopia. It represents a new way of managing identity and participating in consumption that places people at the center, in a moment of history dominated by brands and large corporations. 

Based on SSI, this decentralized and participatory proposal questions the validity of relationships between individuals and companies as we know them. In a world where technology and ethics converge, SSP offers the possibility of fairer and more transparent consumption, driven by the power of consumers. 

Self-Sovereign Property may seem distant, but for TrustCloud, it’s a more than viable goal worth pursuing: a way to apply technologies that work by consensus, democratically, and against manipulation. And all from a humanistic approach that drives business growth but always prioritizes user protection. 

It’s in our company’s DNA to envision a future characterized by significant advancements that add value to the individual and enrich their experiences. It happened with Self-Sovereign Identity, and it will happen with SSP. 

Contact a TrustCloud specialist in digital identity today