Self-sovereign identity (SSI) is another area where crypto could have a major impact. SSI is a concept where individuals have full control over their own personal data and identity. This could be achieved through the use of blockchain technology and digital wallets.

Instead of relying on third-party providers to verify identity, individuals could use a blockchain-based system to do so. This could potentially be more secure and efficient than current systems.

There are several challenges that need to be addressed in order for SSI to become a reality. One is the need for widespread adoption of the technology.

This could be difficult to achieve, as it would require a major shift in the way that individuals manage their identity. Another challenge is the need for regulation and standards. Without these, it could be difficult to ensure that the system is secure and trustworthy.