The DID (Decentralized Identifiers) they are digital identifiers for various objects in the physical world, which are far from being existing tracking devices that carry privacy and security concerns. This new technology aims to simulate passwords, codes and startup certificates that are stored reliably on the internet, through effective security solutions, according to what was reported by Cointelegraph.
These identifiers are placed on various objects, by means of QR codes, barcodes, among others, and the information of the object is stored in a distributed ledger. (Distributed Ledger Technology) that allows to determine the property without revealing information that the owner does not want known, likewise, the owner can choose with whom he shares certain information about the object. This control of the information allows, for example, to avoid unwanted tracing by third parties, to direct sensitive information of the object to future purchasers, and even to discourage the theft of objects, since the confirmation of the origin of the object would cancel the resale option.
Likewise, the application of DIDs in real estate would have a positive impact, by avoiding incurring property verification costs such as registration, notary, specialized advisory costs, etc. In Schiener's words,"A unified digital identity system can replace lengthy approval and authentication chains with a simple DLT solution that instantly confirms the ownership and characteristics of an analog object anywhere in the world."