It’s magic

The habit of knowing the other person develops in Digital Space

Many know that Digital Identity is issued by the state and grants access to digital services. However, companies often require slightly more and different opinions exist on Digital Identity’s future. As a result, the Digital Identity unveils in a different light.

So Uber in Australia and New Zealand to ban misbehaving passengers, whose rating drops below a certain level.

The Digital Identity topic captured by scientific society …

… Still, government-owned and controlled identity authentication systems are inherently insecure and very dangerous as critical citizens can be “switched off” by government and rendered severely handicapped in their abilities to perform successfully …

Paper: Safeguarding a formalized Blockchain-enabled identity-authentication protocol by applying security risk-oriented patterns. By Alex Norta, Raimundas Matulevĭcius, Benjamin Leiding.

… and theorists like Evgeny Morozov, who believes

“… we will have a digital identity provided by the state … and companies would be able to query identity system in order to know whether we are actually eligible or not to receive certain services. That’s a decision that should still be mediated by the state and should not be mediated by the providers of the services, not everywhere, but on something as crucial as education or healthcare, or transportation I would argue that it makes quite a lot of sense …”

American writer and researcher from Belarus, who studies political and social implications of technology.

Access to receiving Digital Identity is being also simplified. For instance, in India, fingerprints are considered a prerequisite to receiving identity, which is considered to be sufficient for people with low literacy from rural areas to gain access to digital financial services.

Evidence of recent developments in FinTech demonstrates that identity is a broader term than a simple chip, or card, or any other document that is intended to verify individuals identity with basic information and unique identifier.

KYC or know who you are dealing with

The introduced Know Your Customer (KYC) policy in many financial institutions requires a certain level of due diligence prior to engaging into an agreement or contract with business or individual.

Also, be it private life or business relations, many are already familiar with KYC but slightly from a different perspective. People often tend to know more each other before engaging in any sort of relations. For instance, popular Social Networks are checked to see who the person really is, what are his/her values. This is necessary since introduced evidence by the person might create a good impression, however, Social Networks might reveal something different.

Conclusion

Digital Identity is a combination of issued identity by authority, and information from different services like social media profile/s, a history of interaction with digital space (shopping, preferences, etc.) and an outcome of scoring as proof of behavioral pattern.

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Transferring value across digital society.

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It’s magic