Topic: 2017-08-08 kathmandupost.ekantipur.com - Universal digital identity (Read 286 times)

http://kathmandupost.ekantipur.com/news/2017-08-08/universal-digital-identity.html

This article is related more to blockchain technology and alternative methods of identity verification for know your customer processes that are often required for bitcoin purchase.

"Having a digital identity is important for people to gain access to rights and services"

"In a scenario where everyone has a universal digital identity, passports, driving licenses, birth certificates—documents that identify us in the physical world—will no longer be necessary. A business trip or vacation would be a seamless experience, and banking services such as overseas transfers and account openings will be a breeze due to robust and trustworthy Know Your Customer (KYC) processes."

"The project, which uses blockchain technology, can recognise and verify identities of clients in a reliable and fuss-free way. Blockchain allows entities that are independent of one another to rely on the same shared, secure, auditable source of information."

"Additionally, banks are naturally incentivised to collect accurate data because the viability of their business depends on it. For example, banks cannot open an account or approve a mortgage if they do not have accurate information about the applicant’s income, credit worthiness or employment. New anti-money laundering directives and KYC rules mean that regulators also expect financial institutions to maintain high standards for identity verification of new and existing customers."

"Any universal identity system should allow the ownership of personal data to lie with the individual. It is analogous to the individual owning their own identity store, and they choose what information to share to gain access to services."

"As companies explore different technologies that allow the consumer to have control, blockchain—the distributed-ledger technology behind the digital currency Bitcoin—has been seen as providing a potential technology solution."

"Achieving a universal digital identity would have many advantages but making it work would require cooperation among financial institutions, governments, technology companies and many other parties. The benefits in terms of cost, time and user satisfaction are so great that we are optimistic that a comprehensive and holistic solution may be available not too far in the future."


An application of blockchain technology for identity verification https://veratad.com/solutions/identity-verification/ purposes through an onboarding know your customer process. I would be curious to see how to allow 'ownership of personal data to lie with the individual.'