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A private digital identity is essential to securely access a service online. Most of us already have numerous digital identities and unconsciously use them every day to access social media, government services, retail, and other online services. Issued by the public and private sites, identities are stored on our smartphone and PC’s.
Digital identities are the equivalent of keys. Just as our keys unlock our house or car, so we have multiple digital id’s, often stored in a digital wallet. Without these, no one can actively participate in the digital economy, either as a consumer or a citizen. When lost or stolen, we face similar risks and challenges when we lose or misplace physical keys. Both can be used by others to gain access to our private world, our virtual and physical assets and even our identity.
But existing digital identity systems are not fit-for-purpose. Archaic, insecure and open to abuse, getting digital identity fit for the digital age is imperative if we are to depend on them like we depend on our house keys today.
But at least 1 Billion adults do not have any form of digital identity, W0rse, they often lack the official credentials to obtain one, such as a permanent address or birth certificate. Without a digital identity they languish at the back of the queue. Left even further behind in an increasingly digital world.
This 60 min video from ID2020 (Digital Identity Alliance) is one of a recent series of five videos that explores this topic. This one focuses on initiatives to improve financial inclusion for the ‘unbanked’.