Economy

PGC – 100 powerful global business interests have been working on a concept of a global digital identity framework, universal standards that allow corporations, and by extentions, states, to track and verify people throughout the global network.

A little down into the excerpt I’ve chosen to highlight this ongoing effort, you get this statement from the article editor, “But who is to build a safe, global, and easy-to-use digital identity infrastructure? What do we need to achieve it? ”

Those are indeed the most significant questions, and yet, no one outside of this tiny sphere of individuals who control an inordinate amount of resources, real power, compared to the overwheming super majority of the rest of us.  These are the ones in the room to write into the a.i governed code the standards of decency and normalcy so as to filter out the undesirables from gaining access to the systems that wish to lock them out.

Sounds like a solid plan, folks.

The ‘taste’ of a global digital identity framework – interoperable,

From thepaypers.com
2021-08-06 03:55:00

Excerpt:

For 100 business, technical, and legal experts in identity and banking, co-authors of a White Paper called ‘The Global Assured Identity Network, a Financial-Grade Identity Data Sharing Scheme’, the answer is yes. Ahead of the European Identity and Cloud Conference 2021, we sat with Don Thibeau, Project Lead at Open Digital Trust initiative, and Douwe Lycklama, founder of INNOPAY, to learn about this ‘crazy idea’ of building a Global Assured Identity Network.

Digital identity at crossroads

More than a buzzword, digital identity promises to unlock lots of benefits for consumers and businesses alike in many sectors: healthcare, legal, government, financial. But lack of interoperability or data privacy issues hinders the development of these advantages. Not only this, but the need to find new ways to identify consumers remotely (ways that are secure and inclusive), or that more and more fintechs and bigtechs have started replacing banks from securely identifying a customer and protecting their data, demand the global development of a digital identity infrastructure.

But who is to build a safe, global, and easy-to-use digital identity infrastructure? What do we need to achieve it? Rules (governance), tools (technology/tech systems), or both? What is the business case for it? At the moment, we have digital identity infrastructures that perform well, and that can provide good examples. Take for instance digital ID schemes in Sweden and India that have transformed digital payments and caused wider societal benefits including medical benefits, unemployment allowance, etc. As Douwe Lycklama, INNOPAY says ‘we don’t need to discover from a technological point, or conceptual base’ how to create a digital identity infrastructure. ‘It is something double, interoperability is double in Europe as we have a cross-jurisdictional legislation for organising this identity scheme’. But technology alone is not enough — financial and digital literacy are critical if we are to reap the benefits of digitisation while avoiding the potential pitfalls.

‘To build a safe, easy-to-use [digital identity] infrastructure, on a global basis, we need to capture the tools (technology/techs systems) and rules (e.g., governance)’ says Don Thibeau, Digital Trust initiative. Plus, ‘the combination of data protection legislation like GDPR, shared KYC registries, federated Bank ID, new payment rails and standardised Legal Entity Identifiers (LEI) will give a major boost to the soundness, safety, and efficiency of internet commerce’, according to Citi’s white paper – ‘The Age of Consent – The Case for Federated Bank ID’.

 

Read Full Article