From data privacy to supply chains, decentralized user-controlled identity could fundamentally change how the internet works.
A person’s identity is unique and unmistakable. It is defined based on characteristic properties, the so-called identity attributes. In the real world, there are physical features such as a facial image, a fingerprint, and personal information such as name, address, or date of birth. Any physical person can prove their identity with an official document, such as an identity card.
However, in the digital world, a digital identity includes the electronic data that characterizes a person with a physical identity.Attributes such as user names and passwords, chip cards, tokens, or biometric data are used.
For example, anyone who wants to use online banking or log into forums, social networks, or e-mail accounts has to authenticate themselves using different methods. Reliable and secure digital identities are becoming the key technology for data sovereignty and are the foundation of the digital economy.
There’s been an increase in demand for innovative digital identity solutions as users carry out their daily activities using trusted IDs on their phones, wearables, smart cards, etc. Ever since the ID2020 summit in May 2016 in New York, where the UN initiated discussions with four hundred experts who shared best practices and ideas on how to provide universal identity to all through digital identity, blockchain, cryptographic technologies, and its benefits for the underprivileged, numerous brands, companies and startups have released new innovative products and solutions, each of which has provided its value in the digital economy.
Below are five different industry leaders creating innovative solutions and breaking the barriers of digital identity and data privacy.
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ShareRing is a technology company that has created and pioneered an ecosystem where individuals and organizations can transact in a secure and trusted digital environment.
ShareRing’s encrypted self-sovereign ID solution, based on blockchain technology, creates an immutable “fingerprint” of an individual’s verifiable personal identity and documents. Self-sovereign means the individual has complete control over their data since it resides solely on their personal device in an encrypted format, and is never stored centrally.
These features provide: security for the individual user and, confidence for the consumer of the data that the data provided has not been altered in any way since it was uploaded to the blockchain.
Through the ShareRing Ecosystem, accessed via ShareRing Apps, ShareRing has created a number of products/solutions which digitize, streamline and radically improve processes across multiple industries and functions including health, financial services, events, travel & hospitality.
On the enterprise side, the project allows for the provision of access to in-person and digital events through a secure method and eKYC provides a more secure, convenient and effective solution for digital security measures to its users.
These solutions have already been tested with success by Credit Unions, which highlights the potential use case for other financial institutions. The merchant services arm of the business provides value for third parties through providing exposure to the ShareRing ecosystem, which will increase their sales.
Socure supports automated machine-learning identity fraud risk management, as well as data-centric Know Your Customer (KYC) and Global Watchlist compliance tools一all returned with reason codes for decision transparency. Companies rely on Socure to verify customers and unblock rapid acquisition growth across all channels.
Sumsub is a platform created for all challenges ranging from fraud prevention and identity verification to AML/KYC and KYT compliances. This AI-based solution uses these anti-fraud and compliance procedures to fight money laundering, terrorist financing and online fraud.
BioCatch is a leading platform of Behavioral Biometric, Authentication and Malware Detection solutions for mobile and web applications. BioCatch delivers actionable behavioral insights to create a world of trust and ease across the entire digital identity world from account origination to monitoring online sessions and more.
Trulioo uses a Global Identity Verification Service titled GlobalGateway, developed for the international market. Their product is created specifically to assist businesses in complying with Anti-Money Laundering (AML) and Know Your Customer (KYC).
As the number and severity of cyberattacks rise, the need to secure and authenticate data associated with identity is paramount. Likewise, companies are offering innovative solutions and a range of products services in Identity Management aimed at targeting fraudsters, managing login credentials, authenticating users’ devices, and more.