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“On the Internet, nobody knows you’re a dog,” was stated in the legendary New York Times cartoon that captured the spirit of privacy and anonymity in the early days of the internet. Even though anonymity is still a hot topic and sought after in the online world, times have changed. With the rise of online banking, social media, e-commerce and peer-to-peer services, a verified digital identity is a crucial ingredient in making any digital platform succeed.
Banking is one of the areas where the ability to verify one’s identity in a secure and compliant manner is a prerequisite to access basic services. Looking at the unbanked population of the world today, it is estimated that as many as 1.5 billion people lack access to everyday banking services due to their inability to prove their identity through a valid birth certificate, passport, proof of residency through utility bill or some other means to fulfill traditional KYC procedures.
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In addition to accessing digital banking, most of us also have verified our identity through a plethora of services like Google, Facebook, Blizzard and the list goes on, through various means of identity verification that make up an interlinked web of interdependencies, where one of your identities vouch for your eligibility to access another service. Two-factor authentication or biometric identification often rely on your mobile phone, and when you choose to log in with Facebook, you authorize Facebook to represent you online. While this is often convenient for easy and quick access to the latest mobile app you want to try out, you are paying a price by allowing Facebook to share and sell not only your data but also your digital identity.
However, your digital identity is more than your login credentials. This is merely the authentication that connects you with the digital you. Your digital...
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