Authentication & Security

Daily Review: Digital Identity – The Most Valuable Asset of the Century

MEDICIGlobal Head of Content

One’s identity is a centerpiece of every aspect of his/her life – financial and social standing, health, family welfare, employment, education, etc. Identification – whether through civil registries or other national identification systems – has three overarching outcome goals from a development perspective: inclusion and access to essential services (health care, education, electoral rights, financial services, social safety net programs); effective and efficient administration of public services, transparent policy decisions and improved governance; and more accurate measure of development progress in areas such as reduction in maternal and infant mortality.

Even though accessible, robust and verifiable universal ID systems are believed to be crucial for inclusive growth in addition to facilitating efficiency and transparency in the business environment, over a fifth of the world’s population is still unable to prove their identity.

Meanwhile, for those with a digital footprint of some sort, the fragmented presence of personal identifying data results in lower processing efficiency across businesses and governmental structures in addition to an incomplete representation of a person. Each piece of identifying data is only a part of a whole and cannot fully and accurately translate into person’s credibility and a wholesome portrait.

Therefore, a unified identity, complex and multidimensional, involving many systems and stakeholders, could become one of the most valuable assets ever possessed by an individual as it would become a digital mirror of what a person is in every aspect of his/her life. Once brought together, a unified identity will be either the strongest enabler or a plague in an individual’s life.

Pick #1. This Is the Most Valuable Commodity of the 21st Century

The opportunity to use our digital selves for interaction, collaboration, innovation, personal safety, community building, giving a voice to those otherwise disenfranchised humans who live in isolation and whose plight has been easily ignored or silenced, and the creation of global economic value for all, are incredibly positive advances in the human condition as well as the evolution of a just and prosperous society.

While this is the direction that we are taking, we are still far from it.

Will that come with risk? Of course. But we need to accelerate our ability to build these digital selves in order to not only understand the nuanced and invisible behaviors of, and among, people, machines, and ecosystems, but also to create a world in which there is opportunity for ten billion people to participate as digital citizens of a global society in which identity becomes an immutable right that crosses national and geographic boundaries.

Our digital selves are anything but free. Revealing and finding the patterns in the otherwise invisible behaviors they form may ultimately be one of the most valuable things we ever do.

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Pick #2. Insights into IoT Value Chain Positioning from Leading Telecom Service Providers – Ericsson Study

Of those IoT leaders targeting additional revenue in the higher layers of the value chain, most reported plans to partner with platform and application providers. Many also had plans to leverage system integrators and enterprise channel partners with a strong brand in selected vertical segments to grow addressable markets.

The network provider role demands the following capabilities in order to scale:

  • Focus on industries and use cases when building networks.

  • Ability to leverage value-added resellers to expand market footprint.

  • Flexible data pricing with data costs increasingly bundled in total solutions.

  • Established device and application partnerships for early testing and verification.

  • The latest edge cloud and network slicing capability.

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Pick #3. Nasdaq Is Open to Becoming Cryptocurrency Exchange, CEO Says

“Certainly, Nasdaq would consider becoming a crypto exchange over time. I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.” – Adena Friedman, CEO, Nasdaq

Nasdaq collaborated with cryptocurrency exchange Gemini, providing Gemini access to Nasdaq’s surveillance technology to help make sure the platform provides a fair and “rules-based marketplace,” for their own participants.

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Elena Mesropyan

MEDICIGlobal Head of Content

Global Head of Content, MEDICI

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.