With the emergence of online banking and e-commerce, personal authentication and digital identity have become keynotes for the digital future. Due to the current global crisis, most of the financial services, businesses, and commerce have moved to the digital space. Concerning this, the demand for safe electronic identity confirmation has grown greatly.
Trusted and secure digital identification brings tremendous opportunities for society. With the implementation of digital personal identification systems, the functioning of government, international organizations, and businesses is changing significantly, becoming more sustainable, trustworthy, and inclusive. The reliable usage of digital personal data establishes a new level of trust between commercial service providers and consumers, employers and employees, governments, and citizens, etc.
The digital economy requires a digital identity
People need identification to interact with businesses and institutions online. To verify personal identity, access systems can use any identity documents issued by different organizations and technical services, as well as official documents for traditional KYC. These can be biometric data, passwords, PINs, QR codes, cloud technology, and supporting smart devices.
Digital identity verification provides access to basic financial transactions and banking services, including people who do not have an official identity card for various reasons. Thus, according to the World Bank, about 1 billion people in the world do not have legally recognized identification
, and 3.4 billion cannot use it for financial and other interactions on the internet.
The benefits of digital identification include verification capabilities and remote notation. Thus, digital identification allows you to make safe transactions online, conduct business, create, and develop private companies. Digital identity and e-signatures are tools for the mutual trust that enables scale business in a cost-effective, efficient, and fast way.
Digital ID for both states and the private sector
McKinsey's 2019 analysis
shows that implementing basic digital identification programs in emerging economies can unlock 50 to 70% of total economic potential with an implementation rate of about 70%. In turn, economies with functioning digital systems need advanced digital identification with enhanced storage and data sharing. To access services through online identification means to expand the use of financial services, to facilitate access to employment, to increase the productivity of companies and entire sectors.
The implementation of identification systems, both at the state and for private companies, ensures transparent and simple interaction with individuals - citizens or customers, which reduces costs, reduces fraud, increases sales of goods and services, and improves efficiency and loyalty. Mutual trust is based on technologies and makes transactions faster and more reliable between companies, as well as between individuals and businesses. Additional technical tools such as cloud technology, remote verification, notarization, and e-signature make the paperwork of companies more cost-effective, transparent, and productive.
Source: Digital identity provides access to transactions
Source: Digital ID is an entrance into the digital world
Source: DIGID is a confirming and verifying data service
Keep the data securely
Creating digital identity systems is a challenge and requires enhanced digital security measures. Digital identification usually includes the storage of personal data: it can be the actual identity, place of residence, and employment of the users. This is a kind of information that can be risky in the wrong hands.
The digital identity management systems available on the market today are mostly fragmented, insecure, and exclusive. This encouraged FCE developers to the create the blockchain-based digital identity management
The confidence of blockchain-based identification systems relies on distributed data storage and one-way encryption systems. Unauthorized change, leakage, and compromising of data in such systems are excluded. Secure blockchain infrastructure provides security benefits for businesses, personal users, and management systems. Both the internal data flow in the company and the customer data remain protected by the implementation of blockchain technology in the system of identity management.
FCE offers a specially designed tool for managing digital identity cards based on blockchain. DIGID, an acronym for Digital Identification, is a service for confirming, verifying, and using personal data for ID.
This service offers the creation and verification of electronic identity cards, remote notation, and e-signature for companies and individuals. Blockchain-based digital identities can be used to handle security issues, minimize the possibility of manual error inherent in traditional identification programs, and the risks involved. Remote verification and notation, as well as making transactions with e-signature, become as trusted as possible due to the blockchain.
The blockchain-based digital identification ecosystem is a new frontier in creating value for individuals and organizations, a basis for transparent and secure interaction and benefit from every side. Digital identity is an entrance into the digital world, which means that when the whole world becomes digital, this entry must become accessible, inclusive, and secure.
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