• June 3, 2020

The future of digital identity

The future of digital identity

The future of digital identity 1080 718 Data Zoo

Guiding principles for trusted decentralised digital identity

Decentralised identity refers to absolute control and mandate over an individual’s digital identity. Increased user control means the elimination of centralised service providers from the equation, and the identity owner will regain control. The decentralised digital identity lifecycle includes four main entities: User (identity Owner), Issuer (e.g. Data Zoo), Verifier (Bank, Institution) and Blockchain. The web of trust among all these entities is critical. Digital identity, when done properly, will facilitate trust for every entity in the electronic identity verification (eIDV) process.

The buzz around blockchain – from its early publication a decade ago until now – shoots from the reality that it was the first technology to set up and maintain online trust via cryptography and consensus mechanism alone. Blockchain’s incipient web of trust will empower future digital identity frameworks. However, if stakeholders do not trust the identity of their peers, the data held in the blockchain solution will be considered untrustworthy, and the whole identity ecosystem will lose its efficacy.

Data Zoo is on its way to develop its blockchain based trusted digital identity framework ensuring decentralisation. Data Zoo has a team of researchers and industry practitioners to design the architecture of their upcoming trusted digital identity framework. The architecture design principles for the Data Zoo identity ecosystem are:

Data Zoo is the best solution for any organisations with AML/KYC obligations. With access to more than 4.7 billion individuals globally, we are the leading Asia Pacific provider – covering over 84% of the population. Instantly verify your customers through reliable and independent data sources & meet all compliance requirements. If you would like to learn more, please contact us here.

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