The Future of Digital Identity is Here
Digital identities are heading towards mass adoption. From shopping to medical records, the services we use are increasingly provided in a digital form, and the digital identities we use to access these services are more important than ever.
Most people have multiple digital identities. From your banking history to government-issued documents and even information held by social media, your digital ID is currently split across hundreds of records, stored by separate entities.
Covid has accelerated the adoption of digital identities with digital vaccination certificates and test results. During the pandemic, customers also became increasingly reliant on tech, trading face-to-face contact for more online interactions. Research by IBM Institute for Business Value shows that over three-quarters of leading executives expect this behavior to persist after Covid.
One issue with digital identities is verifying all this information reliably and rapidly. How can we ensure that a person’s identity matches the one they claim to have, without sacrificing convenience?
There is momentum behind centralized digital identities. ABI Research, a global tech market advisory firm, predicts over 850 million citizens will have a form of mobile identity (mID) by 2026. By 2030, the World Bank’s ID4D initiative aims to provide everyone on the planet with a legal digital identity.
However, when it comes to privacy fears and concerns over centralized digital IDs, the future could lie with self-sovereign identity.
ShareRing’s solution is both innovative and straightforward: ShareRing’s encrypted self-sovereign ID solution, based on blockchain technology, creates a “fingerprint” of an individual’s verifiable personal identity and documents.
The “self-sovereign” aspect of the solution means an individual retains complete control over their data since it resides solely on their personal device in an encrypted format, and is never stored centrally. This allows a user complete control over their personal data without external intervention.
The next few years will be an incredibly influential time in developing digital identities, as uptake of digital ID and associated services gathers pace.
It doesn’t take an expert to work out that putting digital identity at the heart of operations is a priority for digital services to meet customers’ needs in the future digital economy.
ShareRing’s ID solution addresses growing demands for the highest levels of security, privacy, and consumer trust into a flexible digital verification system.
For more information on how you can obtain the ShareRing app to upgrade your business and customer experience more effectively, visit www.sharering.network