Digital Identity Management: Innovative Technologies Create Massive Growth Prospects
Social, technological, and economic inclusivity needs drive future growth potential for digital identity
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About 1.1 billion of the world’s population lack official proof of identity. This limits citizens’ access to services and precludes an inclusive society that allows citizens’ full participation in social and economic progress. Digital identity management solutions can instill trust and transparency in relationships among public agencies, enterprises, and citizens. Countries with nearly 100% digital identity enrollment, such as Estonia, lead in digital identity as effective benchmarks for other public agencies and enterprises in this space.
As communication and information sharing move from physical to digital media, personal data privacy, security, and user control will become critical enablers for society’s social and economic growth. However, current centralized and federated identity management structures pose major cyber theft risks. For instance, the United States observed a 3,000% increase in cases of citizens’ information fraudulent use in 2020. Technologies, such as blockchain, biometrics, artificial intelligence (AI), and automation can transform the current state of static identity management by providing full control to the user who owns the personal information.
Digital identity management has wide-ranging applicability across key industries, including payments and financial services, smart cities, entertainment, retail, healthcare, mobility, and border security. For instance, customers holding digital identity documentation (ID) can issue and sign verifiable claims when accessing financial services online, such as opening a bank account.
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