Who gets to own your digital identity?

Christoffer O. Hernæs

Christoffer O. Hernæs is primary digital officer of Sbanken, Norway’s very first digital-only bank and leading challenger bank.

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” On the Web, no one understands you’re a dog,” was mentioned in the legendary New york city Times cartoon that < a data-saferedirecturl =" https://www.google.com/url?q=https://www.nytimes.com/2000/12/14/technology/cartoon-captures-spirit-of-the-internet.html&source=gmail&ust=1564844150579000&usg=AFQjCNFBquVK3zyJGy2ejLjddkq3ohZ25Q" href =" https://www.nytimes.com/2000/12/14/technology/cartoon-captures-spirit-of-the-internet.html" rel=" noopener noreferrer" target =" _ blank" > caught the spirit of privacy and anonymity in the early days of the web. Although privacy is still a hot topic and searched for in the online world, times have altered. With the rise of online banking, social media, e-commerce and peer-to-peer services, a confirmed digital identity is an essential ingredient in making any digital platform succeed.

Banking is one of the locations where the capability to confirm one’s identity in a protected and compliant manner is a prerequisite to access fundamental services. Looking at the unbanked population of the world today, < a data-saferedirecturl =" https://www.google.com/url?q=http://pubdocs.worldbank.org/pubdocs/publicdoc/2016/2/179901454620206363/Jan-2016-ID4D-Strategic-Roadmap.pdf&source=gmail&ust=1564844150579000&usg=AFQjCNHQNY5-M_GuwCXycjSnamlKQ04sOw" href=" http://pubdocs.worldbank.org/pubdocs/publicdoc/2016/2/179901454620206363/Jan-2016-ID4D-Strategic-Roadmap.pdf" rel=” noopener noreferrer” target =” _ blank “> it is approximated that as many as 1.5 billion people lack access to daily banking services< a data-saferedirecturl=" https://www.google.com/url?q=https://techcrunch.com/2016/07/15/you-cant-have-financial-inclusion-without-digital-inclusion/&source=gmail&ust=1564844150579000&usg=AFQjCNFYIMBsB0rX4g0bTVx7f98lfvyERQ" href=" https://techcrunch.com/2016/07/15/you-cant-have-financial-inclusion-without-digital-inclusion/" rel=" noopener noreferrer" target=" _ blank” > due to their failure to prove their identity through a valid birth certificate, passport, evidence of residency through energy expense or some other methods to meet conventional KYC procedures.

In addition to accessing digital banking, many of us also have actually verified our identity through a variety of services like Google, < a data-entity=" facebook "data-type=" organization" href =" https://crunchbase.com/organization/facebook" target=" _ blank "> Facebook, Blizzard and the list goes on, through numerous means of identity confirmation that make up an interlinked web of interdependencies, where among your identities attest your eligibility to access another service. Two-factor authentication or biometric recognition often count on your smart phone, and when you pick to visit with Facebook, you authorize Facebook to represent you online. While this is typically convenient for easy and quick access to the most recent mobile app you desire to experiment with, you are paying a price by allowing Facebook to share and sell not just your data but also your digital identity.

However, your digital identity is more than your login credentials. This is merely the authentication that links you with the digital you. Your digital identity includes thousands of data points that comprise a profile of who you are and your choices. Today, your digital identity < a data-saferedirecturl=" https://www.google.com/url?q=https://techcrunch.com/2017/10/17/the-next-revolution-will-be-reclaiming-your-digital-identity/&source=gmail&ust=1564844150579000&usg=AFQjCNHd2I-6ezOvBZi9hh6Uud-pOsmpWw" href=" https://techcrunch.com/2017/10/17/the-next-revolution-will-be-reclaiming-your-digital-identity/" rel=" noopener noreferrer "target=" _ blank" > is spread all over the internet, where Facebook owns our social identity, sellers own our shopping patterns, credit agencies hold our credit reliability, Google knows what we have actually been curious of given that the dawn of the web and your bank owns your payment history. As an outcome, we are all analyzed in information to predict our future behavior and monetize our digital identities.

Not only do we lack ownership of our own information, however our fragmented digital identities where numerous 3rd parties own bits and pieces only gives part of the image, and also proposes vulnerabilities for those third celebrations. As an example, fraudsters have begun to take advantage of this < a data-saferedirecturl=" https://www.google.com/url?q=https://www.fico.com/blogs/application-fraud-how-do-synthetic-identities-get-created&source=gmail&ust=1564844150579000&usg=AFQjCNErXyCuSLKdvLMPtwdlYmK92L4uVA" href =" https://www.fico.com/blogs/application-fraud-how-do-synthetic-identities-get-created" rel=" noopener noreferrer ” target=” _ blank” > in nations without any national identifier by developing< a data-saferedirecturl=" https://www.google.com/url?q=https://www.mckinsey.com/business-functions/risk/our-insights/fighting-back-against-synthetic-identity-fraud&source=gmail&ust=1564844150579000&usg=AFQjCNHQ8Ba049fpXfVojZe2i6IVpFxKYw" href =" https://www.mckinsey.com/business-functions/risk/our-insights/fighting-back-against-synthetic-identity-fraud" rel =" noopener noreferrer" target=" _ blank" > synthetic digital identities by registering digital services and obtaining credit. Although the initial credit application is declined, a credit file is automatically created, hence developing a digital paper path for a non-existing individual.< a data-saferedirecturl=" https://www.google.com/url?q=https://www.digitalidentityguide.com/synthetic-id/&source=gmail&ust=1564844150579000&usg=AFQjCNHRNxSJpk0kXSr4mzKYqABgk6t77w" href=" https://www.digitalidentityguide.com/synthetic-id/" rel=" noopener noreferrer" target=" _ blank" > With roughly 10 million new consumer credit files generated in the U.S. each year, synthetic identities can be really tough to detect. In time, these artificial identities get to credit, and bank losses due to artificial fraud are estimated to quantity for someplace between$ 1 billion and$ 2 billion each year. In the wake of many direct exposures of how our information is exploited, with Cambridge Analytica as the most notable example , personal privacy ends up being an increasing concern for the general public, also. Apple looks for to utilize this attention to digital personal privacy by taking a drastically various method than their equivalents with “sign in with Apple, “< a data-saferedirecturl =" https://www.google.com/url?q=https://techcrunch.com/2019/06/03/apple-sign-in-privacy/&source=gmail&ust=1564844150579000&usg=AFQjCNEqqXq5q4hOeOzKPfhZGSr7jrUjDA" href=" https://techcrunch.com/2019/06/03/apple-sign-in-privacy/" rel=" noopener noreferrer" target=" _ blank" > where personal privacy is the main selling point for utilizing their service rather of Google and Facebook.< a data-entity=" blockchain-info" data-type=" company" href =" https://crunchbase.com/organization/blockchain-info" target =" _ blank ">

Blockchain is frequently < a data-saferedirecturl =" https://www.google.com/url?q=https://techcrunch.com/2016/07/15/you-cant-have-financial-inclusion-without-digital-inclusion/&source=gmail&ust=1564844150579000&usg=AFQjCNFYIMBsB0rX4g0bTVx7f98lfvyERQ "href =" https://techcrunch.com/2016/07/15/you-cant-have-financial-inclusion-without-digital-inclusion/" rel =" noopener noreferrer" target =" _ blank" > proposed as the silver bullet to fix all our digital identity requires, something that< a data-saferedirecturl=" https://www.google.com/url?q=https://www.coindesk.com/facebook-mark-zuckerberg-blockchain-authentication&source=gmail&ust=1564844150579000&usg=AFQjCNEyiCDbImhONOLdWFH2qB26n6HtCg" href=" https://www.coindesk.com/facebook-mark-zuckerberg-blockchain-authentication" rel=" noopener noreferrer" target=" _ blank" > has caught the attention of Mark Zuckerberg that addresses< a data-saferedirecturl=" https://www.google.com/url?q=https://www.facebook.com/zuck/videos/10106612617413491&source=gmail&ust=1564844150580000&usg=AFQjCNE72GmqmscQaXRYkTkHnYtirpQU6g" href=" https://www.facebook.com/zuck/videos/10106612617413491" rel=" noopener noreferrer" target=" _ blank" > what he sees as the benefits and drawbacks of a decentralized approach to digital identity. As Facebook represents an ultimate male in the middle, losing ownership of all our identities is most likely the greatest con of a decentralized technique to digital identity in the eyes of Zuckerberg. With the upcoming launch of Facebook’s cryptocurrency, Libra, the company has< a data-saferedirecturl=" https://www.google.com/url?q=https://www.coindesk.com/buried-in-facebooks-cryptocurrency-white-paper-a-digital-identity-bombshell&source=gmail&ust=1564844150580000&usg=AFQjCNGQsDXwERJeejmREpE8vGOH-O915w" href=" https://www.coindesk.com/buried-in-facebooks-cryptocurrency-white-paper-a-digital-identity-bombshell" rel=" noopener noreferrer" target=" _ blank" > the possible to more enhance its position as a leading supplier of an international digital identity service. Often neglected with many of the attention directed toward the cryptocurrency, lots of indicate the decentralized identity associated with Libra as the most interesting aspect of Facebook’s plans. A passage< a data-saferedirecturl =" https://www.google.com/url?q=https://libra.org/en-US/white-paper/?source=post_page---------------------------#the-libra-association&source=gmail&ust=1564844150580000&usg=AFQjCNEzZhHd4RY6YPOj-xqRdPwtAEYhJQ" href=" https://libra.org/en-US/white-paper/?source=post_page---------------------------#the-libra-association" rel=" noopener noreferrer" target=" _ blank" > concealed away near the bottom of the documentation states:” An extra objective of the association is to develop and promote an open identity requirement. Our company believe that decentralized and portable digital identity is a requirement to financial inclusion and competitors. “There is excessive at stake when it concerns our digital identities to stay unvigilant. A combined and validated digital identity would be beneficial to both users and providers of digital services. Nevertheless, enabling Facebook or The< a data-entity= "libra-association" data-type=" organization" href=" https://crunchbase.com/organization/libra-association" target =" _ blank "> Libra Association to be the custodian of our combined digital identity is a sinister trail for the future of both personal privacy and democracy. On the other hand, the Holy Grail of decentralized identity, frequently called a self-sovereign identity, has its weak points,< a data-saferedirecturl=" https://www.google.com/url?q=https://www.paymentscardsandmobile.com/the-problem-with-self-sovereign-identity/&source=gmail&ust=1564844150580000&usg=AFQjCNEmrQ_saQM-96KE7EhDxRZqCvPBuw" href=" https://www.paymentscardsandmobile.com/the-problem-with-self-sovereign-identity/" rel=" noopener noreferrer" target=" _ blank" > namely ourselves as humans. We tend to be forgetful, and in some cases downright undependable. Letting users keep the only secret to access their digital identities is a recipe for disaster the moment somebody forgets their password or die. There is no one to call and no Forgot Password button to recover the ownership of the identity. It is tough to imagine a future of digital identity without counting on< a data-saferedirecturl=" https://www.google.com/url?q=https://www.computerweekly.com/news/252463552/Identity-custodians-needed-in-digital-era&source=gmail&ust=1564844150580000&usg=AFQjCNFfD1tTlzuJaBA1k4BpLDvGqKBSCg" href=" https://www.computerweekly.com/news/252463552/Identity-custodians-needed-in-digital-era" rel=" noopener noreferrer" target=" _ blank" > some kind of identity custodian that keeps a verified connection in between your physical and digital self, makes sure that no information is utilized without authorization, monitors harmful habits and offers user assistance in case of a lost key. This is far from a simple option and must be supplied by a controlled entity. One thing is for sure, such a solution relies on trust and must offer completion user complete ownership of their own data, similar to< a data-saferedirecturl =" https://www.google.com/url?q=https://en.wikipedia.org/wiki/Data_portability&source=gmail&ust=1564844150580000&usg=AFQjCNFeX2y6dE-0fwW-6uiqB_qrnrlRkA" href=" https://en.wikipedia.org/wiki/Data_portability" rel=" noopener noreferrer" target=" _ blank" > information mobility under GDPR. There is< a data-saferedirecturl=" https://www.google.com/url?q=https://thenextweb.com/contributors/2018/11/24/heres-how-we-take-back-control-over-our-digital-identities/&source=gmail&ust=1564844150580000&usg=AFQjCNFpRoK-I-syg_8NeCyQvPZjToDQ-g" href=" https://thenextweb.com/contributors/2018/11/24/heres-how-we-take-back-control-over-our-digital-identities/" rel=" noopener noreferrer" target=" _ blank" > excessive at stake when it concerns our digital identities to remain unvigilant of what is going on, as shown numerous times through both data breaches where our individual data is compromisedand manipulation of popular opinion through social media. No matter which technology or appointed custodian we release to fix this, our identities ought to belong to we the individuals rather than one corporation or consortium of corporations that seek to exploit our information for

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