Skip to main content

POST Digital Identity, not Digitised Identity

The US Treasury's report on "Nonbank Financials, Fintech, and Innovation" prepared in response to Mr. Trump's "Executive Order 13772 on Core Principles for Regulating the United States Financial System" is, I have to say, most comprehensive. It covers a great many aspects of the financial services market, as you would imagine, and covers a few specific areas that I think are worth detailed consideration and due some real innovation. One of them is digital identity.

The Treasury report says that digital identity systems may rely on various types of technology but generally involve two essential components: (1) identity proofing, enrollment, and credentialing; and (2) authentication. It then goes on to say that they may also involve (3) federation, which is optional, but allows identity to be portable.

Presenting at Moby Forum Members Meeting

Indeed. This is a reasonable way to think about the problem. I presented this view at the MobeyForum Members’ Meeting in Paris, showing how these three components are used in our "three domain identity" or "3DID" model for digital identity that I have written about before. Here's the model, along with the US National Institute of Standards and Technology (NIST) draft standards, in a picture from that presentation.

3DID with NIST Revised

Of course I don’t regard the federation as optional because I’m not really interested in identity solutions that work only for the issuer. What I think the mass market wants is identities that individuals can choose to use in as many or as few places as they like. A Barclays identity that I can only use to log in to Barclays is one thing, whereas a Barclays identity that I can use to log in to all sorts of places in much more desirable. Michael Salmony made this point quite well in his presentation to MobeyForum event, making the point (similar to mine) that existing digital identity efforts were not really producing the results that we want. 

Mobey Paris

One point that Michael made 

Mobey Paris

Xxx

Comments

Post a Comment

Popular posts from this blog

new survey results from USA Technologies (USAT) suggest. The payments technology company, which enables electronic payments for self-service machines, compared consumer spending activity at 35 of its vending machines in urban areas with a high concentration of iPhone users between week one and week four of the installation of new digital signage promoting Apple Pay. Consumers made more contactless purchases: The vending machine providers saw an average contactless transaction revenue increase of 89%, implying that consumers are making more mobile payments. This was likely driven by the clear advertisement of Apple Pay. Total transactions increased: Consumers made more purchases overall. This was probably driven by an uptick in mobile payments, given the major increase in contactless transaction revenue. And the vending machines may have attracted many first-time users who were drawn in by the digital advertising of Apple Pay. Boosting awareness is key to unlocking pent-up demand amon...
Post a Comment
Read more

David | LinkedIn

Alex Todd rather kindly called this a “most lucid explanation of digital identity management” I would highly recommend this presentation to anyone interested in understanding prospective blockchain based identity architectures From David | LinkedIn This is very kind, but as I said in the link, this is thinking out loud and far from a fully-developed solution. We’re working on parts of this for different clients and I can see that there is something there - a genuinely new way of solving some old problems - but it’s early days.
Post a Comment
Read more

Crystal clear: Creating hyper-transparent property markets - JLL Real Views

xxx The issue of transparency is going to play a major role in the allocation of an avalanche of global commercial investment into real estate over the next decade. With total sums at stake predicted to rise from US$700 billion to over $1 trillion a year by the mid 2020s, according to JLL, countries and cities which meet investor demands on transparency will be best placed to attract these capital flows. From Crystal clear: Creating hyper-transparent property markets - JLL Real Views xxx
Post a Comment
Read more