The GBA Symposium on the Future of Money, Governance & the Law will include a discussion on “Future of Digital Identities”, a topic which is gaining momentum in public discourse, and is also a crucial concern across governments and industries. As part of that, we will be discussing Self-sovereign Digital Identities, and how they can help drive social and financial inclusion. We will also be exploring the role of Decentralized Ledger Technologies (DLT) in transforming Identity Management solutions, making them more cost-effective, robust and secure.
As we move into Industry 4.0, proving one’s identity digitally is a crucial pre-requisite to participation in social, economic and political systems. However, all constitutions are suffering from cybercrimes, like data breaches and identity thefts, which pose a serious threat to the digital economies. Cybercrimes not only impact financially but also have emotional, reputational and social repercussions.
A Decentralized Identity Management Solution is key to providing users a portable Identity, ensuring self-sovereignty, secure and seamless access to online & offline services, and reducing Identity thefts and frauds. We are at the inception of a radical change, where the ownership and control of Identity and the associated data would lie with the users, instead of fuelling the corporate greed.