By Irving Wladawsky-Berger Jun 21, 2019 12:08 pm ET Identity plays a major role in our everyday life. It’s the key that determines the particular transactions in which we can rightfully participate as well as the information we’re entitled to access. Think about going to an office, getting on a plane, logging on to a website or making an online purchase. We generally don’t pay much attention to the management of our identity credentials unless something goes seriously wrong. For much of history, our identity systems have been based on face-to-face interactions and on physical documents and processes. But the transition to a digital economy requires radically different identity systems. In a world that’s increasingly governed by digital transactions and data, our methods for managing digital identities, security and privacy are proving inadequate. Data breaches, large-scale fraud and identity theft have become more common. In addition, a significant portion of the world’s population lacks the credentials needed to participate in the digital economy. A few weeks ago, the McKinsey Global Institute released Digital Identification: A Key to Inclusive Growth, a report that examined the state of digital identities around the world. According to McKinsey, a good digital ID must have… Read full this story
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