Identity is a precondition for participating in society by facilitating access to health and welfare systems, education, and financial and government services. With the accelerating digital transformation, a rapidly growing number of transactions is conducted online, creating an ever-more-urgent need for a digital identity.
If today's digital identity landscape remains fragmented and largely unregulated, we’ve never been so close to bringing true digital identity to citizens and corporate life, creating safe and reliable digital identities, easy to use and, more importantly, consent-based. As a result, speed and convenience, fundamental for user adoption, join the trust and privacy that society is increasingly looking for.
A growing need for a digital identity
Understanding digital identity
Providing and using a digital identity involves a number of interdependent actors who collectively form a digital identity ecosystem. Confronted with increasing complexity due to growing transaction volumes and increasing customer expectations, any successful digital identity ecosystem requires a collaborative effort across organisations and industries. Also, digital identity systems can come in many different forms.
What is at stake?
Digital identity is expected to unlock around 4% of the world’s GDP by 2030, in excess of USD 5,000 billion. Both highly developed countries such as European Union countries, and emerging countries, have to gain from the emergence of a strong digital identity ecosystem.
We can roughly split country maturity when it comes to digital identity into four different stages, with each subsequent stage multiplying the benefits obtained in the previous stages:
