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Digital ID

The potential benefits of a well-designed Digital Identification System

by InfoCert

Nowadays, almost any product or service can be purchased online. This trend, long established, has been further accelerated by the Covid-19 pandemic.

In a world where digital transactions are becoming the new normal, trust is a key factor, without which sellers would not sell and buyers would not buy. But if in the past trust depended mostly on investments in brand reputation and advertising, as well as on the physical presence of stores, branches, and offices spread over the territory, today things are different.

In today’s digital world, trust is tied to customer experience and the satisfaction they experience in millions of digital interactions. So, achieving and maintaining a good level of digital trust is an increasingly critical part of how companies do business.

Enhance digital trust with a well designed Identity and Access Management  systems

Establishing and maintaining a good level of digital trust requires working on at least two fronts:

  • security, to make customers feel completely confident in sharing their data to obtain or access the service or good offered;
  • customer satisfaction, or the ability to meet customer expectations with outstanding services and processes.

A good way to ensure security and customer satisfaction is to adopt a good Identity and Access Management (IAM) system.

Through a digital identity-based authentication system, a user can be unambiguously identified through a digital channel, unlocking access to banks, government benefits, and all sorts of services. But the potential benefits of a well-designed IAM system extend beyond the single company and its customers to the entire country.

According to a report released by McKinsey Digital in 2019 (Digital identification: A key to inclusive growth), in seven countries analyzed «in 2030, extending full digital ID coverage could unlock economic value equivalent to 6 percent of GDP (Gross Domestic Product) in emerging economies on a per-country basis and 3 percent in mature economies, assuming high levels of adoption».

Digital Identity diffusion encourages participation in the digital economy and provides easier access to online goods and services, helps reduce fraud, protect rights, and increase transparency.

Individuals can use digital identity to authenticate themselves and interact with businesses, governments, and other individuals as consumers, workers, micro-businesses, taxpayers, or beneficiaries. Organizations, both public and private, can benefit from cost savings, fraud reduction, increased sales of goods and services, higher productivity.

A Distributed Digital Identity solution, based on Blockchain

The design, governance, and use of digital ID is a rapidly evolving area. New and diverse models of governance and ownership are emerging day by day: public or private, centralized, federated or decentralized.

An example of a particularly innovative digital identity model is provided by DIZME, an app developed by InfoCert. DIZME combines the benefits of a Distributed Digital Identity, based on Blockchain technology and managed directly by the user (Self Sovreign Identity), with the legal value and Trust of a Qualified Trust Service Provider.

Possible use cases include access to physical locations, collection of user statements with legal value, authentication, and online transactions. In any case, the technology behind DIZME gives users full control over their data, as well as the ability to manage their Digital Identity in full respect of privacy.

With DIZME, companies and public organizations can become part of a network where users and organizations can certify and share information securely and extremely quickly and cost-effectively.

Find out more about DIZME

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