Weekly Digitalisation Update: ID Verification as a Service

This is my first attempt to start a weekly blog with the aim to highlight a new technology, concept or business opportunity. My intend is to get a discussion going with experts to raise awareness, validate and refine the thinking.

Increasing concerns of the general public, stronger privacy regulations and the ongoing successful attempts of stealing user details are leading to the emergence of a new multi-billion dollar industry: ID verification as a service . https://fuelbymckinsey.com/home/article/the-next-20-billion-digital-market-id-verification-as-a-service

Imagine the business opportunities at hand, such as:

• Potentially new value propositions for any company that stores loads of KYC (Know Your Customer) details; Facebook, LinkedIn, government, banks, credit card firms, insurance companies, loyalty programs, mobile operators etc. etc. the rat race is just about to begin.
• KYC details will remain vulnerable as long as it sits in a central database, so capturing this in a decentralised manner (i.e. Blockchain) will be the best future, so companies like Civic https://www.civic.com/ or community projects like DigiByte https://steemit.com/blockchain/@bunnychum/digibyte-an-over-looked-crypto-launched-digi-id-or-my-views have a very compelling value proposition
• Creating industry vertical KYC solutions, such as a KYC solution for the entire mobile industry

Some benefits:

• Highly secure KYC solution with very minimal risk of personal data being compromised
• Very little hassle with GDPR because a company doens't store any KYC data anymore
• No more wrong KYC details as there is a single source which is controlled by the user
• Simplified IT systems support related to login etc.
• Standardised user interface as login to different websites follows the same process (likely involving one's cell phone)
• And I am sure that a dozens more to think of...

Very keen to get your views and responses.