Duration: 21:47

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Protecting businesses and users from fraud is essential, as fraud can take multiple forms and use various channels. The new mantra is “never trust, always verify. “As a matter of fact, digital identity – even though available for decades – has never reached its full potential. Digital certificates have been known since the nineties. Regulation providing legal certainty has existed in many countries and jurisdictions for years. Interoperability has never been really accomplished. This leads to large platforms and proprietary identity solutions, often incompatible with each other.

Identity and authentication become a means for customer lock-in and high costs with an unfriendly user interface. There are better conditions for mass adoption: Verifiable credentials offer a way out by addressing these technical and business shortcomings. That is a brand new technology following a different mantra of self-sovereign identity. These concepts require a change in thinking about new platforms and applications. And change needs time or colossal market pressure. The keynote will shed light on recent national and global developments such as the UK Trust Framework, EIDAS, and the Financial Transparency Act.

Stephan Wolf, CEO – Global Legal Entity Identifier Foundation