This article is written by Brian Malika, a Contributor Author at Startup Turkey.
Oliver Naegele is the Founder and Chair for Blockchain HELIX AG. In his past career life, Oliver Naegele has been a wanted consultant on IT Security, Enterprise Java Portals, Intranet/ Extranet, IT Infrastructure, databases, and virtualization.
How The Digital Identity Works
Felt the need to open you up to how a digital identity system works so as to affirm to you that if you do everything right within the digital economy then you’ll be assured of the safest trading conditions ever in the history of doing business. To start with, first, you need to understand the following three features that facilitate the safety measures for a digital identity account.
(1.) KYC section: Know your Customer (K.Y.C) is in the first section of contacting a new customer or business associate online. While at it, you will be required to verify through the system to see the information that you receive from the business partners if it’s correct and there is a structured way that links such information you receive with other verification firms that work with Government identity agencies.
Once you get a clear green light that your trading with a genuine customer or business partner then you move to the next section. Which I will explain below.
(2.) Privacy by Design: Now that you know you’re dealing with a genuine business partner or customer, the next stage will probably be about bargaining the prices of whatever you guys are trading in.
And this being a business, it’s important that you put your best foot forward as an investor by negotiating your interests and prices competitively. And as such, sometimes you might need to conceal some details about your business venture while negotiating in order to get better prices and deals.
Thus, this is where the Privacy by Design tool comes in within the Digital Identity platform.
Therefore, the Privacy by design will allow you to filter the information you want to be accessible to your business associates or customers especially when negotiating for a deal that suits your interest. At this point, I believe you’re now getting a feel of how secure and convenient the digital identity platform can be.
So, in that same mood of building your confidence to transact business in the digital economy, we will move to our next paragraph below we will analyze the security details of the digital identity platform.
(3.) Security by Design: The digital identity platform within the digital economy is naturally made with cyber resilience as its core function. The blockchain blocks that are linked with cryptography make it impossible for anyone to download them as they are very many and take a lot of time to even download one digital identity block.
Furthermore, the Digital identity has a very sensitive tendency to report any suspicion of an intruder trying to download just a single security block among the so many.
There is just no way someone will hack into your account or masquerade as a genuine business associate if you insist on trading only with parties that have a digital identity.
Well, am pretty sure you are convinced that the digital economy is a safe venture since the people that you trade with ca be verifiable and all the transactions tracked if you do it the right way.
And in case you’re wondering how to get a digital identity then relax because I got you covered in our next topic.
Three Simple Steps On How To Get A Digital Identity
The steps for getting a digital identity carfare quite clear and may not necessarily need you to hire an expert to facilitate the process. You can just get a digital identity at the comfort of your living room of you to understand these three steps below.
(1.) Get a Government Issued identity card with you that has a digital chip or a section that allows digital scanning to access data.
I understand that some countries do not have Government Identity cards that have digital identity chip features or places for scanning and as such it will become a bit more complicated to obtain a digital identity. In a case where your Government issued identity card is still analog then you might need the services of a digital identity firm to facilitate your digital identification process at a fee,
(2.)Next, get to your digital device and download the digital identification app that has been verified in the market. You can confirm reliable digital identification apps on repeatable online stores like google apps.
Once you have finished downloading digital identification app, you scan it on your Government Issued identity card and there you on the spot you will have a verifiable Digital identity that can be sued to do business transactions online.
(3.) With your verifiable digital identity in place, you can now edit your profile information and add pictures to suit our business interests within the digital economy.
At this point, I will like to highlight that E-Governance policies are very slow all over the world and as such the there are no admirable policies across countries to better the Digital Economy experience. However, there are some recommended policies that govern digital economies across the globe.