As digital identity plays a critical role in financial services, an unlikely source is spurring the development of open, sustainable, and scalable digital identity technology for a humanitarian purpose.
ID2020 is an organization that is bringing private industry and non-governmental organizations to address portions of the United Nation’s Sustainable Development Goal 16 regarding the providing of legal identities of the 1.5 billion people who lack them by 2030.
As a beneficial knock-on effect for the investment industry as those who also are ‘unbanked’ will be able to start participating financially.
“What we believe is that business-as-usual will not be sufficient to bring about transformative impact because the current market failure encourages siloed non-interoperable approaches,” said Dakota Gruener, executive director of ID2020, speaking at the ID2020 Summit held at the UN Headquarters in Midtown Manhattan. “I believe identifying this as a market failure is an opportunity, not a criticism, allows us to use a market design and use a holistic approach, which brings together experienced people in the field as well as newcomers, the public sector, and the private sector.”
To help meet the organization’s goal, ID2020 formally announced a new alliance to bring stakeholder from governments, NGOs, private industry to spur the growth of a digital identity ecosystem.
“With proper governance, we will be sure to build in the design of this alliance assurances that the paramount concern for us in this room privacy, individual data ownership, and etcetera are respected and upheld,” she added.
Developing the complementary technologies and platforms isn’t the greatest challenge ID2020 faces however.
Alliance members Accenture and Microsoft already have developed a prototype in a matter of six weeks, according to David Treat, a managing director at Accenture.
“About six months ago we workshopped with Microsoft ways to link…