Being able to identify who you are isn’t the same as sharing your biometric identity and personal information publicly on the blockchain, effectively with the world. This is the first wrinkle I have come to learn that some people gravitate to when digesting the concept of identity on the blockchain. I believe the below-mentioned are some key points that must concern everybody in this digitally growing world where we cannot control2 who is accessing or using our identity.
Hundreds of millions of people are undocumented - People move across borders for diverse reasons, and governments do not always act in a fair and timely fashion. These individuals are entitled to their own digital identity to transact and engage
Government-issued identity is local, not global - Passports may enable travel, but most attributes of our identity, including economic behavior and asset ownership don’t travel well
Identity is not private by design - We share our identity data and documentation with banks and insurers in exchange for fiat currency privileges. We entrust them to maintain privacy and security. This trust is often compromised and our identity data breached.
Do you feel that these problems are genuine and they must concern us in this digitally growing world?
If Yes?! Is there any solution to this?