So far, in the GlobaliD 101 series we’ve explored:
- Part 1: What a smart and humanistic approach to digital identity would like
- Part 2: The Trust Triangle — the system of issuers, holders, and verifiers that illustrates how identity works (and how it’s broken, today)
- Part 3: Why the ID Wallet is the first step toward achieving a new vision for digital identity
- Part 4: Why every company is an identity company
At first, accessing all of your accounts on the internet meant you had to create a username and password for each company or service you were trying to interact with.
Now, you can access many websites by using your existing social media accounts from Facebook, Twitter or LinkedIn. You can even log in with your Google and Apple accounts as well.
This concept is called Bring Your Own Identity (BYOI or BYO Identity):
- A form of digital authentication in which an end user’s username and password is managed by a third party.
- The approach leverages Single-Sign On (SSO) technology to make authentication more simple and convenient for users.
It’s also beneficial for companies since it allows visitors to quickly register using their existing credentials. An improved sign-on experience can result in as much as a 45% increase in customer registrations.
The simplicity of BYO Identity means businesses convert more of their website visitors into customers instead of losing them when they’re asked to create a new account.
But there are drawbacks as well:
- Many users worry they’re trading convenience for privacy. Every time you log in to a third-party website using Facebook or Google, they gain access to your data and leverage it to sell ads.
- It’s not the most secure authentication method. Anybody can create a social media account, but these companies don’t verify your attributes. So, using social identities to log in to third-parties means companies can’t be 100% certain about the identity of their customers.
Even with these concerns, BYO Identity is a step in the right direction towards a future where interoperable and portable identities are commonplace.
There is a real opportunity to combine technology that is being developed with the concept of BYO Identity that will create a new identity framework where you own and control your data.
- By creating an account with an identity service provider who leverages verifiable credentials technology, you will confirm your attributes are real, and companies will rest easy knowing you’re identifying yourself truthfully.
- Your identity will be decentralized, not federated. Identity service providers like GlobaliD don’t have access to your data, so they can’t store it. You’ll be able to browse, log in and transact without your data being leveraged by Big Tech.
- This makes the process of identity convenient, and portable. In the future, many identity companies will be built on this decentralized approach using verifiable credentials. Rather than being stuck with a certain provider or platform, you’ll be able to easily transfer your identity from one service provider to another.
If you’d like to learn more about our current BYO identity tools for individuals and businesses, like our Digital ID Wallet or Global Onboarding, visit our website or contact our sales team.
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