Facebook’s Libra And The Future Of Digital Identity

With the digital identity market expected to reach $15 billion by 2024, major ID providers such as Google and Apple are racing to improve the identity verification experience. Their presence is felt in every corner of digital life: utilizing these providers to log in to third-party websites has become ubiquitous, along with the ability to pay for goods and services via the developers’ proprietary payment methods.

Despite the pervasiveness of digital identity in everyday life, concerns surrounding digital ID security continue to make headlines, with billions of dollars lost to fraud. Many developers are leveraging biometrics to protect their customers, as such technologies provide safer alternatives to passwords and knowledge-based verification systems.

Developments From Around the Digital Identity World

Apple announced its own digital ID program, Sign In with Apple, at its recent Worldwide Developers Conference. All App Store apps that offer third-party sign-on systems will be required to offer the Apple’s program as well. The company noted that Sign In with Apple will be available for developer testing later this summer.

Switzerland’s Jura Hospital is currently testing a 3D finger vein scanner to more effectively secure patient data. The move is part of Switzerland’s eHealth initiative, which requires the nationwide implementation of two-factor authentication (2FA) in healthcare. Jura chose this system specifically because it is capable of recognizing blood vessels through surgical gloves.

South Korea’s Financial Services Commission (FSC) has approved blockchain operator ICONLOOP’s my-ID system to protect data collected for digital identities. The my-ID system stores identifying information on customers’ phones, preventing them from having to create new accounts when accessing different services. ICONLOOP expects that my-ID data will be readily accepted by banks and FinTechs without the need for further verification.

For more on these and other digital identity developments, download this month’s Tracker.

Facebook’s Libra Raises Concerns Among Privacy And Security Advocates

Facebook made waves last month when it announced Libra, a cryptocurrency set to launch next year. In the same announcement, the social media company quietly revealed its intention to explore a decentralized digital identity standard, which has long been a dream of groups like the Decentralized Identity Foundation (DIF). For this month’s Feature Story, DIF’s co-founder Wayne Vaughan spoke with PYMNTS about how Libra has disrupted the digital ID space, and his concerns over the cryptocurrency’s security.

Find the feature story in the Tracker.

Deep Dive: The Latest Initiatives And Challenges To Expanding Mobile ID

While digital identities are more widespread than ever, there are still more than a billion people around the globe who lack identifying documentation. Smartphone-based mobile ID systems could close this gap by providing fast access to vital online services to anyone who owns such a device — but the growth of mobile IDs is not without its barriers. This month’s Deep Dive explores the latest public and private mobile ID programs, as well as the teething issues they face during implementation.

About the Tracker

The Digital Identity Tracker, a Jumio collaboration, frames and addresses key issues facing digital identity players. It highlights news and trends pertaining to those tasked with efficiently and securely identifying — and granting permission to — individuals so they can access, purchase and transact.