New Digital Identity model
Mastercard presents its vision for digital identity in a world constantly becoming digital. A report, “Restoring Trust in a Digital World,” presents a detailed framework for how digital identity will work. It starts with the individual and the interactions they have with each other.
Mastercard’s “Principles of Digital Identity” has been the guide for this new model. We believe on principles around data rights, sovereignty, confidentiality, consent, transparency, security and integration. They say that an individual’s right to their own identity and personal data is fundamental.
- The right to a digital identity belongs to everyone.
- Your personal data and identity is your responsibility.
- Digital identity should be simple and easy to use.
- A person has the right to keep their personal information private.
- No data should be collected or used without your explicit consent.
- Individuals have the right to recieve information about their digital identity data’s way of storage
- Identity data and transactions involving an individual’s digital identity should be implemented with the highest standards of security and integrity.
- Individuals should have the right to access, rectify and delete their identity data, as well as the right to appeal in case of violation of their rights
- An individual’s identity only used for legitimate, fair and non-discriminatory purposes
- Individuals should have the freedom to choose a digital identity provider and the possibility to opt out of it whenever they wish
Trust and knowledge
“The big question about digital interactions in an age of increasing online use is this: How do you trust someone you don’t know, can’t see and is not present?” asked Ajay Bhalla, President of Cyber & Intelligence Solutions at Mastercard, in a statement. “This is an area we have been exploring for a long time, talking to different groups. Now that we have the knowledge, we are imagining a world of instant verification of one’s identity and the devices operating on their behalf, a world with access gained without passwords and data exchanged only based on consent.”
Mastercard’s model prevents them from gathering personal information on individual transactions and protects their privacy. It also allows digital interactions with minimal data sharing and only when necessary. The model protects and uses data in an efficient manner. It also decentralizes the handling of personal information, which means users can remain in control while also connected to their smartphone.
A digital identity will provide better experiences for people, who will get easier interactions with businesses and service providers online, with an improved online shopping experience, a more seamless process for opening a bank account and so on. This will mark the reduction of fraud or identity theft risk.
Ajay Bhalla said: “Digital identity requires a collective effort. Building on our strategic partnership with Microsoft, and working with the largest companies in the industry, we committe to facilitating the network and helping define the rules and governance. Together, we have a real opportunity to transform how we interact digitally in a convenient way that doesn’t compromise security.”
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Author: PC-GR
The World of Technology
