To be honest, I hate the word "identity". Now we talk a lot about this, but if someone is telling you that it is building "identity" on a public network, you should do it immediately. Why? Because it's probably the worst thing to do.
The irony of all this is that the more we advance towards the future – with devices, IoT, blockchain technology and hyper-connectivity – more data will be introduced into the ecosystem.
And the more data is introduced into the system, the more we will find companies and, of course, governments, they will want to focus on it. Companies are evaluating how they can exploit your data and governments are considering how they can protect them.
After consulting the OECD, having helped to write the regulations for the Bermuda government, and having helped to inform the standards and policies that were introduced in the G7 and G20, here is what I feel you need to know.
Let's take a step back
There was a lot of discussion about government regulation and supervision in the blockchain space. Because it's fantastic. Because it is not. What will happen to the ICOs. Securitized tokens, utility tokens and Bitcoin ETFs. Again and again.
But the first thing to think about is why Is the government watching this sector to start with? And to truly understand this question, it is necessary to return a little bit to the creation of cooperation between the countries. Again, blockchain connects everyone – this is important.
The OECD (Organization for Economic Cooperation and Development) started immediately after the fall of Nazi Germany. L & # 39; goal. the goal? Ask the leaders of dozens of countries to collaborate and work together to build Europe in the interests of industry, citizens' rights, well-being and government. Since then it has evolved as an organization and now works on the governance of countries around the world.
And here the blockchain comes into play.
Data, decentralization and interconnectivity
Much has changed since the second world war. The hyper-connectivity of our world and the absolutely explosive growth of decentralized technology have forced governments to consider how your "identity" will be affected. This is especially true as it refers to the huge amounts of data that are purchased online every hour. From the history of searches with Google, to the history of purchases with Amazon, your "identity" actually depends on the context of your situation.
So how should companies be able to exploit this data? What about governments in other jurisdictions? How does a government protect your data (let's not call it identity) from being hacked? Will each country act differently? And if so, how does it make sense when there are no borders on the internet, without borders on blockchain?
We just need to give a quick look examples like Facebook Scandal of Cambridge Analytica which started in the UK and ended up influencing millions of users worldwide or Google+ 500,000 accounts hacked to understand that, even if you might not like it, the data is precious, and will become even more as we go along.
It now becomes a balancing act of managing all three interests: industry, citizens and government is ensure that frameworks are used in multiple countries.
Here's where it's going
One of the aspects that everyone is interested in space is the perspective that, if excessive regulation is put in place, innovation will be brought to light. It is a misunderstanding that many people have but it was something that was repeatedly brought to the table for discussion.
Nobody wants to slow down innovation. But at the same time, governments are very interested in protecting their citizens and ensuring that there is consistency in the way the industries are managed.
By collaborating with the core blocking companies, the OECD has helped bring education to banks, governments and other regulatory bodies. Conferences like This for example, it had over 900 participants, all looking for insights, training and collaboration on how to move forward.
After dozens of meetings and discussions with different stakeholders, here's how I think it can affect you:
- By the end of next year, they expect 13 to 15 countries to emerge with almost universal legislation. Legislation that offers clarity and comfort to understand how companies in the sector can innovate in space and how these technologies will be integrated into the real world. The legislation here has a high probability of being used by other countries going forward.
- The future of your digital "identity" will be shaped by the regulation on blockchains "without permission" and "authorized". Without authorization, ie fully open and authorized access blockchains, or closed blockchains requiring authorization. Regulatory and more companies will change both of these directions and will shape the way in which data can be used and consulted on each of them. For example, you do not want your passport information to be on a blockchain without authorization, but your social data may be fine. And the tests are all you need. I just have to prove that I'm trustworthy and trustworthy – you do not really need my "identity".
- We will see intergovernmental services that use the digital ID to improve services, connect departments and share information. Bermuda, being the first of which, should also be alive next year.
The first successes and failures will naturally emerge and will continue to shape your digital identity and how the balance between industry, citizens and government will develop. The first success? Get rid of this concept of "identity". I hate the word.
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