In Verifiable Credentials We Trust: The Intrinsic Value of Digital Identity
Want to know one of the biggest ironies of living in an increasingly digital world where trust is paramount? The tools we have to verify our identity — which is critical to establishing trust — are almost exclusively analog. Just think of all the physical documents you need in everyday life, whether it’s a birth certificate, a driver’s license, or a passport.
Unfortunately, the ways that organizations verify identity are inefficient. Paper documentation is difficult to authenticate and forgeries happen constantly. In 2021 alone, more than
395,000 people in the US reported someone submitting a fraudulent government document under their name.
Identity Goes Digital
Georgian recently invested in Trinsic, a company that’s helping governments, banks, insurance companies, automobile brands, startups, and many more organizations across the globe build the future of identity. Trinsic’s customers have collectively deployed user-controlled identity products to over 100,000 end-users, creating a digital identity that’s just as legitimate and nuanced as their physical one.
Trinsic does this by making it easier to share and verify personal data online using verifiable credentials. In other words, their solution lets people prove facts about themselves without having to photograph or scan paper documents, like their driver’s license, health insurance card, employee ID card, vaccination record, college transcript, business license, or any number of other docs. What’s more, Trinsic does this in a way that preserves your privacy, without sharing any of your data.
Imagine applying for a new job as an example. As part of the process, you (Read more...)