In the modern digital world, everyone and everything has a digital identity. Digital identity allows systems, technology, and apps to know who they are interacting with and verify that the services provided by them are reaching the right target and are not mishandled.
In the real world proving your identity is quite simple and pretty straightforward, you land up in-person at a bank or at a government office, show a government-issued piece of paper, or the company where you are working can physically identify that you are what you claim to be.
The same process gets far more complicated when we transact virtually because now you have to upload all your digital identity proofs online and make them believe that you are what you are claiming to be,i.e. eKYC.
Online Identity matters:
As the number of people, devices, services, and things continues to grow exponentially, it is critical to manage the complete identity lifecycle and to ensure that the right access is granted only to the right person, device, or thing.
This requires a dynamic, comprehensive private digi locker designed to provide no compromised security, privacy, and compliance, and to support exceptional experiences of managing digital identity.
As digital access becomes more complex, businesses must look into the future to prepare for the unique challenges posed by the entrance of more devices into systems and the increasing sophistication of hackers.
New trends in digital identity management provides the tools IT professionals and cybersecurity experts need to secure networks against fraud.
Self-sovereign identity (SSI):
It is an approach for managing digital identities in which an individual or business has sole ownership and control of their personal data in whatever form it takes.
Individuals with self-sovereign identity can store their data to their devices and provide it for verification and transactions without the need to rely upon a central repository of data making it a decentralized identity.
The primary goal is to allow users to have complete control over how their personal information is kept and used. This means that a user’s self-sovereign identity can be registered to a claim, such as a block on a blockchain. The person can then share that identifying data when making a transaction with a payment service or government.
Cove Identity provides access control back to the user and allows them to control exactly what data is shared, to whom and for how long.
Private Data Digilocker:
When you securely keep your documents in the wallet and lock it, on the contrary to your belief your data is not safe. Anyone having the access to the key can easily breach your personal space. There should be few rules to hold the access of the data beyond just having access to the key.
Rules-based access control relies on the rules established by the administrator, in order to verify the authenticity and decide the access permissions.
However, it’s impossible to foresee every scenario in which a user or group of users may require access. Cove Identity protects each bit of your data with advanced analytics. Adaptive access offers a smarter alternative.
Adaptive environments use a combination of advanced analytics information and machine learning technology to learn users’ behavioural patterns and grant or deny access based on whether or not behaviours are perceived as normal.
This creates a more “risk-aware” system with an inherent ability to detect anomalies and trigger security actions as necessary.
AI Driven Data Organization:
In this fast pace life, it is difficult to categorise each and every document, especially the ones which are used occasionally but are very critical at the time when required, eg. a vaccination card.
Also, we don’t want our regularly used important government documents to get lost in the bundles of other documents.
Smart tags, Facial recognition, and OCR technology embedded Cove Identity is the answer to it, which helps in identifying the document type and organizes them seamlessly, making the whole process of data storage hassle-free.
The future of digital identity completely depends upon how we are going to manage it. Finding the balance between commerce and privacy, between personal enablement and simplified management, creating trust without undue risk is one of the most important determining factors in how the digital revolution will truly play out.