Digital identity

Global digitization and coronavirus pandemic have created the need for innovative solutions to replace some traditional ones. Digital identification (ID) is one of such significant solutions trending in the world.

Blockchain and distributed ledger technology (DLT) can now be used for Digital identity on the internet of things (IoT) in Italy. The combination of Internet of Things and DLTs such as the blockchain enables an interesting digital model for IoT, and tend to create new avenues for implementing and protecting IoT systems. Let us have a look at some of the important reference models.

Using algorithms, blockchain, cryptocurrency and other innovative technologies, Italians and other people across the entire world will be able to travel with a unique digital identity. In ten years to come, passengers in international air transport will increase to around 1.8 billion (+50%) compared to the 0.85 billion passengers that were available in 2016.

The management of digital identity on the blockchain through smart contracts must essentially split the difference with full decentralization - the requirement for sufficient legal assurances of transactions achieved via smart contract doesn’t appear to be able to work without steadfast third parties, particularly when there are tax effects.

Safein, the digital identity and payment wallet, continues to set the pace for the legitimization of modern payment service providers in becoming the first to secure the Electronic Money Institution (EMI) license issue in the European Union. The license, which includes both cryptocurrency and traditional fiat payments, is only obtainable by companies that pass some of the most stringent business due diligence around, proving the viability of and trust in the Safein project.

After a hugely successful private presale, in which over $5 million worth of KEY tokens were sold, blockchain-based digital identity firm, SelfKey, announced that their public presale of KEY tokens will begin on December 15th, 2017. It is expected that the public presale will be just as successful.

Verif-y Inc., the identity and credential verification platform, has announced the launch of its token pre-sale followed by a crowdsale on October 5th.  

Speaking at the second annual conference "Flexible Project Management in Banking", Alexey Arkhipov, CTO of Qiwi, stated that Blockchain can help to prevent digital slavery.