This paper has been compiled by more than 150 experts in the field of digital identity and financial institutions. The paper invites organisations to contribute to the further development of the Proof of Concept and calls on financial institutions to grasp the opportunity to take the lead.
According to the paper, a global assured identity network will offer an alternative to the centralised data exchange (Big Tech) approach that poses serious challenge to privacy, our economy, and to our democratic values. Decentralising the digital economy represents a major opportunity for financial institutions to leverage their position of trust and lead this global assured identity network.
By building a user-controlled, collaborative, decentralised and interoperable global network – as has been accomplished in payments and securities – financial institutions will offer high-trust identity assurance within a safe and properly regulated environment as a major step towards Digital Trust.
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