Identities in flux: The role of identity and trust in different regulatory regimes

Regulatory technologies based around artificial intelligence, big data, blockchain and open standards have the potential to increase standardization across legal jurisdictions

Identities in flux: The role of identity and trust in differe

Regulatory technologies based around artificial intelligence, big data, blockchain and open standards have the potential to increase standardization across legal jurisdictions
fintech By FINTECH Books Contributor, Daniel Gozman Identity technologies outside of financial services and distils findings into actionable recommendations for policy makers, practitioners and technologists are seeking to compete in this space. The ability of new innovations to increase transparency and accountability by enabling real-time oversight, creates a completely different paradigm for regulatory authorities not only those in financial services. Regulatory technologies based around artificial intelligence, big data, blockchain and open standards have the potential to increase standardization across legal jurisdictions, while being adaptable to regional or cultural norms.Through such technologies, networks of relationships can be inferred and responsibilities better understood. A key capability of these innovations is to identify the system’s actors. These technologies create a vast number of use cases. For example, when claims are made by vendors of a product’s value, they should be true. When lives depend on access to information quickly, the right quality levels must exist. When news is reported, it must be accurate. When someone claims accreditation and expertise, it must be proven. At the core of many use cases are technologies focused on managing personal identity. Such innovations may ensure that only individuals with proven skills can operate certain types of machinery or ensure that only persons with proven credentials can conduct inspections or provide training. These technologies also have important implications for border controls and welfare. Other applications may focus on age restrictions and so enforce laws and societal/cultural norms. Furthermore, where transfer of ownership takes place, the monetary values involved can be huge such as in the case of land transfers. In summary, applying new technologies in many areas of manufacturing, travel, health and energy production, to name just a few, may improve consumer protection and reduce costs through process efficiencies. If you would like to learn more about FinTech please look at our video courses at FINTECHCircleInstitute.com