The current state of identity
Trusted andFounded on an existing real-world identity which has a high degree of source of trust, where its attributes have a high degree of provenance. The passports are issued by trusted third party operating within a legal jurisdiction (e.g. Bank, Government, Insurance Company.)
Interoperable andThere will be standardized and reliable credentials in widespread use in both the public and private sectors. If a individuals presents a valid and appropriate credential, any qualified inspector is capable of accepting and verifying the credential as proof of identity and attributes.
Privacy RespectedAll data, attestations, validation and transactions are cryptographically secured and every transmission and transaction is user consent based. Legitimacy of information and transactions for all parties – quicker and more reliable for everyone. GDPR compliant by design (No PII).
1. Examine (By Issuer)Perform required vetting, due diligence, and other tasks needed to establish confidence in making an attestation about an identity/credential trait.
2. Issue (By Issuer)Generate and deliver a digital credential in accordance with some predefined schema.
3. HoldThe individual or entity in control of the digital passport or agent that stores and controls the use of a given Credential; note, the Holder may or may not be the Subject (e.g. a child may be the Subject of a passport, but the child’s parent may be the Holder of that passport).
(By Holder / Subject)
4. Use (By Holder)Holder presents one or more credentials to a inspector.
5. Verify (By Inspector)Validate authenticity of issuer and holder and then consume data.
Example Use Case - Insurance & Health
Imagine being able to reliably prove who you are to anyone you wish, at anytime you want, anywhere you go without revealing any more than you need. Imagine being able to access your information and assets without remembering passwords.
This can be achieved through the use of VEDA passports, which offers the speed, convenience, and portability of the digital world with the security, trustworthiness, and reliability of physical identification documents. A Passport is an electronic equivalent of who you are as a real person, exclusively controlled and used by you to receive valued services and to carry out interactions with trust and confidence. Passports will unlock new and enhanced experiences for people as they interact online and offline with businesses, service providers, and communities. Passports significantly reduce the risks of identity theft and fraud for both individuals and corporations.
A Health Passport for linking personal health data from across health service providers and provides you complete access and control over who gets to access your health data and how much of it they get to access and for what reasons. Insurance Passport for expediting claim processes and lets you receive medical services without carrying an insurance card or even a wallet!
What are the benefits? Passports combine the ease of digital identity with the trustworthiness of physical identity and is inherently safer and reliable than both thus greatly reducing identity theft and fraud.
If you are interested to solve to learn more, email our experts and start a discussion.