FinServ Digital ID

CHALLENGE

As of right now, verifying a person’s identity is not the most efficient, reliable, ubiquitous or amicable process, and verifying a person’s digital identity can be even more cumbersome. Traditionally, passports or government IDs are good examples to provide, validate and authenticate a proof of identity, and there is always a necessity for human intervention. In fact, IDs are trusted solely because they were issued by an authority that we deem to be trustworthy. Nonetheless, in most cases, a human judgement is in place to make IDs valid but this adds a varying degree of certainty.

IDEA - TWO LAYERS BUSINESS MODEL

First Layer

The first layer is the implementation of a unified, cloud based, public, decentralized, permissioned blockchain whose purpose is the management of identities. The blockchain cloud platform will provide the proofs of identity needed by a variety of businesses by partnering with key organizations that can verify users claims of identity. Not only will there be a unified platform for authentication, but it will also be enhanced by biometric proofs given and managed by the users. The Blockchain platform will provide the key components of a decentralized identity architecture to store the original information and certifications cryptographically.

Second Layer

The second layer will allow to enable a cloud ecosystem in which our Financial Services Clients can partner with several organization which will have the role of “Curators”. These third-party entities can participate attesting and certifying the validity identity attributes or providing additional business services by means of Cloud or any hybrid Cloud architecture. These “curators” will have access to the blockchain and to the user’s data that has been approved for sharing in order to offer targeted services and products based on that person’s identity without ever knowing the actual data of said person.

VALUE

The two-layer-business-model provides an alternative to improve trust between clients and providers but also enables a new way for business communication. Through a partnership ecosystem, Curators will be able to provide secure services fully aligned to customer´s needs by interacting among themselves or with other digital providers that will contribute to offer the best product or service to clients. In a Digital Ecosystem, competitive advantage will not be determined by a single organization but by the entire ecosystem and strong partnership of participants.

In addition, sources of revenues can be charged in two ways. For instance, the blockchain fabric platform can develop its own revenue stream based on Curators’ identity transactions as this platform will provide the main identity baseline. In a second source of income, each Curator can be charged based on client´s use when they interact with other Curators or digital service providers to enable their customized services.

ECOSYSTEM

An Identity Blockchain Cloud-based-platform is proposed and a buildable ecosystem of curators (business actors) that can scale analytics and cognitive technologies to offer value based on customer digital identity validation and authentication fully aligned to business opportunities out of analyzing user’s profile and behavior.

Today´s organizations not only need to define personalized, differentiated and distinctive customer experience; they need to define new offerings and realize ways to package products with information and insights to make them more valuable. Ultimately, what customers want are integrated solutions to specific problems in a given context and with minimum effort. The more integrated and seamless a service is, the more customer value it can provide.

PROPOSAL VALUES

Lower originations costs	New products based on collective id’s	Increased client satisfaction	Up & cross selling
By validating a persons identity on the platform, banks wouldn’t need any additional cost of origination.	Creating collective digital id promotes digital inclusion even for those individual which aren’t candidates for a financial product	Financial Services and rewards can be used to segment customers based on the number of times that they buy products or service.	The Event Hub can be used to tailor offering to the clients specific needs at a given time.