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There needs to be decentralized ID using an open protocol with any vendor able to join. The quality of those vendors will be based upon which firms trust them.
by monero-xmr 3y ago
There needs to be decentralized ID using an open protocol with any vendor able to join. The quality of those vendors will be based upon which firms trust them. I do think blockchain makes sense here, because the trust layer is decentralized and the native cryptographic signing primitives means it can’t be spoofed nor manipulated in a proprietary database locked from the public.
No idea if world coin is a workable solution, but I would like to be able to conduct KYC a single time and then selectively reveal my information to necessary parties, ideally only as a confirmation rather than data transfer. Why I have to constantly scan my ID for various vendors is absurd.
- intelVISA 3y agoI share the sentiment. It's sad that given the tools available to securely verify someone without exposing PII we still scan people's ID and shrug when they get leaked/resold/etc. (By design, of course)
- JohnFen 3y ago> Why I have to constantly scan my ID for various vendors is absurd. What are you scanning your ID for? I've never had to do that a single time.
- monero-xmr 3y agoPaypal, ebay, robinhood, vanguard, various crypto exchanges. I guess it's mostly financial stuff. But that's my most sensitive info.
- JohnFen 3y agoInteresting. Of those services, I use Paypal and eBay, but I never had to provide ID. Perhaps because I'm not a vendor?
- eli 3y agoDo you think that's because those companies need to verify personhood and this is the best solution? Or is there maybe something else at play?
- monero-xmr 3y agoIt’s for AML / Know Your Customer which financial institutions need. But extend that to everything - I’d rather not reveal my phone number if all you want to know is that I have one verified.