{"id":398,"date":"2024-05-31T10:06:29","date_gmt":"2024-05-31T08:06:29","guid":{"rendered":"https:\/\/pixelpai.com\/?p=398"},"modified":"2024-06-04T16:03:51","modified_gmt":"2024-06-04T14:03:51","slug":"redefining-identity-from-physical-boundaries-to-digital-freedom","status":"publish","type":"post","link":"https:\/\/pixelpai.com\/redefining-identity-from-physical-boundaries-to-digital-freedom\/","title":{"rendered":"Redefining identity: From physical boundaries to digital freedom"},"content":{"rendered":"
As we shift from the physical to the digital world, our concept of identity is changing. Digital identities, or “digital twins,” are necessary for secure and efficient interactions, especially in the financial services industry. Well established as one of the most significant technology trends on the planet, a digital identity is a set of validated digital attributes and credentials for the digital world, similar to a person’s identity in the real world. Think of it as a detailed digital replica of a person, real-life organization, and even a product. It makes sure transactions run safely and smoothly in both the physical and digital worlds.<\/p>\n
Each of us has a primary identity that can be broken down into smaller parts, or sub-identities, corresponding to different aspects of our lives. These sub-identities make sure that our data is used appropriately and securely within each specific context.<\/p>\n
Your work identity holds all your important work credentials, such as, your work email, job title, contract details, and any work-related certifications relevant to your job. With this identity, you can easily communicate with coworkers, access work files, and do job-specific tasks without worrying of mixing in personal data. For instance, your work identity might be used to access corporate resources, send emails from your professional email address, or log into company systems safely and securely.<\/p>\n
On the other hand, your social identity can cover your social media profiles, personal email, and other social interactions. It helps keep your professional and personal lives separate, assuring your work data doesn\u2019t get entangled with your daily social activities. Imagine using your social identity to log into social media platforms, engage online communities, or participate in online groups, forums and discussions without exposing work related information.<\/p>\n
Moreover, your financial identity is made of your bank accounts, credit cards, and other financial information. It guarantees the safety of your financial data and the security of your financial transactions. You might use your financial identity when shopping online, managing your investments, or interacting with your bank. Finally, your civic identity can encompass a wide range of elements that define your individual relationship with your community and government, including voting records, civic duties, and legal documents.<\/p>\n
First, security. By compartmentalizing your data, you lower the risk of a single breach compromising all your personal information. If one sub-identity is compromised, the others stay secure.<\/p>\n
Second, privacy. Sub-identities help keep your privacy by making sure that only relevant data is shared in each context. Your employer doesn\u2019t need access to your social media profiles, and your social media platforms don\u2019t need to know your banking details.<\/p>\n
Third, convenience and mobility. Sub-identities make it easier to manage different aspects of your life. You can seamlessly switch between your work, social, and financial identities, making certain that every interaction and exchange is safe and secure. By 2021, over 5 billion people had internet access, with 92% using mobile devices. This mobile-first world necessitates mobile-based digital identities.<\/p>\n
Keeping digital identities secure is vital for all kinds of organizations, from governments to small businesses. Remember the 2017 WannaCry ransomware attack<\/a> that disrupted the UK’s National Health Service? Or the steep fines businesses face under GDPR for data breaches<\/a>? The risks are real. A 2023 report by IBM and the Ponemon Institute<\/a>revealed that the average cost of a data breach rose to $4.45 million, indicating a 15% increase since 2020. Evidently, the financial stakes of poor digital identity security are high.<\/p>\n The capacity to create several identities according to your own needs and desires, along with sovereignty over your own data, is what we at PixelPai believe will shape digital identity in the future. This belief is critical in the context of GDPR<\/a> and the movement towards Web3. With the rise of Web3, we\u2019ve seen unexampled flexibility and creativity in finance, but most importantly, emphasis on self-sovereign data. Despite its innovations, currently, Web3 still relies on centralized structures for social identity verification, replicating old limitations. This reliance presents a choice: we can embrace the digital shift and strengthen the security of our identities, or we can resist and become easy targets for fraud and insecurity.<\/p>\n