Cross-border Self-Sovereign ID is Coming

Cross-border Self-Sovereign ID is Coming

Cross-border Self-Sovereign ID is Coming but by another name; Digital ID. A rose by any other name is still a rose.

Cross-border digital ID is coming: Mastercard plans to supply infrastructure

Australia and Singapore in talks

National identity representatives from the APAC region discussed their preparations for borderless digital identity and interoperability at the Singapore Fintech Festival 2021. National systems are still establishing themselves and working with their private sectors on use cases and integration, but countries such as Australia and New Zealand are already discussing how to make their digital ID work in each other’s country while Mastercard is planning to handle cross-border digital ID as soon as 2022.

Self-Sovereign ID is similar yet independent of “Big Brother” Government, however the concept is a threat. Governments are keen to control the market of Digital ID and downplay the benefits of Self-Sovereignty.

Digital ID is “one of the biggest opportunities of our generation.”

The race is on to provide the service and 2022 is the target year for mass adoption. MasterCard already have broad scale infrastructure in place and a huge head-start.

Mastercard has been rapidly developing its identity division, piggybacking off its global network and KYC capabilities. It is working on digital identity schemes across the world, such as biometric projects to aid financial inclusion in sub-Saharan Africa to digital ID to help Brazilian students securely take remote exams.

Digital ID Services Market – Top Key Players

Identity is a global issue that can’t be solved by any single entity or government or private sector, a borderless, digital world requires a re-usable identity service that can be trusted and accepted everywhere the user transacts. Subsequently the Digital ID Services Market is a rapid growth industry.

Top players in the Digital ID Services Market are: UniquID, BeehiveID, Authentiq ID, Global Data Consortium, JumioEDIT, Civic, Socure, Sedicii, BanQu, Icar Vision, Uport, HYPR, Evernym and Logrr.