Is “bank identity” the key to the future?

Don’t overlook the bank identity. It’s more than you might think!

You quite likely stumbled upon the term “Bank Identity”. If you haven’t heard much about it yet I recommend you’ll have a closer look. It is quite possible that it will become the same phenomenon like we have experienced with the first online shops or social platforms...

What is really going on? This idea seems so simple that in fact its genius…

The problem was how to recognise or verify in the virtual space that I am who I claim to be. It sounds trivial but quite contrary the solution is legally problematic and not as straightforward as it seemed to be at first.

Our legal system, until recently, has not been prepared for the digital era and so called “digital onboarding” was and sometimes is still quite complex.

The essential question was what majority of people have that is unique and we always know who it is? The answer was the bank account. Even within inheritance proceedings for example you can ask the bank in the Czech Republic upon providing the person’s birth identity number to see if the person has an open bank account or not. And what works one way works the other...

So what if the bank uses one of their weaknesses meaning long administration process of verification when opening an account to benefit from? What if banks can verify to other subject that the person, who is currently logging in owns a bank account and it corresponds with the birth number and the name they typed in? And what’s more, that the state claims such verification is credible. Well there is no reason not to trust it. This authorisation is equivalent to the one provided by a human at the branch when checking your plastic card you have brought with you and looking at the photo having a visual check to match the face…

Isn’t that fabulous? Imagine a brand new world where there are no passwords apart the ones to your bank accounts. You’ll use it for email, favourite e-shop, and public portals, basically everywhere you need to log in you’ll just use the one and only bank ID.

There is one stop I’d like to make. It is the social networks. There is a unique potential to create clean social network with the bank ID. What do I mean by that? Just imagine a social platform, where everyone knows exactly who the person is and they are not able to make up lies or alter their identity. You can oppose that it would mean certain loss of freedom and privacy but I think that in today’s world full of misinformation it could be an interesting alternative for fair play where everyone is entitled to an opinion but have to be prepared to carry the responsibility too.

It all might not be peachy..

It’s important to bear in mind that not everything is great. We need to be aware that if the described scenario above happens, private entities gain huge power. 

I am definitely not a conspiracy theorist or their biggest fan but I do like the saying from my favourite comic book: “With great power comes great responsibility.”

Let’s not be afraid of the future nonetheless, we must remain vigilant!

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