The reason to use biometrics as a form of identity is because they are unique, unchanging and are the one direct and unequivocal link to an individual. But what if these identifiers are compromised? This is not a hypothetical scenario as the U.S. Office of Personnel Management breach sadly taught us several years ago. For years, this has been a conundrum in the world of biometrics - to store the data in a centralized system that has to be protected or choose device-based biometrics that are not linked to a vetted physical identity. In this never-ending loop of having to choose between privacy and security, we as a society have ended up with neither. This is about to change.
There are multiple forces now converging, that are driving serious attention and urgency to solve this problem as never before - continued, massive data breaches, skyrocketing use of biometrics and the emergence of far-reaching privacy and data protection laws that put the onus on protecting personal data on the private sector.
Owning personal data, and especially biometrics, has become a hot potato. Noone wants to hold it, but it is necessary for doing business. Consumers on the other hand are asking for more control. As a result, we are seeing new frameworks emerge, frameworks that go beyond blockchain and take into account the need for holistic, decentralized identity management that binds a rooted identity to a trusted authentication key that cannot be stolen, lost or circumvented by fraudsters operating under assumed identities with stolen PII.
Join us as we take you through a journey of what these new frameworks look like and the new possibilities that emerge when there is no binary choice to be made between privacy and security. It will finally be possible to have both.
2020 will be eternally known as “The Year of COVID.” It will also be known as the year remote digital onboarding was near instantaneously transformed from a strategic, forward-thinking business development objective to an urgent, mission critical business priority. This has accelerated the adoption of biometric face recognition and liveness detection to create secure, trusted, and frictionless onboarding experiences.
The market landscape is being shaped by a range of innovators. From biometric face recognition and liveness technology providers to targeted digital onboarding and identity verification platforms, to the identity BIG THREE: IDEMIA, NEC, and Thales; everyone wants in. The market is heating up as the stakes couldn't be higher.
Using Acuity’s proprietary Constellation market landscape model as context, the current state of play will be evaluated in terms of the key market sectors, drivers, challenges, and opportunities for real world problem solving and disruptive innovation.
