We define digital identity as the high value transactional data for an individual, entity or object that gets captured shared and stored in order to authenticate, verify, or authorize a transaction or interaction. The pace of digital transformation and the way we create and manage identities online and offline has not kept up with the demands of the digital world. Next gen web3 platforms enable a future where blockchain, decentralized networks and AI create a more secure and private identity management system with users at the center. The result is users taking back control of their digital identities, a reduction of the need for 3rd parties or fee charging middle men, and a proliferation of peer to peer networks. Against this backdrop, traditional business models can be restructured to take advantage of the new context which includes richer information flows, seamless payments, trusted data transfers and an increased range of potential counterparties. The reduced friction around data in motion along with increased security and privacy can lead to a myriad of new business models—self sovereign data marketplaces, decentralized autonomous organizations and global cooperatives. For individuals and entities, they can transact directly with a peer or third party. We will discuss several use cases: 1) how individuals might assemble, secure, share and monetize their data given these next gen platforms; 2) new business models for banking and Know Your Customer (KYC); 3) healthcare access w SSI; and 4) data marketplaces.
