Isn’t it exciting seeing how 2018 just ended and everyone is questioning what Q1-2019 will hold for digital ID verification?
Let me tell you. It isn’t as easy as many people are claiming it to be. However, based on how quickly digital identity verification companies are progressing in technology. The battle seems all more interesting to assess and unfold.
While speculation is all around us. Let’s take a practical look into how the concept of ID verification is expected to function alongside society and the advancement in technologies.
The Marriage of BlockChain & IDV Data Security
Yes Yes, we’ve all heard it many times – Blockchain is illegal and you might get hacked. It’s a dark world of cybercriminal information sharing of fraudulent projects.
But that’s just what the world wants you to think. It really isn’t as bad if given proper thought. Yes, Blockchain runs on the concept of anonymity but isn’t security the greater concern for a digital id verification company as well.
At a time when regulations are intensifying measures for increased data security. Data security on distributed ledgers is a shot worth drinking, despite how much it stings. Why? The concept has not seen any commercialized adoption, keeping in mind identity verification. If this merger of IDV and Blockchain can somehow experience in a matrimonial project. The growing prevalence of data breaches can be minimized and privacy concerns addressed.
The blockchain is a natural fit for this role, where the central purpose is data security, restricted access to concerned individuals only through the concept of keys. This provides an ‘X’ named company with such a technology a robust, incorruptible – yet encrypted record storage that can be easily verified.
In the environment likes of the EU – General Data Protection Regulation, the view towards data security needed an overhaul and how things are shaping further. Might just need another overhaul in the upcoming future.
Widespread Adoption of Identity Verification
We all know how technology has evolved recently, that includes Identity Verification. More users of all ages groups, across multiple devices are using the internet. This has opened room for cyber fraud with a high threat level. Where fraudulent practices are being undertaken across all major industries and varying use-cases. The need for the measure to combat identity fraud has become more important than ever.
2019 will see identity verification be deployed across all major industries and in areas more common to us. In order to ensure fraud is addressed at the minor pores of the society that inflicts us and common users. Digital account openings will see mandatory Identity Verification in addition to increased facial processing during sensitive transactions and big-ticket purchases. To purchase a Sim Card, an individual would have to verify themselves before actually having usability.
Organizations are and will continue to head towards digital identity verification companies as fraud rises. IDV is now a priority for companies to implement as lost coster and bad ROI is not acceptable in a highly competitive industry.
Digital identity verification companies are tasked to work in a demanding and rapidly changing environment. Where IDV solutions will find access to more common applications around the world. As people get accustomed to solutions that provide seamless customer experience, IDV solutions battle to increase their presence in 2019. Click this source and find more information on Game Changing IDV applications.