The Need for distributed sovereign ID
Identity goes to the heart of so much of business and life, that its importance is often taken for granted. However the annual cost to the financial sector, as well as to the taxpayer runs into in the billions, and produces a system which is reactive, cumbersome, and often only ever accurate for a very brief period of time.
The blockchain gives us the ability for the first time to create up-to-date, immutable and trusted identity systems - putting the individual in control of their data, making asserting your ID as easy as logging into social media, and making KYC/AML systems work as they always should have.
In the developing world, the need for a digital ID is much more starkly illustrated - with one quarter of the world's population living without a legal identity. This inability to enter many contractual agreements means an inability to access many commercial and public sector services.
Open Source, Open Standards
For digital identity to function with as little friction as possible, and to form the basis of a truly global ecosystem that serves individuals, companies and government to its full potential, a digital ID system must be open source and based on open technical standards.
This is the central argument of ObjectChain Collab - ID must be global, based on a technical infrastructure which recognises this fact, and on operating standards that can be implemented by any company on earth. We want to see a world with a competitive market in ID delivery, which means taking every step to prevent the emergence of silos, and avoiding a market where companies end up competing on the non-competitive aspects of business.
ObjectChain Collab is a research and proof-of-concept project looking into making individual, distributed ID a reality. By bringing together major financial institutions and regulators from across the globe, as well as legal professionals and representatives of the charitable sector, ObjectChain Collab will prove that distributed ID is better for individuals, banks, regulators and Government.