As a provider of digital identity platform that leverages biometric verification via facial recognition via its mobile app, Yoti has distinguished itself as a company concerned with social impact. Living up to its established reputation during the recent World Economic Forum in Davos, Yoti took the opportunity to speak on a panel focused on the the benefits of digital identity for government and citizens.
Titled “Global Citizenship, Blockchain and Digital Government,” the panel was presented alongside Yoti’s partner LedgerState and included a wide range of speakers. Ledgerstate chairman Damir Yandrich, The Good Country founder Simon Anholt, Henley & Partners CEO Dr. Juerg P. Steffen, and many others, including numerous government officials, rounded out the formidable discussion group.
Digital identity served as the reference point for the panel as it tackled essential issues like good governance, social inclusion, economic growth, investment migration, smart cities, and civil liberties.
In a blog post announcing the panel, LedgerState co-founder Nino Vang Vojvodic shed light on the benefits of the discussed technologies, saying, “Studies show that modern technology adoption by governments, including digital services and blockchain based solutions, get increased trust from their citizens.”
The opportunity for governments to utilize the positive power of digital identity is an important one. But the possible negative impacts and use cases also loom high in this largely unregulated space. During another talk at the World Economic Forum, Microsoft CEO Satya Nadella called for global regulation of the facial recognition industry stating, “I can come up with 10 uses that are very virtuous and important and can improve human life, and 10 uses that would cause problems.”
This all underscores the current critical state of the digital identity industry, emphasizing that governments and enterprises need to work together to understand the potential benefits presented by new advancements in digital identification technologies, but also the potential challenges.