Whilst digital innovation dominates discussions outside of boardrooms issues of governance and risk are driving decisions behind closed doors.
Before commitments can be made to transformation projects, organisations require a deep subject matter understanding of the risks and opportunities. The intersection of legacy systems, regulatory frameworks and emerging technology.
Ask the right questions. Bespoke advice, determined by the particular challenges of the industry vertical.
Which version of your identity and what purpose or control are you seeking to maintain?
- Decentralized identities (DID’s) – Self Sovereign Identity (SSI) – Know Your Customer (KYC)
It’s important to ask from what perspective you’re asking the question. Data that’s relevant, registered and recorded by Government, for business or by the individual. That question and answer will trigger a cascading series of questions and answers.
- How is the data stored? Who stores it? Is it secure, how is fraud addressed, who’s liable Who can change it, verify it, delete it? Who is it shared with? How is it shared and how can it be recalled?
That threat matrix will lead you to very different outcomes, with very different obligations and consequences. Blockchain and DLT protocol solutions incorporate a multitude of variables, executable in accordance with pre-defined parameters.
The rapid rise of connectivity has created new business opportunities, revenue streams and data rich information. It has simultaneously created threats. Expanding system attack surface vectors not previously considered or prepared for by organisations.
The promise of Blockchain? Assistance with the creation, storage and the permissioned dissemination of immutable data. The ability to authorise, track and trace data. A better system for Digital ID, multi factor authentication and shared, congruent ledgers. The development of consensus mechanisms that pre-emptively better identify data tampering or access intrusions.