Blockchain technology could be the key to creating a secure digital identity.
During the introductory conference of the Global Digital Asset & Cryptocurrency Association, a Chicago-based association that advocates the regulation of cryptocurrencies, US politician Bill Foster emphasized the importance of a „secure digital identity“.
“You can have the most solid cryptographic protection on a blockchain, but that doesn’t help if the people who move on it act fraudulently and remain anonymous,” as Foster argues.
He cites crypto trading as an example and points out that actors with bad intentions could easily trade illegally under false names
Harvard graduate Foster, who is a blockchain programmer himself, knows the potential of the technology very well. Accordingly, he is vice-chairman of the blockchain parliamentary committee in the American Congress. The working group explicitly deals with the regulation of blockchain technology . Today’s politician began his academic career at the age of 15 and was initially a physicist before moving into politics.
In his address, Foster first emphasized the importance of so-called third-party anonymity, which means that identities would be anonymous, at least on the surface, but could, for example, be revealed in criminal proceedings.
„I think this is a basic requirement for all types of digital contracts and other use cases to which this applies,“ said the politician. The necessary acceptance for this could be created by offering people a verifiable method for securely and reliably verifying their own identity, as Foster says. He is convinced that the blockchain industry would already be able to set up such a system.
To this end, he adds:
“The missing piece of the puzzle, and this is where the authorities come in, is that when you apply for your ID or passport, you would have to be registered as a unique, traceable person. For this purpose, biometric data would have to be stored so that one cannot obtain a new identity in another country. “
Such a system would, however, require close international cooperation. „To do this, a group of countries would have to come together to build a common identity system,“ says Foster. A whole series of use cases could then be based on this.