Dock

Here are the 3 main benefits of verifiable and reusable ID credentials. 1. Faster customer onboarding. 𝟳𝟬% 𝗼𝗳 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗮𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗮𝗯𝗮𝗻𝗱𝗼𝗻 𝘁𝗵𝗲 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 𝗶𝗳 𝗼𝗽𝗲𝗻𝗶𝗻𝗴 𝗮𝗻 𝗮𝗰𝗰𝗼𝘂𝗻𝘁 𝘁𝗮𝗸𝗲𝘀 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝟮𝟬 𝗺𝗶𝗻𝘂𝘁𝗲𝘀. When customers can present their pre-verified digital ID credentials, they no longer need to repeatedly input their details or gather physical documents every time they want to sign up for a new service. Quicker onboarding reduces frustration and abandonment, leading to higher conversion rates and increased revenue. 2. ID providers can expand their market.     𝗢𝗻𝗹𝗶𝗻𝗲 𝗳𝗿𝗮𝘂𝗱 𝗶𝘀 𝗴𝗿𝗼𝘄𝗶𝗻𝗴 𝗮𝗻𝗱 𝘀𝗲𝗰𝘁𝗼𝗿𝘀 𝘄𝗵𝗲𝗿𝗲 𝗞𝗬𝗖 𝗶𝘀 𝗻𝗼𝘁 𝗺𝗮𝗻𝗱𝗮𝘁𝗼𝗿𝘆 𝗮𝗿𝗲 𝗻𝗼𝘄 𝗿𝗲𝗰𝗼𝗴𝗻𝗶𝘇𝗶𝗻𝗴 𝘁𝗵𝗲 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗼𝗳 𝘀𝗲𝗰𝘂𝗿𝗲 𝗶𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝘃𝗲𝗿𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻. ID providers have a big opportunity to enable clients to issue digital ID credentials and create demand for that high-quality verified ID data they generate. These credentials will help other businesses implement reliable and frictionless ID verification. 3. Competitive advantage with digital ID wallets, eIDAS, and mobile driver's licenses (mDLs).     𝗡𝗮𝘁𝗶𝗼𝗻 𝘀𝘁𝗮𝘁𝗲𝘀 𝘄𝗼𝗿𝗹𝗱𝘄𝗶𝗱𝗲 𝗮𝗿𝗲 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 𝗶𝘀𝘀𝘂𝗶𝗻𝗴 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝗶𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗱𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝘀 𝘁𝗼 𝘁𝗵𝗲𝗶𝗿 𝗰𝗶𝘁𝗶𝘇𝗲𝗻𝘀 𝘄𝗵𝗶𝗰𝗵 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗯𝗲 𝘀𝗲𝗰𝘂𝗿𝗲𝗹𝘆 𝘀𝘁𝗼𝗿𝗲𝗱 𝗶𝗻 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝘄𝗮𝗹𝗹𝗲𝘁𝘀. ID providers should understand how to verify these digital IDs and potentially issue them in collaboration with authorities. Overall, both ID providers and their clients, if positioned well at the cutting edge of digital ID verification, can benefit immensely from this new digital world. The world is becoming increasingly digital and whoever is capable of issuing verifiable ID credentials will win

Bringing verified ID data into one reusable ID credential that is tamper-proof and universally verifiable helps ID providers accelerate customer onboarding and expand their market by creating a new ecosystem of verifiers. In this video, Euan Miller shows how to issue that reusable ID Credential once a customer completes the ID verification process.

The market for digital identity verification is going to be one of the most valuable in the world. 1. People are increasingly relying on online services for everything in their lives (e.g. shopping, banking, communicating, doing business). 2. The number of bad actors trying to exploit people online is also growing. 3. Generative AI makes identity fraud much easier with fake IDs, fake audio and deep fakes on video. 4. The damages identity theft can cause are too serious for people and businesses to ignore. Secure and trusted identity verification methods are critical to prevent identity fraud. A whole new market of verifiers, companies who were never required to do KYC, will soon want to verify their customers in a way that doesn’t add friction to the onboarding process. 𝗥𝗲𝘂𝘀𝗮𝗯𝗹𝗲 𝗜𝗗 𝗰𝗿𝗲𝗱𝗲𝗻𝘁𝗶𝗮𝗹𝘀 𝗮𝗿𝗲 𝘁𝗵𝗲 𝘄𝗮𝘆 𝘁𝗼 𝗲𝗳𝗳𝗼𝗿𝘁𝗹𝗲𝘀𝘀𝗹𝘆 𝘃𝗲𝗿𝗶𝗳𝘆 𝗮𝗻𝗱 𝗮𝘂𝘁𝗵𝗲𝗻𝘁𝗶𝗰𝗮𝘁𝗲 𝘀𝗼𝗺𝗲𝗼𝗻𝗲'𝘀 𝗶𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗮𝗻𝗱 𝗮𝘁𝘁𝗿𝗶𝗯𝘂𝘁𝗲𝘀 𝗯𝗲𝗵𝗶𝗻𝗱 𝘁𝗵𝗲 𝘀𝗰𝗲𝗻𝗲𝘀. It's 2024 and the demand for better, safer and frictionless identity verification will make reusable verifiable credentials some of the biggest winners in this growing market.

Deep fake fraud accounted for 6.5% of all identity fraud in the first 2 months of 2024. (Data provided by Pinar Alpay from Signicat) We see finance workers having to deal with deep fake CFOs and end up paying millions to fraudsters. We see gaming companies having to deal with fraudulent accounts using leaked personal information. We see more and more companies having to deal with generative AI and not knowing who's real or not. With the amount of personal leaked data online, identity fraud is a growing concern for both businesses and individuals. Verifiable ID credentials tied to their owner’s biometrics are a key solution. Companies need to verify suppliers, customers, and even colleagues' identities in a way that is both reliable and low-friction. Verifiable credentials ensure that the verified ID data contained within them is authentic and, when tied to a biometric, ensure that only the rightful owner can use them for verification. By enabling companies to issue ID credentials, ID providers will secure a key role in this expanding market for digital ID verification and create demand for the high-quality verified ID data they and their clients generate.

🎉 NEW BLOG: Identity conferences are great opportunities for exchanging ideas, building networking, and discovering the latest trends and technologies regarding identification, digital identity, IAM and authentication. In this article, you'll see 13 identity conferences that can help you grow professionally and bring new ideas and solutions to your company. Read more: https://lnkd.in/d-Y54nnF

Just wrapped up my fourth Internet Identity Workshop (#IIW)! Spending time with my colleague Richard Esplin, connecting with the community, and hearing about the latest advances were definite highlights. My key takeaways: 🆔 A noticeable shift towards adoption and willingness to make trade offs for real world customers 🏛 Government initiatives seem poised to be the initial leaders in issuing individual digital IDs, with significant projects like eIDAS, mDLs, MOSIP, SIDI Hub making strides 🤖 Interesting discussions on how decentralized ID and AI can synergize, revealing a promising yet uncertain future 📱 The importance of user experience cannot be overstated—we need to better prioritize and refine UX to enhance adoption, not just for end-users but also for organizations embracing this tech It's truly inspiring to be part of a community so dedicated to advancing digital identity. I'm hopeful and energized by the progress we're making!

Gail Hodges is the Executive Director at the OpenID Foundation, Special Advisor of Identity Technologies at the California Department of Motor Vehicles  (DMV) and co-organizer of the SIDI Hub. What a privilege to have Gail on the podcast! We talked about: ► Why citizens need mobile identity credentials that are private, secure, and easy to use ►  How the OpenID Foundation is working with governments and the private sector ►  Gail's experience working at Apple ►  The benefits of the California DMV's digital driver's license initiative ►  The most significant opportunities of digital driver's licenses for businesses Thank you for joining me in Dock's Identi3, Gail! Watch it here 👇 Youtube: https://lnkd.in/ey57zWXR Spotify: https://lnkd.in/egYhpJyC Apple Podcasts: https://lnkd.in/ekX7Ky6e

A Digital ID ecosystem enables faster customer onboarding and allows ID providers to expand their market by creating a broader verifier ecosystem seeking reliable, frictionless identity verification solutions. In this video, Euan Miller walks through Dock's newly released ID Ecosystem feature and explains how it can enable customers to reuse their verified ID data across multiple services.

Here's why the ID verification market is expanding. I talk a lot about how ID providers are set to grow very fast if they leverage the new opportunities arising from how the market is evolving. But I have never gone into more depth on how exactly I see this happening. So here are my thoughts: 1. 𝗧𝗵𝗲 𝘁𝗼𝘁𝗮𝗹 𝗮𝗱𝗱𝗿𝗲𝘀𝘀𝗮𝗯𝗹𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘄𝗶𝗹𝗹 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝘁𝗼 𝗴𝗿𝗼𝘄.        With the rise of online fraud, sectors where KYC is not mandatory are now recognizing the importance of secure identity verification.        Reusable ID credentials that provide reliable means of ID verification while reducing friction will generate demand from a new ecosystem of verifiers seeking frictionless identity verification solutions.     2. 𝗜𝘁'𝘀 𝗮𝗹𝗹 𝗮𝗯𝗼𝘂𝘁 𝗲𝘅𝗽𝗮𝗻𝗱𝗶𝗻𝗴 𝗲𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀.        Integrating reusable ID technology is not about disrupting current IDV models.        It's about enriching them, offering clients an expanded service that solves more of their problems, providing them more value, leading to increased revenue for both sides.     3. 𝗧𝗵𝗲𝗿𝗲 𝗶𝘀 𝗮 𝗻𝗲𝘄 𝗺𝗼𝗻𝗲𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆.        With the growing need for ID verification, those who issue verifiable and reusable ID credentials will be able to monetize them by charging those who need to verify them.        It's a whole new revenue stream that elevates the bottom line and establishes these platforms as leaders. These factors combined mean there is and will be a lot more customers to serve and more money to be made. There's no escaping it as the world moves to digital ID verification

Soon, your customers won’t be forced to fill out forms or scan their physical documents whenever they want to sign up for a new service. They’ll be able to present their verified reusable digital ID credentials with a tap on their mobile device. The result? A quicker onboarding experience that leads to higher conversion rates and a boost in revenue for your business.