Blockdentity: a future beyond digital identity
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The last trillion-dollar industry was built on a code of 1s and 0s and the next will be built on genetic codes. Well, who knows? It's no longer unthinkable. Traditional economics had maintained that factors of production comprised of land, labour and capital. While that may still be true, it is only valid in certains ways, today; just as was the case once upon a time, when land was the raw material for the agricultural age. It only lasted for a period before the inevitable change, and iron became the new raw material for the next age the industrial age. Today, we live in the information age, where technology has taken charge and data is its raw material. More specifically, identity data is the focal point of data structures and dimensions. This is well corroborated in one of the opening statements of the recently implemented General Data Protection Regulation (GDPR). As emphasised by Voigt and Von dem Bussche (2017), (t)he processing of personal data should be designed to serve mankind. The world that we live in today, and the way that we conduct business transactions, has changed incredibly from the past decades, and all thanks to a deep-reaching digital transformation ushered in by the information age. This transformation has proliferated into all human interactions and is feeding a demand for innovation and advancement, while introducing a new form of identity digital identity and challenging the traditional ways of day-to-day transaction.
Digital technology , Blockchain technology , Identity , Blockdentity , Know Your Customer (KYC)
Akinlaso, I. M. M., Adediran, I. O., Diallo, A. K., & Mahomed, Z. (2019). Blockdentity: a future beyond digital identity. In U. A. Oseni & S. N. Ali (Eds.), Fintech in Islamic finance: theory and practice (pp. 281-302). Abingdon, Oxon: Routledge.