An electronic ID may sound like a futuristic innovation to personal and commercial identification. In truth, the technology is fully developed and ready for prime-time. Many businesses and governments are searching for ways in which they can benefit by implementing eIDs.
Electronic IDs offer several benefits and a plethora of possibilities. While the more obvious and mundane uses are already hitting the market, the technology allows for creative implementations. In this article, we uncover some unique benefits and potential uses for eIDs.
Depending on your home region, you likely have an ID card of some sort and possibly a passport. These aren’t the only forms of ID you carry around, though. What about things like your medical insurance card or your driver’s license?
An eID allows you to consolidate your ID for all the services that require it. Both government and private sectors can store information in a new way and use your eID to access and verify that information. Instead of having a bunch of ‘analog’ ID cards that contain your information and verification data, a company or government body can link the details they need to the verification process allowed by eIDs.
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When you hear ‘passwords,’ you probably think of your Facebook logins and the like. You will realize that much of your life is governed by passwords and pins. Companies like Microsoft, Apple, and Google have been trying to solve these problems for years.
They and others have pushed hard for biometric verification technologies. While this strategy has seen some success, the companies and the way they operate stand in the way of biometrics ever becoming ubiquitous.
Each company restricts the biometric technologies that they develop to their hardware and software platforms. Therefore, each device or bit of software is only helpful in as much as you can incorporate it into your everyday life.
Your computer logins, workplace logins and pin code, and even mobile device verification can all be simplified by eIDs. Every online service and account requires authentication, and with our increased reliance on cloud-based services, we cannot afford to lose access to our digital platforms.
Instead of creating and remembering a list of passwords and logins, you use your electronic ID as a login verification in all possible applications. This is also more secure because you are less likely to fall victim to easy-to-guess passwords.
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Using eIDs, your identity can be verified more securely, and there is far less chance of fraud. We have seen the initial phases of this with the increase in popularity of NFC payments, but eIDs take security and convenience a step further.
Like your iPhone, your eID could be linked to various credit cards and other payment methods. This also means less risk of losing your cards or having them stolen. A single, unified identity card is much easier to keep safe.
Another vital benefit of eIDs is that the credit card details used in conventional online shopping are not stored in a database hosted by the retailer. This benefit protects you from losses if the said retailer gets hacked.
We have seen this happen before, where a significant online business gets hacked, and thousands of people have their credit card information compromised. When using modern eID technologies, this system can be managed differently.
The information stored by the online retailer only links back to your eID, which is still required to make any purchases. Thus, even a database hack won’t expose information that can be used to defraud you of any money.
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There’s been a massive increase in digital contracts and agreements made over the internet in recent years. These contracts and agreements range from small-scale contracts to massive financial transactions.
Huge loans and trades can be made online, putting individuals at risk of enormous losses if their data is compromised. Although there are preventive measures and security checks in place, current methods are not secure enough.
Enter another excellent use for eIDs. You could use your electronic identification card to digitally sign agreements, documents, and other essential contracts securely. The verification process uses a unique identifier linked to your eID.
This benefit extends to financial administration. In other words, the way that you manage and access your money, investments, and physical assets. There are very few limits.
Theoretically, you could have your entire financial portfolio, the deeds to your properties, and any number of assets linked directly to your eID.
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