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Digital Identity Privacy: What Experts Say and Why SelfKey Agrees

National Australia Bank (NAB) has discussed developing a digital identity ecosystem with experts from industry, government and academia, with privacy, security and customer-centricity identified as key concerns. This aligns with SelfKey's vision for personal data safety, which includes zero-knowledge filters and AI-powered proof of individuality.
21 4 月 2023
SelfKey
Person clicking on a laptop. Laptop's screen shows the importance of data security and privacy.

🚀 Dear SelfKey Astronauts, 

National Australia Bank (NAB) recently discussed creating a digital identity ecosystem with experts from government, industry, and academia. Customer-centricity, privacy, and security emerged as important concerns. 

This aligns with SelfKey's vision for personal data safety, including Zero-Knowledge (ZK) filters and AI-powered proof of individuality

NAB's approach aims to prioritize privacy and security, potentially reducing the risks of identity fraud and data theft, a goal that SelfKey shares in its decentralized solutions. This could mark an important step toward a digital society that puts individual security and privacy first.

Nowadays, the importance of privacy and security cannot be overstated. With the failure of powerful centralized institutions and the rise of data breaches, individuals are increasingly vulnerable to identity theft and fraud. 

One of the key themes that emerged from the NBA's discussion with experts is the importance of identity and identification. Rather than proving one's identity, individuals typically need to demonstrate that they possess certain attributes for specific purposes. For example, a person may need to prove they are over 18 years old to purchase alcohol or that they are licensed to fish in certain waters. 

With a SelfKey iD, an individual may share only the minimal amount of data needed to verify those statements. This approach emphasizes the need for data minimization, which is the second key theme identified by experts.

At its core, privacy is about restraint. It is crucial to curb overcollection, oversharing, and over retention of data at every stage of the data life cycle. 

The experts’ focus on data minimization aligns with SelfKey's use of zero-knowledge (ZK) filters and AI-powered proof of individuality. This approach ensures that only necessary data is collected and shared while protecting individuals' privacy and security.

In the future, this type of approach could have significant benefits for individuals. By preventing data theft and identity forgery, people can be confident that their personal information is safe and secure. And these are the key focal points in SelfKey’s decentralized solutions.

⚡The SelfKey DAO Whitepaper can teach you more about the benefits of decentralized systems.

Featured article:

👑 SelfKey ENS: Adoption of Self-Sovereignty on Blockchain

The concept behind ENS was to provide individuals and small businesses with the ability to own and control their own online domains, thereby enhancing their visibility. SelfKey, with a focus on self-sovereign identity, intends to create subdomains that offer the same advantages as ENS but potentially at a lower cost to ensure accessibility to everyone.

​Read more → about SelfKey’s ENS subdomains, as well as the advantages they may bring.

In case you missed it:

🚀 The Future of NFTs: SelfKey's Customizable Collectibles

In today's digital age, protecting our online privacy has become vital. While minimizing the exposure of personal data is essential, completely hiding ourselves is not the answer. SelfKey aims to develop a decentralized approach that may allow individuals to express their unique identities while safeguarding their private information.

Read more → about SelfKey’s Customizable NFTs, and how you can obtain and mint them.

Crypto News

📰 Ex-CEO gets prison sentence for bad data security

A cybercriminal has targeted a psychotherapy center in Finland, accessing and allegedly exposing confidential session data, including unique identification details such as national ID numbers, without restraint. The data was reportedly unprotected by more than a default password, allowing the cybercriminal to blackmail the clinic and its patients. 

Ville Tapio, the ex-CEO of the clinic, was also convicted of criminal charges after failing to ensure adequate cybersecurity and failing to report data breaches that occurred prior to the blackmail attempt. 

Read more → 

Quote of the week

"Fall down seven times, stand up eight." - Japanese proverb

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Note:

We believe the information is correct as of the date stated, but we cannot guarantee its accuracy or completeness. We reserve the right not to update or modify it in the future. Please verify all information independently.

This communication is for informational purposes only. It is not legal or investment advice or service. We do not intend to offer, solicit, or recommend investment advisory services or buy, sell, or hold digital assets. We do not solicit or offer to buy or sell any financial instrument.

This document may contain statements regarding future events based on current expectations. However, some risks and uncertainties could cause results to differ. The views expressed here were based on the information that may change if new information becomes available.

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