Economics of Identity
‘Digital identity’ is becoming increasingly important to consumers in their daily lives. Coping with a growing number of usernames and passwords is a burden that deters customers from transacting digitally. The cost of maintaining accurate personal data for customers and protecting it from cyber criminals is a concern for organisations and regulators.
Federated identity models are developing as a response. Consumers are becoming increasingly used to logging in to websites with Facebook, Google, PayPal and others. As part of its ‘Digital by Default’ policy, the UK Cabinet Office’s Identity Assurance Programme has created a federation of high assurance private sector identity services for access to digital public services. Organisations providing consumers with identity services have an opportunity to become trusted custodians for digital identity, facilitating consumers’ access to commercial and government services in convenient, privacy protecting and secure ways.
This Ctrl-Shift Study reflects and quantifies the increasing interest in the emerging markets involving Internet identity. It provides a first quantitative analysis of one leading digital market, the UK, and points to where value is likely to be created. The information gathered by Ctrl-Shift and the data models developed for this report will help inform the analysis public and private sector leaders need to contain costs, reduce risk and unlock the potential of the emerging identity ecosystem.
OIX focus is on building the volume and velocity of trusted transactions that drive business opportunities in the emerging ecosystem. Public and private sector leaders in the internet identity ecosystem benefit from a shared understanding of the economic value created from successful public / private partnerships involving identity authentication and how scheme rules and open standards expand economic opportunity. Open Identity Exchange plans to help Ctrl-Shift’s study become the first of a series of fact-based research into the importance of digital identity in emerging markets and our daily lives.