1. Financial Institutions –
Financial Institution is the first where we use the Identity very frequently. In reality, the Financial Institution deals with a lot of identity-based issues such as false identifications, identity thefts, repetitive KYC protocols, and many more. Thus Digital Identity provides easy solution to this. If one wants to open a Bank Account or want to take loan from bank, user just needs to grant access to financial institution so that they can verify the identity credentials on the basis of Self Sovereign System.
2. Legal Compliances –
The government issues a lot of official identification documents for the citizens. In this process, user will every time require to prove their identity. Further, user will also require accessing its KYC while complying various Forms & Returns like Income Tax Returns, GST Returns, etc. Thus, government services can highly benefit from decentralized digital identity to reduce paperwork, corruption, and offer security.
3. Utility Services –
To obtain utility services like Electricity Connection, Broadband Connection, Gas Connection, Water Connection, one has to provide its KYC. By using the Digital Platform, You will need not submit plenty of documents to avail these services and user can provide the Identity very easily and that too in less time.
4. Hospitality & Travel Sector –
Maintaining Identity on Digital Platform will make it easier for the users to travel around the world. A person will not have to carry a set of IDs or documents to authenticate himself or herself wherever he/she goes. Whether it will be a cab company or hotel authority, it will become simpler to authenticate yourself just with a single ID. This will result in reducing the processing time and increasing the efficiency.
The healthcare industry has the highest benefit from decentralized digital identity. In reality, almost all of the healthcare institutions have no security for patient’s information; so many people use them for their private research to get sensitive information without consent. On the other hand, decentralized identity foundation can help healthcare to safeguard all the health-related data of patients and they would get full control and privacy they need for their results.
6. Insurance –
Insurance companies need to battle with too much paperwork and the false insurance claim and the process of filing an insurance policy contains lot of paper work for both the insurer and the insured client. Moreover, in many cases, people try to be fraudulent for insurance claims and the process of verifying all the credentials are time-consuming as well. But with the help of decentralized identity foundation, every single problem would be solved.
7. E-Commerce –
In e-commerce, we need to have a proper identification to prevent frauds. In reality, the e-commerce section deals with a lot of fraud. For example : users pay money to buy authentic products, but instead they get fakeone or completely different ones from what was advertised.
This happens due to the lack of proper protocols when signing up in that e-commerce site. Thus, Digital Identify can ensure the proper verification needed for safeguarding this sector.
Dealing with money always comes with a risk. In the case of firms, they need to check whether the other party is that person who they are dealing with. Thus, these firms can get help from the decentralized identity foundation. With the use of proper identification and verification process, it’s quite simple to work with. Also, sending payments would be much easier as well.