Research group emphasizes impact of distributed ID and self-sovereign identity in EMV 3D Secure deployment
Mercator Advisory Group has published a new research report titled “Distributed and Self-Sovereign Identity Solutions: Part 1, Technology Overview,” which recommends taking distributed ID and self-sovereign identity into account when deploying EMV 3D Secure authentication protocol and risk models. Investments are driven by technological issues led by the needs of distributed ID (DID).
The 20-page report discusses the impact of new technologies such as Secure DNS, distributed IDs and self-sovereign identity used by IBM, Microsoft and Mastercard. Tim Sloane, author and VP of Payments Innovation and Director, Emerging Technologies Advisory Service at Mercator Advisory Group, writes how distributed ID (DID) and self-sovereign identity solutions (SSI) will generate a merger between the two main identity and authentication platforms currently used by financial organizations.
“The benefits of self-sovereign identity are clear, and major platform providers, including IBM, Microsoft, and Mastercard, have announced adoption of this model, which returns control of identity to the individual,” Sloane said.
“However, the more immediate concerns are that several current identity implementations appear to be in direct contrast to this model, including the Sign In with Apple implementation. In addition, the investments being made today in authentication are likely to be obsolete if these new technologies are not taken into consideration,” he added.
The new framework will provide users with more control over their personal information and will eliminate the verification of paper documents, thus reducing the amount of paperwork.
In 2017, Mercator Advisory Group reported on biometric authentication for consumer identity, suggesting biometrics and standards like FIDO can quickly replace passwords for mobile authentication.
authentication | financial services | Identity | market report | Mercator Advisory Group