This article was first published on Blog – Civic Technologies, Inc.
By some estimates, the identity verification market is expected to be worth nearly $13 billion by 2024. Identity, one of our most valuable assets, is only becoming more important as a central part of how our economy functions.
At Civic, we spend a lot of time thinking about identity. In today’s digital age, identity is more complex than an understanding of oneself. Identity has become the compounding of everything that we own, do, and share. Without verified attributes such as your name, social security number, and date of birth, a person is, most often, barred from engaging in society as we know it today. Bank accounts, housing, and healthcare become inaccessible to someone without an established identity. As we’ve argued in a previous blog post, our digital identity is how we present ourselves to the world and how we interact with it, so it’s important that each of us has control over our own.
Identity is at the heart of everyday life. So is commerce – and therefore, payments.
What is a payment? The most basic definition of payment is an exchange of value for goods or services. Originally, payments happened in the form of bartering. Each party would trade for something they needed: a gallon of milk for a dozen eggs, for example. Over time, currency was developed, as ancient civilizations evolved to use precious metals, leather, and paper money to pay for things. In 1816, England established gold as its standard of value. Credit cards appeared on the scene in 1912, and it wasn’t until 1994 that digital payments were introduced. While the form of payments has changed dramatically over time, the transfer of ownership, and how we get things, hasn’t evolved dramatically. Under our economic system, everything that has value carries an associated ...
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Blog – Civic Technologies, Inc.