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CYBERSECURITY NEWS IN ASIA



RECENT STORIES:

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Safeguarding tomorrow’s digital transactions from fraud
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 * Features
   
   
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Features


THE FUTURE OF DIGITAL IDENTITIES AND DIGITAL TRUST

By Victor Ng | Monday, September 6, 2021, 4:11 PM Asia/Singapore




In the digital economy, businesses and individuals need digital trust – by
ensuring portable and verifiable digital identities and credentials, while
protecting privacy.

At the ATxAI Conference during Asia Tech x Singapore (ATxSG) held in July 2021,
it was announced that Singapore’s Infocomm Media Development Authority (IMDA)
and National Research Foundation (NRF) will invest S$50 million (US$37.3
million) over the next five years to develop the city-state’s digital trust
capabilities.

This investment will allow Singapore to extend its strength as a trusted hub
into the digital realm, as well as tap on new possibilities and demands arising
from a global digital trust market that is expected to grow exponentially,
including unlocking new opportunities enabled by privacy-preserving
decentralized technologies.

Privacy-preserving decentralized technologies help address emerging areas in
identity and verification for businesses and consumers to boost confidence in
the digital economy, and is an emerging area that Temasek-founded company
Affinidi is very familiar with. The Singapore-based company is leading the
charge in the space, by enabling the creation and sharing of digital identities
that are portable and verifiable. It leverages decentralizing technology and
self-sovereign identity (SSI) to enable individuals to take ownership of their
own digital identity, anticipating the use of verifiable credentials becoming
more common in the future.

CybersecAsia finds out more from Kishore Bhatia, Chief Technology Officer and
Founding Member, Affinidi.

Kishore Bhatia, Chief Technology Officer and Founding Member, Affinidi

How do decentralized technologies foster digital trust and unlock new
opportunities for businesses?

Kishore: Developing digital trust capabilities is an area that is becoming more
important as countries look to unlock opportunities in the digital economy.
Moreover, as more businesses digitalize, they will want greater assurance and
confidence in using digital technologies.

Decentralized technologies essentially allow individuals to gain control of
their own digital identity, claim their credentials, and share data selectively
in a privacy-preserving manner as they consume digital services from different
providers.

Notably, a decentralized architecture fosters greater transparency,
accountability, and trust between all parties in a digital economy with
institutions, governments and individuals.

In addition, this makes the digital infrastructure and services resilient to
cyber threats, while reducing the attack surface and minimizing the scale and
impact of a compromise.

For businesses, decentralization increases efficiency as it eliminates the need
for intermediaries in many transactions. More importantly, it streamlines
processes and increases transparency in the flow, providing businesses the
ability to automate via digital-native methods.

If you are a small business owner, you can potentially earn more returns from
your business because you no longer have to spend extensive resources on data
management and compliance. It also opens up more opportunities for businesses to
develop tools, products and services on top of decentralized ecosystems. Hence,
it drastically lowers the threshold to start, build and test an idea. 

What are “verifiable credentials” and how can they serve as the building blocks
for businesses and individuals to feel safe and confident about using digital
technologies in the digital economy?

Kishore: A credential is a piece of information that identifies a particular
entity or verifies that a person has a specific attribute, qualification, or
claim.

For example, passports are proof of your identity while a university degree is
an education qualification you possess. While such documents can be examined in
the physical world, how do you do it in the digital world? That’s where
verifiable credentials come in.

Verifiable credentials (VCs) are tamper-proof credentials that can be verified
cryptographically. There are three essential components of VCs. They are:

 1. digitally verifiable
 2. secure and tamper-proof
 3. Issued by a competent authority

For instance, within the supply chain industry, manual verification that are
being used now are slow as they require physical credentials, and are easily
forgeable. Inefficiencies attributed to multiple authentications and delays can
negatively impact operations. However, with VCs, a trustworthy trade connection
can be established with another entity in the global marketplace to buy and sell
goods across countries and to handle payments, shipping, and the logistics.

Trustana, a B2B trade platform built using Affinidi’s technology, has tapped on
VCs to help SMEs digitalize, connect with verifiable trustworthy trade partners
to buy and sell goods in the F&B space. We are confident that this will not only
enable businesses and individuals to feel safe and confident using digital
technologies, but also reduce obstacles to establish trust in new markets, thus
opening up new cross-border supply chain opportunities for SMEs.

What are the key entities in the verifiable credentials ecosystem, and how do
they come into play in ensuring data is managed securely? How will this
ecosystem shape the way individuals and businesses use and interact with data?

Kishore: There are three entities in a verifiable credentials ecosystem: issuer;
holder; and verifier.

An issuer is an entity authorized to issue a credential and by way of
governance, issuers are typically authorized and trusted by a peer community of
issuers and holders/verifiers. Some examples include government organizations,
healthcare institutions, banks and schools.

A holder (typically individuals or organizations) is the owner of the credential
and has complete control over how it is managed, and with whom they can share
the credentials with.

Finally, a verifier is an entity that, as part of providing a service to the
individual or entity, verifies a credential and ensures that it comes from a
competent and trusted issuer and is tamper-proof, not expired or revoked.

This system ensures your data is managed securely as trust is the central aspect
of VC, and handling this aspect well is important for the success of any
VC-based system. It allows individuals and organizations to have control over
their information and determine who they want to share it with.

In a VC workflow, the issuer digitally signs a document and sends it to the
holder. Next, the holder creates a verifiable presentation which can come in
various formats, like a QR code that encodes selectively shared information, and
sends it to the verifier for verifications. The verifier then checks the
presentation against the specifications to verify the three aspects —  validity
of the credential, tamper-proof characteristic of the credential and signature
of a competent and trusted authority (issuer).

This process ensures data is shared in a secure and privacy-preserving way while
empowering the holder.

Through a verifiable presentation, individuals can collate different credentials
that they want to share with a verifier. For instance, during a job application,
a potential employer may request for specific information for a background check
such as your date of birth, education qualifications, past employment records
etc.

Each of these credentials is issued by a different entity and the owner of these
credentials can collate these elements to create a verifiable presentation for
the verifier. This offers assurance to individuals as it tells the verifier only
what it requires. It also enables portability and re-use of these credentials as
they can combine verifiable data in privacy-preserving ways for sharing with
different verifiers. Since the verifiable presentation is a compilation of VCs,
it is verifiable, tamper-proof, and authentic.

In Asia Pacific, where do you see VCs playing an important role in areas such as
human resource management, e-commerce and more?

Kishore: I believe verifiable credentials are the next frontier in the world of
digital identity, privacy and security. They address many concerns we face today
with regards to our documents, identities and verification, effectively solving
authenticity, reputation and trust while transferring ownership and control of
identity and data sharing to the individual (or enterprise) owner.

As Affinidi continues to foster digital trust globally through VCs, we remain
committed to work with partners, pioneering developers, entrepreneurs and
technology integrators in the ecosystem to generate new ideas and catalyze
innovation. We can already read and verify credential implementations from a
growing list of more than 23 issuance technology partners and national health
standards.

Over 15,000 healthcare providers and clinics in nine markets have also been
onboarded with our travel verification solution or one of our partners.
Moreover, pilots are currently being run with more than 10 airlines across Asia
Pacific and the Middle East, with pilots in North America and Europe kicking off
soon.

There are several use cases where a VC ecosystem can play an important role in
verifying important information safely and securely.

For example, many employers today require candidates to present a variety of
information. VCs can be used to verify current and past employment and is a safe
and self-empowered way for candidates to share them with prospective employers
and entities who need this information.

Moreover, VCs also help ensure medical records are in an easily shareable
format, and streamline the verification process, which can come in handy during
emergencies. In this workflow, a healthcare or start-up company aggregates all
the medical records of an individual across different medical institutions and
issues a VC containing all the necessary information to the holder. He or she
can then subscribe to an insurance service or a healthcare provider’s services
by sharing their private healthcare data as a VC.

Amid the pandemic, COVID-19 tests have become necessary for travelers and VCs
can be utilized to safely and quickly examine these test results. At Affinidi,
we are helping to enable safe travel through COVID-19 tests and vaccination VCs.
Healthcare providers and other relevant bodies can issue digitally verifiable
COVID-19 test and vaccine credentials to travelers in a secure and
privacy-preserving way. Airlines and immigration officers can then use
Affinidi’s travel verification solution to efficiently and accurately verify the
credentials’ authenticity and match these against destination entry
requirements.

Moving forward, we see great potential in the use of VCs and believe it will
dramatically transform the way data is shared and managed.

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