Microsoft and Mastercard want to give you a universal digital identity

Microsoft and Mastercard today announced they're teaming up to create a simplified arrangement for managing and verifying your identity online. From financial services down to electronic mail and social media, the goal is to forge a universally recognized digital identity that can exist used and verified beyond services.

Currently, verifying your identity online involves using a patchwork of centrally managed items ranging from your passport number to your proof of accost, driver'due south license, and login credentials. While Microsoft and Mastercard are mum on details for at present, the two companies say they're working on a decentralized system that would supplant these verification methods and work universally across services.

"Today'due south digital identity landscape is patchy, inconsistent and what works in i state often won't work in some other. We accept an opportunity to establish a arrangement that puts people start, giving them control of their identity data and where information technology is used," says Ajay Bhalla, president, cyber and intelligence solutions, Mastercard. "Working with Microsoft brings us 1 step closer to making a globally interoperable digital identity service a reality, and nosotros wait forward to sharing more very before long."

The proposed system would streamline everything from applying for loans and filing taxes to shopping online and signing upwardly for streaming services. Importantly, it could too piece of work beyond borders. Farther, Microsoft is setting its sights on solving three mutual problems:

• Identity Inclusion: More than ane billion people, a majority of them women, children and refugees, are not officially recognized; a digital identity can improve their access to health, financial and social services.
• Identity Verification: A single, reusable digital identity can help people interact with a merchant, banking concern, authorities agency and countless other digital service providers with greater integrity, lower cost and with less friction.
• Fraud Prevention: A single digital identity can help reduce payments fraud and identity theft of various forms.

Mastercard also says that the new organization will "serve every bit the foundation" for new services it plans to offering congenital on Microsoft Azure.

"Digital identity is a cornerstone of how people live, piece of work and play every day," said Joy Chik, corporate vice president, Identity, Microsoft. "We believe people should be in command of their digital identity and data, and we're thrilled to first work with Mastercard to bring new decentralized identity innovations to life."

As of at present, there are no specific details on how this proposed universal digital identity will take shape, just it could provide welcome relief for the burden of remembering hundreds of passwords and submitting sensitive documents online.

Microsoft promises more details on the system volition be provided "in the coming months."

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Source: https://www.windowscentral.com/microsoft-and-mastercard-want-give-you-universal-digital-identity

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