Ieva Trinkunaite on Digital Identity Solutions

As our daily and professional lives increasingly shift online, so do cyber threats such as identity theft and fraud. Traditional identity verification methods are no longer sufficient to protect individuals and businesses from the ever-evolving risks.

Major players in the identity verification industry claim that digital identity solutions will soon replace physical passports, and they are already preparing for this change. 

Major players in the identity verification industry claim that digital identities and NFC chips will soon replace physical passports, and they are already preparing for this change.

The World Is Changing

The post-pandemic world is far more digitalized than just a few years ago. However, this surge in digital activity has led to a corresponding rise in cyberattacks and digital fraud.

Identity theft is a growing global concern, with over one in five Americans reporting being affected. In 2023 alone, US citizens lost more than $43 billion to identity fraud.

Traditional identity verification methods are no longer sufficient to mitigate these risks, says Ieva Trinkūnaitė, board member at Swiss digital identity solution GlobalPass AG.

“The highly digitalized post-pandemic environment demands modern, more dynamic methods of identity verification, such as biometrics and blockchain-based solutions, to address these issues effectively. I’m confident that, in the future, physical passports will no longer exist.”

According to her, there is a growing demand for privacy and trust today. The leading identity verification industry players, like GlobalPass, are already focusing on innovative near-future solutions.

“We combine blockchain technology, identity verification, and biometrics to create the most secure and reliable digital identity system. 

This solution not only enables instant verification but also makes it much harder to forge or steal. On top of that, it simplifies things for users – they won’t need to carry physical documents anymore.”

Digital ID Transforms Identity Verification Industry

In today’s landscape, identity verification is critical to business operations, safeguarding against fraud, ensuring privacy, and enhancing the user experience.

For companies handling customer onboarding, compliance with regulatory mandates such as Know Your Customer (KYC) and Know Your Business (KYB) is not just necessary—it’s imperative.

However, significant changes are already underway in the identity verification market, says Ieva Trinkunaite.

“Customer profile identification solutions were once the primary focus, but now KYCs and KYBs are becoming secondary. Market leaders are shifting their focus on digital identity, which will greatly enhance the customer onboarding process,” asserts Trinkūnaitė.

Another digital identity firm IDNow also has no doubt that digital IDs will soon significantly transform the global market.

“It is highly likely that digital identity will rapidly become the norm for accessing a multitude of online services, for citizens and businesses alike,” says Marie Duval, Product Manager at IDnow.

Faster, More Secure, and Cost-Effective

According to her, digital identity solutions should be highly attractive to businesses as they are far more advanced and competitive than current user identity verification methods.

“Digital identities like ours are blockchain-based, where all transactions are public and traceable. Any data recorded on the blockchain cannot be altered, forged, or deleted without being noticed.”

Trinkūnaitė further emphasizes that data is distributed across a decentralized blockchain network rather than depending on a central authority, enhancing data security and making it significantly harder for malicious actors to steal or compromise data.

The company’s leader believes another key benefit for businesses and institutions is the cost-efficiency of digital ID solutions.

“Digital identity systems enable instant customer verification and cut down the need for manual document checks while onboarding customers from different regions with varying regulations. This significantly reduces cost for businesses and organizations,” highlights Ieva Trinkūnaitė.

On the Flipside

• Many countries still need clear regulations for managing digital IDs. This can create confusion about who owns the data, how it’s used, and how it’s protected, especially across different countries.
• Users may not always know how their biometric data is collected, stored, or used. While this isn’t a major issue, it can cause mistrust if people aren’t fully informed.

Why This Matters

Digital identity reshapes the global digital landscape by enhancing security, connectivity, and privacy. In emerging economies especially, digital ID systems are poised to drive economic growth by streamlining access to services, improving travel efficiency, and reducing fraud.