The reality of COVID-19, the Corona Virus, has taught us that we have still a lot of homework to do when it comes to our “digital society”. myEGO2GO is an ID tech startup working towards a digital identity management based on blockchain technology. A health crisis that demands the distance between people also shows us the necessity of digital solutions to verify documents and processes. With our strong user-centric approach, we can help businesses today to switch to contactless verification processes that support daily business and eventually containing the pandemic further.
What does Social Distancing mean for businesses?
The restrictions to our daily life and work routine and the mandatory quarantine force us to take a deeper step in understanding and re-examining the current state of digitization of countries and businesses, work, life and communication. Of course, the huge amount of people now wanting to access all of these online platforms, have caused delays or shut-downs lasting a few hours, but nonetheless, we can be happy that we have implemented them so far.
The good part
Industries have worked towards a more digital approach over the past years, e.g.:
- we can buy goods online due to establish e-commerce shops
- we can communicate via social networks
- we can watch movies online
- we can learn via e-learning platforms
- we can manage our finances
The challenging part
Many processes nowadays still require face-to-face transactions, the mandatory paper and plastic documents to prove your identity, to get medical access, to rent a home or car and many more use cases are still in place.
But although face-to-face transactions promote social interaction, they should not be a necessity!
The exchange of personal data online also reveals the problem of fraud. A business loses 5% of its revenue on average per year to fraud (ACFE Report). In light of the recent pandemic, this number can easily grow.
But we should be able to trust the people and businesses!
To many businesses, the motto “Flatten the Curve” meant the relocation to remote work. But this step also bears the risk of insecure personal data transfer since companies have problems implementing the same level of protection as they have in their own headquarters.
But it should not matter where you work – in an office or at home!
Businesses that have already implemented KYC processes to verify users will face even more costs. KYC processes are expensive due to non-reusable single instance verifications.
But it doesn’t have to be so expensive!
What does Social Distancing mean for people?
Identity will be the most valuable commodity for citizens in the future, and it will exist primarily online.ERIC SCHMIDT
The impact of COVID-19 makes it even more obvious that we need a fundamental change in our position towards digital identities. The limiting factor is the lack of trust – people can still pretend to be people they are not and in times like these, it is important to have digital solutions in place to verify people, verify documents, IDs, passports, health insurance cards to make online processes more efficiently.
A virus that can spread due to real-life contact also points out that a shift from paper and plastic documents towards digital identity verification is indispensable.
Even if discussions around digital identities have occurred more and more over the past months as more countries and governments started to acknowledge the advantages, now real-world applications can help to make this shift happen and to allow solutions and alternatives while maintaining the data security and protection for each person.
The challenging part
The motto of “social distancing” also means digital closeness for people. The most challenging part will be the protection of personal data and the rights of every human being. We have to make sure that all digital solutions will be user-centric and will always put the individual in the focus of every online transaction. When it comes down to digital identity management, we also have to make sure that we don’t fall into old patterns, silo-thinking have to be avoided at any time – it is time for self-sovereign identities as shown in the graphic below.
myEGO2GO as solution for people
myEGO2GO is a user-centric digital identity platform based on blockchain technology. It is designed for people who want to protect their digital identity and for businesses who want to embrace a secure and digital customership.
It’s about people!
Every person is unique. Our conviction: Everyone has the right to manage and protect their own personal data. That’s why we offer an app in which everyone can store their digital self. We made it as simple and secure as possible so you can piece together the digital identity puzzle for a better world. Your digital home is here.
myEGO2GO as solution for businesses
The above mentioned challenges businesses face today, can be tackled now. Forget complicated KYC processes and multiple verifications. We have it: the new and lean solution for managing your customer relationships. During this time of crisis, we will certainly offer our solution without any cost calculation. If you want to find out more contact us or download our brochure.
Although a crisis like this shows us the lacks and flaws of our digital society, it also shows us the benefits and chances to elevate this to a new paradigm that will help businesses and people alike. We all have to show human compassion and cooperation now. One solution will be to change transactions into the digital world as fast as possible. Let’s support each other wherever we can, let us emerge strengthened from this crisis and build the grounds for future ones.