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Identity and blockchain tech How digital identification management systems could be transformed with blockchain technology. 1 WITHIN 24 HOURS Webinar recording will be distributed The presentation will also be sent to you. Feel free to share with colleagues. The resolution of some slides may be suboptimal due to the webinar software. Those slides will look fine in the presentation that we send you. http://support.citrixonline.com/en_US/Webinar 2 JOIN THE CONVERSATION ON TWITTER @cbinsights @arieh313 #identityblockchain 3 WHO WE ARE The technology market intelligence platform. CB Insights software lets you predict, discuss, and communicate emerging technology trends using data in ways that are beyond human cognition. We are a leader in the Expert Automation & Augmentation Software (EAAS) space. 4 TRUSTED BY THE WORLD’S LEADING COMPANIES “We use CB Insights to find emerging trends and interesting companies that might signal a shift in technology or require us to reallocate resources.” Beti Cung, Corporate Strategy, Microsoft 5 The Disruption of Financial Services The Future of Fintech is an exclusive gathering of the world's largest financial institutions, best fintech startups, and most active venture investors. New York, NY June 19-21, 2018 6 ABOUT THE ANALYST Arieh Levi Tech Industry Analyst @arieh313 | alevi@cbinsights.com Arieh Levi is a tech industry analyst at CB Insights, where he produces data-driven analysis and research reports on private company financing, exit and performance trends across emerging industries, geographies, and investors – specifically, blockchain, and fintech. Prior to joining CB Insights, Arieh held roles in healthcare and financial services. Arieh is a summa cum laude graduate of Yeshiva University. Arieh’s most popular research: What Is Blockchain Technology? Blockchain Investment Trends In Review Coinbase Strategy Teardown 7 Contents 9 Digital identity isn’t working 28 Identity on a blockchain? 43 Where we stand today 51 Where we’re headed next Image source: Peter Steiner, The New Yorker 8 TODAY Digital identity isn’t working 9 How users currently establish identity online 1 2 3 TRADITIONAL IDENTITY TRADITIONAL IDENTITY, DIGITIZED BROKERED IDENTITY Traditional forms of identity – like SSNs or birth certificates – still hold weight in much of the developed world, but are increasingly insecure. Attempts at digitizing traditional forms of identification – like India’s Aadhaar – (and placing them in secure, central databases) have found mixed success, and are a “honeypot” for would-be attackers. Companies (like FAMGA) that offer free services in exchange for personal data have acquired billions of users, but now find themselves as brokers of key information and personal identity. 10 1 2 3 TRADITIONAL IDENTITY TRADITIONAL IDENTITY, DIGITIZED BROKERED IDENTITY Traditional forms of identity – like SSNs or birth certificates – still hold weight in much of the developed world, but are increasingly insecure. Attempts at digitizing traditional forms of identification (and placing them in secure, central databases) have found mixed success, and are a “honeypot” for would-be attackers. Companies (like FAMGA) that offer free services in exchange for personal data have acquired billions of users, but now find themselves as brokers of key information and personal identity. 11 How do we prove our identities? In the US, a Social Security Number is generally the most accepted (and government-approved) way to prove identity; you need one to open a bank account or buy a home. Ironically, SSNs were never intended to be used for identification purposes. This language was removed beginning in 1972 12 Physical identifiers are no longer adequate Identity information is for sale on the dark web For one, we live in an increasingly digital world. For another, traditional forms of identification are increasingly coming under attack (with the Equifax hack exposing the SSNs of 150M+ Americans), and are often offered for sale on the dark web. Source: IBM X-Force, SecureWorks 13 NEW RULES AFTER EQUIFAX BREACH EXPOSES 150M+ AMERICANS “When you look at things like the Equifax breach – and the other waves of breaches that have seen the full suite of consumer information go out the door – accounts being taken over is becoming a less challenging threat than fraudulent accounts and synthetic identity frauds, where stolen data is attached to fabricated accounts and identities.” Brian Krebs Krebs on Security 14 1 2 3 TRADITIONAL IDENTITY TRADITIONAL IDENTITY, DIGITIZED BROKERED IDENTITY Traditional forms of identity – like SSNs or birth certificates – still hold weight in much of the developed world, but are increasingly insecure. Attempts at digitizing traditional forms of identification (and placing them in secure, central databases) have found mixed success, and are a “honeypot” for would-be attackers. Companies (like FAMGA) that offer free services in exchange for personal data have acquired billions of users, but now find themselves as brokers of key information and personal identity. 15 India skips physical, goes straight to digital India hopes to leapfrog physical identification by putting the information of 1.3B citizens in its government-run database, Aaadhaar. Aadhaar allows users to grant and revoke access to personal data. A user registers biometric data for Aadhaar 16 The Indian constitution does not mention a “right to privacy” Total population of India: Current number of Aadhaar IDs: 1.3B 1.1B 17 Aadhaar is controversial, and a target for hacks Why India’s Big Fix is a Big Flub January 21, 2018 | 18 1 2 3 TRADITIONAL IDENTITY TRADITIONAL IDENTITY, DIGITIZED BROKERED IDENTITY Traditional forms of identity – like SSNs or birth certificates – still hold weight in much of the developed world, but are increasingly insecure. Attempts at digitizing traditional forms of identification (and placing them in secure, central databases) have found mixed success, and are a “honeypot” for would-be attackers. Companies (like FAMGA) that offer free services in exchange for personal data have acquired billions of users, but now find themselves as brokers of key information and personal identity. 19 FAMGA: The internet’s identity brokers The world’s largest technology companies have built platforms with billions of users worldwide, making them some of the most dominant brokers of digital identity. “Systems and methods for accessing multiple resources via one identifier” Patents “Fraud prevention based on user activity data” 20 FAMGA places bets on identity technology Select strategic identity investments and acquisitions by Facebook, Amazon, Microsoft, Alphabet (Google), and Apple. 2015 – 2018 (02/07/2018) Indicates acquired 21 Amazon focuses on patents, internal projects While lacking direct investments, Amazon has pursued identity-focused patents and launched Macie, an AWS tool to protect sensitive data that includes PII (personally identifiable information). “Fine-grained structured data store access using federated identity management” Patents “Transaction completion based on geolocation arrival and user identifiers” 22 Incumbents and startups offer “federated” identity Federated identity use cases are most common online and include: social login, web based single-sign-on (SSO), and password managers. Password free login Universal identity platform Token based identity Centralized identity gateway 23 LOSING CONTROL OF PERSONAL DATA “No private company owned the protocols that defined email or GPS or the open web. But one single corporation owns the data that define social identity for two billion people today — and one single person, Mark Zuckerberg, holds the majority of the voting power in that corporation.” Steven Johnson Author, “Beyond the Bitcoin Bubble” 24 Swaying elections with Facebook data Calls For Facebook to Testify to Congress Are Growing Louder – and Bipartisan March 19, 2018 | 25 GDPR protects European Union citizens The General Data Protection Regulation (GDPR) is a law that requires businesses to protect the personal data and privacy of EU citizens. GDPR covers “any information… that can be used to directly or indirectly identify” a citizen, and offers citizens the “right to be forgotten.” 26 WHAT DOES TOMORROW LOOK LIKE? The future of consolidated identity A shift is taking place from multiple credentials to the creation of a single credential that can serve in all instances where personally identifiable information is required. Where we are now Consolidating digital identity credentials Merging online and offline identities A single credential for all activities 27 WILL IT BLEND Identity on a blockchain? 28 Major challenges with digital identity today 1. Users: How can a user own his or her own digital identity in a way that maintains privacy and permits only the right organizations and individuals to access, store, analyze, or share it? 2. Enterprises: How can an enterprise identify and authenticate customers, build a profitable data moat, and comply with user privacy regulations? 3. Governments: How can governments create identity management systems that balance convenience and both user and national security? 29 What does ideal identity management look like? 1. Personal: unique to the user 2. Persistent: lives with the user from life to death 3. Portable: accessible anywhere the user happen to be 4. Private: only the user can give permission to use or view data Source: ID2020 30 Could a blockchain provide identity management? A blockchain is a type of distributed database that allows untrusted parties to reach consensus on a shared digital history, without a middleman. A distributed database eliminates a single point of attack, and makes blockchains highly secure and highly reliable sources of truth. 31 BLOCKCHAIN AS THE KEY TO USER-CONTROLLED IDENTITY “Imagine a world where you are in direct control of your personal information; a world where you can limit and control how much information you share while retaining the ability to transact in the world. This is self-sovereign identity, and it is already here. Blockchain is the underlying technology paving the path to self-sovereign identity through decentralized networks.” Jerry Cuomo VP of Blockchain Technologies, IBM 32 Two schools of thought for identity management on a blockchain 1 2 USER-CONTROLLED IDENTITY IDENTITY ATTESTATION The user controls their own identity without relying on a centralized database of identity credentials, and without the possibility of forfeiture, erasure, or deletion. Centralized identity credentials (SSNs, birth certificates) that are attested to by users and thirdparties on a decentralized database. Source: A First Look at Identity Management Schemes on the Blockchain 33 Pre-existing credentials aren’t necessary to establish identity 1 USER-CONTROLLED IDENTITY The user controls their own identity without relying on a centralized database of identity credentials. Like a new social media profile, the user can create a digital identity without providing pre-existing identity credentials. Source: A First Look at Identity Management Schemes on the Blockchain 34 IDENTITY AS A KEY TO A NEW, DECENTRALIZED INTERNET Funding $57M Blockstack Labs is building a new internet protocol where users control their data and decentralized apps run independently on users’ devices. By eliminating the traditional model of centralized servers and cloud services, the company hopes to remove middlemen and central network attacks, effectively changing the nature of internet privacy. 35 REGISTERING IDENTITY ON THE ETHEREUM BLOCKCHAIN uPort is part of Ethereum’s Consensys development outfit, and is building a mobile wallet that will allow users to issue and revoke access to identity credentials at will. The company is working with the city of Zug, in Switzerland, to register identities on the Ethereum blockchain. 36 A USER-CONTROLLED IDENTITY STACK, BUILT FOR ENTERPRISES Funding $7.3M Evernym is working with enterprises to establish digital IDs for credit unions (partnering with CULedger) and broader financial services on top of its self-sovereign identity network, Sovrin. Sovrin is a non-profit established to govern a distributed identity network as a global public utility; nobody owns the Sovrin network. 37 Pre-existing credentials are needed to establish identity – and attested to on a blockchain 2 IDENTITY ATTESTATION Centralized identity credentials (SSNs, birth certificates) that are attested to by users and thirdparties on a decentralized database. Source: A First Look at Identity Management Schemes on the Blockchain 38 How does attestation work on a blockchain? A 3rd party service verifies a user’s identity Verified digital credentials (or a digital pointer) are placed on a blockchain An institution asks a user to provide identity credentials Provided Identity credentials are checked against the blockchain The records provided match the records on the blockchain, and the user’s identity is verified 39 USING BLOCKCHAIN TECHNOLOGY TO PROVE IDENTITY OF BANKING CUSTOME RS Funding $74M SecureKey’s Verified.Me helps banks prove user identity (toward KYC/AML) with attestation via a blockchain. Among other partnerships, the company is working with IBM to build a digital identity network for Canadian banks. 40 BLOCKCHAIN-BASED BIOMETRIC DATA TOWARD KYC/AML COMPLIANCE Funding $36M Civic enables users to share and manage their verified identity data (including biometric data) via a blockchain. Civic’s platform provides multifactor authentication without a username or password. 41 ID2020 partners look to register citizens at birth Microsoft, Accenture, and Avanade have dedicated resources to a blockchain-based identity system as members of the ID2020 alliance. ID2020 hopes to piggyback on existing systems – like immunization programs – to register citizens of developing countries at birth. 42 REALITY CHECK Where we stand today 43 Blockchain and identity face unique obstacles GOVERNMENTS AND INSTITUTIONS WANT TO MAINTAIN CONTROL USERS DON’T CARE ENOUGH TO SWALLOW SWITCHING COSTS A blockchain might cut governments and corporations out of identity management, and could shift the balance of power toward the user. While data privacy and identity portability are lofty and idealistic goals, users might not want to switch to blockchains with limited network effects. 44 A tug of war between users and institutions Governments and institutions closely hold their data stores, and don’t have any incentive to interoperate and create portable identity. For users, switching to a blockchain for the sake of privacy or portability will come at a high cost. Source: The Information 45 Blockchain technology solves a specific problem Ledgers Blockchain technology makes sense when a 3rd party isn’t trusted to administer the record. Distributed Ledgers However, would a government agree to relinquish that control, or would a corporation (like Google or Facebook) be so quick to open its walled garden? Blockchains Source: Tim Swanson 46 Distributed ledger technology as an alternative If a trusted 3rd party could administer the ledger, then a blockchain would be unwieldy, slow, and a poor solution. Do you need a blockchain? Do you need a ledger? Are there multiple writers? Do you trust a 3rd party? Are all writers known? Possible blockchain implementation Are all writers trusted? Governments are more acutely interested in the power of DLT for identity, and not necessarily blockchain technology. Do you need to verify publicly? (permissioned, permissionless, public, private) No blockchain (possible DLT) Source: Do You Need A Blockchain 47 For governments, distributed ledgers are just one possible solution Blockchain and DLT technology sit here Source: World Economic Forum 48 A SINGLE, UNIVERSAL IDENTITY COULD BE AN ORWELLIAN NIGHTMARE “A trusted entity will need to establish some legal and enforceable rules and policies for how it all works, they’ll need to make it easy for the average person to use securely, and they’ll need to convince a critical mass of people and service providers to adopt and trust the ID — all while finding an economically viable business model. Some institutions are uniquely positioned to solve all of these chicken-and-egg issues at once and bring this big idea to life — first among them are our citizen-facing government agencies… The trouble with this idea is that a universal ID poses risks to privacy and hence [could] encounter significant political opposition.” Charles Race President at Okta, Inc. 49 Blockchain technology could make China’s “social credit” system even creepier China’s “social credit” is calculated based on citizens’ credit and payment history, as well as their loyalty to China’s ruling communist party. Most recently, China announced that citizens with bad social credit would be barred from buying plane and train tickets. A distributed ledger controlled by the Chinese government could make such a system even more efficient – and dystopian. 50 N+1 Where we’re headed next 51 The next frontier of blockchain-based identity 1 2 3 NATIONAL IDENTITY IDENTITY OF THINGS A NEW INTERNET Governments are exploring what distributed identity might look like, starting with birth registrations with potential to expand to credit ratings. Beyond identification solutions for people, blockchain could be used to attest identity for objects and act as a network for the internet-of-things. If users can own their data and identity, they can also rebuild the internet from the ground up – emphasizing privacy and open borders. 52 1 2 3 NATIONAL IDENTITY IDENTITY OF THINGS A NEW INTERNET Governments are exploring what distributed identity might look like, starting with birth registrations with potential to expand to credit ratings. Beyond identification solutions for people, blockchain could be used to attest identity for objects and act as a network for the internet-of-things. If users can own their data and identity, they can also rebuild the internet from the ground up – emphasizing privacy and open borders. 53 Governments are exploring distributed identity Estonia is using DLT to modernize the country’s data registries, and offers e-residency to citizens of other countries. Meanwhile, Illinois is partnering with Evernym to place birth registrations and other credentials on a blockchain, but has found challenges with scalability, privacy, and interoperability. 54 1 2 3 NATIONAL IDENTITY IDENTITY OF THINGS A NEW INTERNET Governments are exploring what distributed identity might look like, starting with birth registrations with potential to expand to credit ratings. Beyond identification solutions for people, blockchain could be used to attest identity for objects and act as a network for the internet-of-things. If users can own their data and identity, they can also rebuild the internet from the ground up – emphasizing privacy and open borders. 55 If people can be identified, so can things Everledger has put over 1.6M diamonds on a distributed ledger, cutting costs for players throughout the supply chain. The company recently announced a partnership with Dharmanandan Diamonds, an Indian diamond manufacturing company. 56 1 2 3 NATIONAL IDENTITY IDENTITY OF THINGS A NEW INTERNET Governments are exploring what distributed identity might look like, starting with birth registrations with potential to expand to credit ratings. Beyond identification solutions for people, blockchain could be used to attest identity for objects and act as a network for the internet-of-things. If users can own their data and identity, they can also rebuild the internet from the ground up – emphasizing privacy and open borders. 57 A DECENTRALIZED INTERNET, WITH THE USER IN CONTROL Funding $4.7M Orchid hopes to create an internet free of surveillance and censorship, with internet traffic routed randomly through a network of contributors who share surplus bandwidth. SELECT INVESTORS Andreessen Horowitz, Compound, Metastable Capital, Polychain Capital, Sequoia Capital 58 Questions? Twitter: @arieh313 alevi@cbinsights.com 59 WHERE IS ALL THIS DATA FROM? The CB Insights platform has the underlying data included in this report CLICK HERE TO SIGN UP FOR FREE 60 cbinsights.com @cbinsights 61 Students should cite any material taken directly from other sources including the Internet, and not represent it as their own. Failure to do so may result in a failing grade. Class Expert - Oral Reports - In addition to the written reports, each 2-3 person subgroup will be assigned a "class expert" subject to research and present to the class. The purpose of this oral report is to expose students to topics related to the course material and make students more comfortable presenting to an audience. If possible, students should attempt to relate their topic to the current subject matter but, not all subjects are appropriate for that exercise. Students should prepare a minimum of 5 minute but, maximum of 10 minute presentation (powerpoint suggested with no more than 10+/- slides) giving the class an overview of the subject, how and why it is used and strengths/weaknesses. The data sources provided in the syllabus should be considered a starting point for research. + I Team Case Analysis Assignments: - 1) Team Case Analysis Presentation – We will review case studies (available in the course pack) starting in the middle of the semester. On case study days, two teams will deliver a PowerPoint-based presentation (15-20 minutes, with an additional 10 - 15 minutes of Q&A). -
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