How Covid-19 Forced the Digital Acceleration of the Business World

By Sumer Sen and Tia Goyal, Fyrii

digital-acceleration

Organizations that are able to successfully digitize their businesses, while minimizing disruption on the overall structure of their company, are at an advantage to overcoming this pandemic. According to a Gartner Inc. report, “by 2023 identity corroboration hubs will displace existing authentication platforms in more than 50% of large and global enterprises.” It seems this pandemic is essentially requiring changes to be made to existing verification systems.

What is the industry moving towards?
Recently, there has been an increase in online spending and usage of ecommerce platforms. This presents the need to include an added security measure to authenticate online transactions using biometric authentication. Biometric regulation has become an extremely effective process to verify online payments. This refers to automated metrics regarding biological and behavioral traits of the users. This also serves a purpose in signing documents. The biometric signature is an advanced electronic signature that transfers the paper based process into the digital world.

Similarly, employee working systems are incredibly outdated, and workers can easily impersonate other employees. This extra measure of biometric authentication can add great value to the company by allowing employees to check their workday through an online application, and verify their identity with facial recognition. This can also be integrated with online voting systems, so individuals can take advantage of facial recognition in order to authenticate their identity when placing a vote.

How can we benefit?
Our research shows that about 50% of companies are going to be looking for a new verification system that is digital, secure, and reliable. With the use of biometric authentication and blockchain technology, we can shift towards a user verification system that is perfect for remote work. Users can prove their identity with blockchain-based digital IDs that contain all their biometric information. Such a system will be reliable and safe due to the decentralized nature of distributed ledgers. Blockchain enabled user verification systems are also perfect for remote work, as users will be able to prove their identity from home, based on their biometrics.

In addition to accessibility and security, moving towards this landscape will make IAM easier by eliminating the use for passwords, fobs/dongles, forms, and CAPTCHA puzzles. 1Kosmos BlockID is a perfect example of a new user verification system that our current remote workforce demands. BlockID’s software leverages biometric authentication and blockchain technology that eliminates the need for passwords, handles contactless identity verification, and creates frictionless customer login experiences. This is the perfect solution for the changing landscape of our workforce and its associated user verification requirements.