Bo Harald

Opportunities and Responsibilities for the Finance Sector in the Trust Infrastructure

Chat GPT shortened: Governments and enterprises will adopt a global trust infrastructure, resulting in citizens and organizations receiving general-purpose identity wallets that can obtain, deliver, and pass on verified data for a wide range of life events based on MyData.org principles. The architecture is outlined in trustoverip.org, and the trust layer in the architecture makes wallets used for sending and receiving data interoperable by design. Banks have been interconnecting customers with trust services since ancient times, and the most used bank services are payments. E-banking has enabled new ways to interconnect customers since the 90s, including allowing customers to use their e-banking credentials to log in to non-bank services and strong identification of senders and receivers of e-invoices. The trust infrastructure will mean that many organizations and governments will issue general-purpose and interoperable-by-design fact wallets to obtain needed data under the control of data rights holders. Article 20 in GDPR makes it mandatory for enterprises to deliver personal data when asked for it, and mandatory e-orders, e-invoices, and e-receipts should be standardized and verified for all organizations with accounting obligations. A large number of data sets are needed in citizen’s life events in private and employee roles, and the demand for verified data will grow fast as citizens understand their legal right to their data. Banks should move to life event-based service design, provide customers with the wallets they need, locate data sources, and organize wallets for data importing to customers’ wallets. Banks should also locate other data service providers, enterprises, and public sector entities that need data from the bank.

08 Apr 2023 Reply Read article

Opportunities and Responsibilities for the Finance Sector in the Trust Infrastructure

Anybody who has been in banking surely understands how huge improvements verified data will bring..

26 Jan 2023 Reply Read article

My e-Journey - over 40 years. Part 6. Towards a new e-world

2015 Should unlisted shares be digitalised and stored in CSDs? Is DLT ripe for trading? First evaluations started. Later moved to DLT in Jupiter project. https://www.finextra.com/newsarticle/32998/finnish-consortium-to-apply-blockchcain-tech-to-share-trading-in-non-listed-companies?utm_medium=newsflash&utm_source=2018-11-22&member=86831 2016 - How can XBRL be implemented in PSD2 model data storage? Can SME model also be used for private expense follow-up? RTE Taltio program started - How can automated real time XBRL-accounting (enabled by e-Invoicing, e-Receipts, digital unlisted shares, ISO20022 account statements) be used for automated credit processes and risk evaluation? Evalution started. - Is MyData the right approach to combine industry needs with digital human rights? The key to the Data-driven economy? Should also corporate MyData be included? Yes. First MyData Conference organised in Helsinki. DLT technology and Sovrin show good promise 2017 - MyData Global Network launched. - What was one of the most valuable 100 year birthday presents for Finland? 100 million transactions in banking sector’s e-Id service - Should a Real Time Economy program for Europe be started? Yes – as soon as possible. The Nordic-Baltica area can act as laboratories. Structured financial MyData critically important element in many contexts. - Can merchants, data service providers and banks find common ground for e-Receipt? Yes. E-Invoice standard using card payment e-Receipt prototype ready and tested. Good progress in 2018 for generic e-Receipt in RTEco program. Cost saving potential in accounting etc in Finland 900m€/year - EU 63bn + massive impact on grey economy. - How can C2C payments be made real time x-banks? - SIIRTO-C2C service launched. Fast take-up. Also used for salary payments. 2018 Should a MyData program for Europe be started? Yes. Preparations under way. MyData Conference in Helsinki (August 29-31) https://mydata2018.org We are entrepreneurs, activists, academics, listed corporations, public agencies, and developers. For years, we’ve been using different words for what we do – MyData, Self Data, VRM (Vendor Relationship Management), Internet of Me, PIMS (Personal Information Management Services) etc, while sharing a common goal: to empower individuals with their personal data, thus helping them and their communities develop knowledge, make informed decisions, and interact more consciously and efficiently with each other as well as with organisations. Together, in recent years, we have formed a network whose participants share experience, develop common projects, meet at the MyData conference, and take part in collective endeavours towards a human-centric approach to personal data. It is now time to take this work out in the world and prove its potential impact on individuals, society, and the economy. Today, we believe it is time to publicly assert the values that drive us – and call on those who share those values to act upon them. Join us in reversing the paradigm of personal data. Join us in creating the MyData movement. How should DLT be used to automate administrative processes? Mercury pilot by Tieto, Nordea Bank, OP-bank, Asiakastieto, Tax and Trade register - proving that all aspects of establishing enterprise can be handled in digital process in real time. Should MyData be an organization? MyData is a global community which was recently (15.10.2018) formalised as an international nonprofit organisation. Before the official establishment of the association, the community already had more than 20 local hubs on six continents. Our mission is to promote the ethical use of personal data in all domains of business, legislation, technology, and society and to defend digital human rights. Should not real time data from administrative processes also be available for economy forecasting? Yes! If it does not threathen privacy, business secrets or cause additional costs to enterprises or of any magnitude to tax payers. https://www.finextra.com/blogposting/16304/four-big-screens Should GDPR not go US and global? Yes! And making data useful with MyData principles for the life events. Tim Cook already took the US forward and Yuval Harari should certainly start campaigning. GDPR+ to protect SME data and GDPR++ to set limits for what private/business data the state can collect without citizen consent. Digital dictatorship is a risk.

03 Jan 2023 Reply Read article

My e-Journey - over 40 years. Part 1. e-banking started with payments.

Thank you! More parts coming...

01 Jan 2023 Reply Read article

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Opportunities and Responsibilities for the Finance Sector in the Trust Infrastructure

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Opportunities and Responsibilities for the Finance Sector in the Trust Infrastructure

Opportunities and Responsibilities for the Finance Sector in the Trust Infrastructure

My e-Journey - over 40 years. Part 6. Towards a new e-world

My e-Journey - over 40 years. Part 1. e-banking started with payments.