Community
In these dark days of brutal military aggression, it is important to find time to also look forward and discover new ways to make Europe more competitive and secure.
The next phase of digitalization – the trusted data infrastructure based on Self-Sovereign Identity and MyData principles - is now an opportunity on an unprecedented scale. The impact on the economy has been estimated to 3-6% of GDP by McKinsey and to this should be added better protection of privacy, magnitude scale improvements of services for households and SMEs and efficient tools against cybercrime and the grey economy. https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/digital-identification-a-key-to-inclusive-growth
But a very important impact will come from a leap of faith in the Single Market, when it is understood that all data needed for services can be obtained by the data rights holder with generic tools and move across all sectors and borders. Needless to say, that a failure to reap the full benefits of this phase would be very detrimental for all parties and the European Union’s credibility.
I am participating in the ongoing eIDAS2 and related work and know that final decisions have not been made. Still, I feel that it is my duty to raise some concerns now – hopefully unfounded.
Have many enough understood and agreed?
The key terms in our joint European effort should thus in my opinion be: open global architecture, open-source technology, not-for-profit interconnecting publicly financed joint infrastructure connecting private and organization wallets, minimum regulation at the outset, fastest possible start with ready global standards, migration driven by the member states using EU-agreed rules and working closely together with enterprises.
Yours faithfully
Bo Harald
Founder, www.Mobeyforum.org
Founder, Real Time Economy Program
Chairman, former EU Expert Group on eInvoicing
Founding Member, Member of Steering Committee for www.MyData.org,
Independent Advisor (pro bono) for www.Findy.fi
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Dirk Emminger Managing Director at knowing finance
02 October
Sireesh Patnaik Chief Product and Technology Officer (CPTO) at Pennant Technologies
Jelle Van Schaick Head of Marketing at Intergiro
01 October
Ruchi Rathor Founder at Payomatix Technologies
30 September
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.