Monday, August 18, 2025
No Result
View All Result
The Financial Observer
  • Home
  • Business
  • Economy
  • Stocks
  • Markets
  • Investing
  • Crypto
  • PF
  • Startups
  • Forex
  • Fintech
  • Real Estate
  • Analysis
  • Home
  • Business
  • Economy
  • Stocks
  • Markets
  • Investing
  • Crypto
  • PF
  • Startups
  • Forex
  • Fintech
  • Real Estate
  • Analysis
No Result
View All Result
The Financial Observer
No Result
View All Result
Home Markets

Is REAL ID Already Outdated?

Is REAL ID Already Outdated?
Share on FacebookShare on Twitter


We made it by means of months of marriage ceremony planning with out ever elevating our voices. We negotiated the invites with laughter and pleasure. We calmly made our manner by means of the marriage rehearsal, and the ceremony and reception went off and not using a hitch.

Now we had been newlyweds.

All that was left was to go on our honeymoon. What may presumably go improper?

It was clean crusing from right here…

That’s, till we acquired to the airport and realized my spouse’s passport had expired.

Fortunately, with specific passport companies and a quite egregious one-time cost of $700, our honeymoon was solely delayed at some point.

It’s a scary second if you understand you could be locked out of a visit due to a easy oversight.

Sadly, this second is certain to occur to many Individuals over the approaching months.

As a result of beginning at this time, each traveler within the U.S. aged 18 and older is meant to wish a REAL ID-compliant type of identification to fly domestically.

In keeping with the Transportation Safety Administration (TSA), round 81% of vacationers at present have compliant IDs.

Which means tens of millions nonetheless don’t.

So what is that this REAL ID anyway?

It’s a part of a nationwide effort that started after 9/11 to create a extra uniform, safe system of state-issued IDs. The thought was to tighten the requirements for issuing driver’s licenses and to make id verification safer and constant throughout all 50 states.

And it’s a good suggestion. However right here’s the factor…

REAL ID isn’t truly a digital id system. It’s only a harder-to-fake bodily card.

In different phrases, it’s a Twentieth-century resolution for a Twenty first-century drawback.

Look, I believe it’s nice that the U.S. is pushing for a extra centralized, top-down method to id verification.

However I imagine we’re lacking out on a greater, safer manner to ensure we’re all who we are saying we’re.

It’s referred to as Self-Sovereign Identification (SSI), and it ought to reshape the best way we method id verification within the digital age.

A New Identification

To grasp the promise of Self-Sovereign Identification, it’ll assist if we first check out the issues we’ve inherited from the techniques we use at this time.

In a centralized mannequin — whether or not it’s the DMV, Fb, your financial institution or a authorities company — your id is saved, managed and shared by another person.

In different phrases, your knowledge lives on their servers. Which implies they get to resolve who sees what… and when.

Clearly, this comes with dangers, particularly as knowledge breaches change into extra routine.

In keeping with Statista.com, over 1.35 billion people had been affected by knowledge compromises, together with knowledge breaches, leakage and publicity in 2024.

That may be a 283% improve from the 12 months earlier than.

And since your private knowledge is scattered throughout dozens of platforms, every one is a possible level of failure.

That’s why verifying somebody’s id usually requires a number of third events. However all that does is sluggish the whole lot down and create much more alternatives for fraud.

REAL ID doesn’t repair these issues.

It doesn’t offer you management over your individual knowledge, and it doesn’t work on-line. All it does is add one other piece to the patchwork of potential factors of failure.

That’s why I’m a proponent of Self-Sovereign Identification. As a result of with SSI, the thought is that as an alternative of counting on establishments to outline and retailer your id, you carry it with you.

In different phrases, you personal and management your digital id.

Right here’s the way it works.

You’re given your individual distinctive Decentralized Identifiers (DIDs), that are blockchain-based IDs that you simply management.

You even have Verifiable Credentials (VCs), that are digitally signed credentials from trusted issuers that may be immediately verified with out revealing delicate information. These are issues like a college diploma or a COVID vaccination.

However this knowledge now not must be saved on an organization or authorities server.

As an alternative, it’s held in a safe digital pockets much like a crypto pockets. Besides this one holds your private knowledge.

Which means your credentials aren’t locked to 1 platform or nation. You should utilize them throughout borders and throughout companies. In lots of instances, you possibly can even use them offline.

That makes your knowledge transportable and personal. And it additionally makes it safe since you resolve who will get to see what.

Need to confirm you’re over 21? You are able to do that with out displaying your birthdate or tackle.

In reality, you possibly can show any information about your self, like your citizenship or work {qualifications}, with out exposing any greater than is critical.

And I need to be clear. This isn’t some pie-in-the-sky thought.

We have now all of the items to make this work.

The worldwide marketplace for digital credential administration software program is predicted to just about double from 2024 to 2029.

Turn Your Images On

Supply: https://www.thebusinessresearchcompany.com/

And different governments are already beginning to transfer ahead with SSI applications.

In 2023, the European Union authorised its framework for a Digital Identification Pockets, which is able to permit all EU residents to make use of SSI-based credentials for companies throughout member states.

And China has launched its personal model, RealDID, designed to let customers authenticate on-line companies utilizing decentralized identifiers whereas nonetheless protecting authorities oversight.

What’s extra, we’ve seen the sensible software of this sort of program in the actual world.

The UN World Meals Programme applied a profitable blockchain-based id system to assist Syrian refugees in Jordan obtain meals support without having a government-issued ID.

In the meantime, right here within the U.S. we’re nonetheless issuing plastic ID playing cards.

Right here’s My Take

If you happen to haven’t “upgraded” to a REAL ID but, you’re not alone.

Many people are planning on utilizing their passports as an alternative once they journey domestically.

And simply yesterday, the Division of Homeland Safety (DHS) Secretary, Kristi Noem, introduced that vacationers with out the doc would face extra screening at this time however would nonetheless be allowed to fly.

I have a look at REAL ID as a missed alternative.

Positive, it may well get you thru the TSA, however SSI may take you thru to the following degree of id verification…

From centralized management to particular person possession.

As a result of in an more and more digital financial system, you’ll need to be the one holding the keys to your individual id.

Regards,

Ian King's SignatureIan KingChief Strategist, Banyan Hill Publishing

Editor’s Observe: We’d love to listen to from you!

If you wish to share your ideas or recommendations in regards to the Every day Disruptor, or if there are any particular matters you’d like us to cowl, simply ship an electronic mail to dailydisruptor@banyanhill.com.

Don’t fear, we gained’t reveal your full identify within the occasion we publish a response. So be at liberty to remark away!



Source link

Tags: OutdatedReal
Previous Post

Amid The Noise, Active Management Quietly Reinvents Itself    

Next Post

America and China prepare for an Alpine trade clash

Related Posts

Why the Southeast is Possibly the Last Great Real Estate Gold Rush in America
Markets

Why the Southeast is Possibly the Last Great Real Estate Gold Rush in America

August 17, 2025
Earnings Preview: What to look for when Intuit (INTU) reports Q4 2025 results
Markets

Earnings Preview: What to look for when Intuit (INTU) reports Q4 2025 results

August 16, 2025
The Clash of the (AI) Titans
Markets

The Clash of the (AI) Titans

August 17, 2025
Goolsbee sees ‘note of unease’ as Fed looks to next interest rate move
Markets

Goolsbee sees ‘note of unease’ as Fed looks to next interest rate move

August 18, 2025
Buy More, Wait, or Reinvest Cash Flow? (2025 Buyer’s Market)
Markets

Buy More, Wait, or Reinvest Cash Flow? (2025 Buyer’s Market)

August 14, 2025
New York AG James sues Zelle parent company, alleging it enabled fraud
Markets

New York AG James sues Zelle parent company, alleging it enabled fraud

August 15, 2025
Next Post
America and China prepare for an Alpine trade clash

America and China prepare for an Alpine trade clash

Chasing High Yields in 2025 — Risks, Rewards, and Alternatives

Chasing High Yields in 2025 — Risks, Rewards, and Alternatives

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
New Executive Order Will Allow Real Estate to Be Bracketed Into 401(k)s, Marking a Potential Investment Strategy Game Changer

New Executive Order Will Allow Real Estate to Be Bracketed Into 401(k)s, Marking a Potential Investment Strategy Game Changer

August 14, 2025
NFT Market Rebounds: .4B and Growing Fast

NFT Market Rebounds: $28.4B and Growing Fast

August 18, 2025
CareTrust REIT: One Of My Top REITs Has Crushed The Market, I’m Still Bullish (NYSE:CTRE)

CareTrust REIT: One Of My Top REITs Has Crushed The Market, I’m Still Bullish (NYSE:CTRE)

August 17, 2025
superintelligence and the countdown to save humanity

superintelligence and the countdown to save humanity

August 17, 2025
1 Stock to Buy, 1 Stock to Sell This Week: Walmart, Target

1 Stock to Buy, 1 Stock to Sell This Week: Walmart, Target

August 17, 2025
Links 8/17/2025 | naked capitalism

Links 8/17/2025 | naked capitalism

August 17, 2025
Free Webinar: Safeguard your business against bad debt

Free Webinar: Safeguard your business against bad debt

August 17, 2025
The Financial Observer

Get the latest financial news, expert analysis, and in-depth reports from The Financial Observer. Stay ahead in the world of finance with up-to-date trends, market insights, and more.

Categories

  • Business
  • Cryptocurrency
  • Economy
  • Fintech
  • Forex
  • Investing
  • Market Analysis
  • Markets
  • Personal Finance
  • Real Estate
  • Startups
  • Stock Market
  • Uncategorized

Latest Posts

  • NFT Market Rebounds: $28.4B and Growing Fast
  • CareTrust REIT: One Of My Top REITs Has Crushed The Market, I’m Still Bullish (NYSE:CTRE)
  • superintelligence and the countdown to save humanity
  • About Us
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2025 The Financial Observer.
The Financial Observer is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Business
  • Economy
  • Stocks
  • Markets
  • Investing
  • Crypto
  • PF
  • Startups
  • Forex
  • Fintech
  • Real Estate
  • Analysis

Copyright © 2025 The Financial Observer.
The Financial Observer is not responsible for the content of external sites.