On April 23, 2019, Transform Smarter had a great opportunity to join a Vancouver Digital Identity Meetup with invited speaker Joni Brennan, president of the Digital ID & Authentication Council of Canada (DIACC). The main topic was “The Pan-Canadian Trust Framework, Open Banking and the Rise of Identity Networks”.
The impact of Identity in Canada can cost more than you can imagine, and the estimated number is $15+ billion (~ 1% Canadian GDP). Each user who has problems with his/her password needs to pay $236 to manage, then spend roughly 600 hours to recover (~$16,000 loss of unrealized income), and for an average company the loss can be up to $5.68 million. According to Joni, “… citizens, government, and businesses need tools to manage sharing of that identity data”.
In addition, the government should be the leader to issue digital identity that every citizen can use in their daily basis such as driver licence, health care, birth certificate, passport. Businesses and organizations can provide life improving services, transactional context, and technology.
What Digital ID can solve? It can unlock Service Delivery and Economic Good, e.g., open personal or business bank account without going to the branch, buy property online securely, manage health care information, re-new passport from home. The priorities of Digital ID are privacy, security, and trust; which will not only increase productivity in business and government services but also reduce costs and fraud.
Canada needs an identity framework that prioritizes privacy, security, and convenience for users. DIACC’s mission: “Secure Canada’s full and beneficial global digital economy participation by delivering a digital identity and authentication interoperability framework”.
Pan-Canadian Trust Framework (PCTF) is an economic benefit focused set of industry standards and practises developed to secure cross-sector digital identity interoperability.