Today’s world is exploding with digital transactions and connectivity. People, organizations and all kinds of internet-enabled devices are interacting digitally using different identity models.
With the hacks and breaches(4.1 billion in 2019 alone) happening every day, it’s high time to evolve the existing solutions that use federated or siloed identities with state-of-the-art Decentralised Identity which eliminates keeping track of paper-based, scattered documents/credentials, remembering tons of passwords and exposure of insecure databases as honey pot for data hackers.
Today’s identity systems are service centric, siloed and are different from one another even within a single organization. Users expect the hassle free, fast, convenient and personalized experiences with less friction. Users end up creating new identities or use centralized IDP repeatedly to avail services across service providers. The current digital identity status thus fails to meet user expectations and is ripe for change that Matters to users.
Digital growth demands a time for the frictionless, interoperable, secure identity verification of self-sovereign or self-controlled identity.
Self-sovereign identity brings an important component of trust in a world that relies on the exchange of information in the digital form. All parties must know and could be able to verify the identity of the people and entities they are interacting with. This helps to make the user experience more secure and more frictionless for your employees, customers, vendors across different channels.
Current challenges with password based login
- Sub-optimal User Experience he users must remember multiple passwords for their different accounts. Convenience of the same password is often very risky.
- Prone to Data Hacks Centralized data storage is a honeypot to hacks and data thefts.
- High Total Cost of Ownership Passwords are expensive, takes extensive amount of money and human resource to maintain
- Loss of Revenue Users not enabled to login results in loss of business
- Account Takeover When someone manages to gain unauthorized access to a business or personal account, fraud activities like authorization of a wire transfer, or steal sensitive data is a high probability
How does IAmMe password-less login solution work !
Let us understand the sequential flow of how our solution will make this happen
- User completes one time registration with the service provide
- User store received verifiable credentials in user identity wallet, which can be part of the service providers mobile app
- Whenever required, scan QR code or select password-less login method on service providers interface and share credentials with a click of a button
- Service provider seamlessly verify the credentials
- User is logged in instantly
How Password-Less Authentication comes for the aid
- Higher Revenues Higher revenues from employee productivity and customer ratings
- Lower Costs Lower costs in case of data breach, operational cost for password reset(overhead savings)
- Enhanced Customer Experience Users are less likely to try to circumvent securitymeasures.
- Competitive Advantage A competitive differentiator, and a key consideration fordigital transformation leaders
- Interoperability Global standard allows interoperability unlocks access to newmarkets
- Extension to Other Use Cases Gives downstream use cases option leveragingdigital credentials