Identity: the ‘OS layer’ of an economy
All transactions are based on trust. It is the simple bedrock of any economic system. We have to trust that the value we transfer to others will be delivered and that we receive our expected value in exchange.
But what is this trust built on? For almost every type of transaction you can imagine, the foundation or the platform that supports it is our identity. A bank opens an account for you because it can verify that you are a unique individual and it has the means to prove this every time you interact with their system. Even less formal transactions such as eBay are facilitated by a digital identity that proves a history and a reputation, and importantly an identity that the transaction will forever be associated with.