It's impossible to remotely validate who anyone is regardless of provided name, age, birth location, mothers maiden name, social security, previous address, contacts, fingerprints, retina scan, DNA profile ...
This will end the privacy debate because all personally identifiable data will be public knowledge. All private information (stored in the cloud) will be easily leaked due to _the_ data leak. Blackmail will be rampant.
It'll be common to have credit cards and loans taken out in your name. Companies will be inundated with bots and trolls creating accounts. Fintech and government will scramble to prop up the system of trust with government issued ID, which will then be leaked, collapsing the system completely.
The sheer amount of fraud causes a contraction in the availability of credit with impact on the scale of the credit crunch of 08.
>The sheer amount of fraud causes a contraction in the availability of credit with impact on the scale of the credit crunch of 08
You had me until this. You're basically describing a world where anyone can impersonate anyone else, and you think this would only cause a financial impact "on the scale of 08"?
It'll be shy of apocalyptic. There'll be 3-5 years of chaos in loans, credit cards, insurance etc.
Mortgages and business loans will be less affected because real people actually go out and inspect those things. I think we'll have to get used to speaking face to face with real people again when we want any kind of long term financial product.
It's impossible to remotely validate who anyone is regardless of provided name, age, birth location, mothers maiden name, social security, previous address, contacts, fingerprints, retina scan, DNA profile ...
This will end the privacy debate because all personally identifiable data will be public knowledge. All private information (stored in the cloud) will be easily leaked due to _the_ data leak. Blackmail will be rampant.
It'll be common to have credit cards and loans taken out in your name. Companies will be inundated with bots and trolls creating accounts. Fintech and government will scramble to prop up the system of trust with government issued ID, which will then be leaked, collapsing the system completely.
The sheer amount of fraud causes a contraction in the availability of credit with impact on the scale of the credit crunch of 08.