Good afternoon, ladies and gentlemen, welcome to our call webinar blockchain ID for the enterprise, a single ID, a good compliment or irrelevant. So what I wanna talk today about is in fact, is blockchain for identity. Something we truly will change the way we deal with IDs and enterprise, or is it something which will disappear quickly or is it somewhere in between? So I'm Martin, ER, I'm one of the founders of cooking, a call acting as a principal Analyst and I will do the presentation. Today's coping a call webinar. Before we start, I wanna quickly highlight two of our upcoming events.
Next year, February, we will do our first addition of the blockchain enterprise days in Frankfurt. This will be a two day event focused on the enterprise use cases of blockchain technology. So that's the passwords, cyber currency stuff for itself or other things it'll be really, where is the benefit?
The real benefit of blockchain technology within enterprises? The second event is our European identity conference, which is our flagship event. We will do it again next year in may, May 14th, two 17th in Munich until mid of December. There's our prime discount. Don't miss to book early.
It is, they went to be around that entity in Europe, some guidelines for the webinar. You are muted C so you don't have to mute yourself. We are recording the webinar and we'll make the podcast recording available usually by tomorrow. And there will be a Q and a session by the end. So you can enter questions at any time.
However, usually I pick them at the end. I might pick some questions during the flow of the webinar, if they fit perfectly well into the webinar. My slide deck also will be made available as a download so you don't need to write down or, or everything.
We will also make the slide available for a download. So when looking at this blockchain ID topic, we can look at it from, from two angles. The one is the identity angle, the RSD blockchain angle. I'd like to start with the identity angle.
So the question, when we look at identity, one of the questions is, do we have everything we we need or are there things which we are really lacking? And to some extent, there's one element in identity, which is identity or better universally usable ID. So the universal IDs thing, which is lacking when we look a little bit at the history. So over time.
So from the early days of the computer, so where we really had one technical system to the mainframe age, with the terminal to the client server time, internet, new economy, and today's digital age and look at various aspects like the identity life cycle.
So how, how well were we able to solve the identification? The verification challenge, the authentication challenge, the authorization of the audit challenge, or how much did we care about this over the time? And on the other hand, for which identities were we able to do?
So, so the employees, the partners, customers, consumers, and sort of a universal ID, which spans from employees to consumers. Then we have a very interesting picture. So obviously the early days of computer, we didn't care much about authentication authorization. You had physical access to the system, could enter whatever your punch cards, stuff like that. That was pretty, pretty easy. And there were some employees you need these employees by face. So both identification verification was pretty straightforward. The mainframes was also employees.
So for employees, identification verification, you have to sign the contract, stuff like that. You hand, hand over whatever access, if there's a need for a password at the desk, things like that easy to hand loss indication was in that time, when you look at the mainframe easy, frequently passwords, some of these passwords still cause trouble because it's still a whatever, a six or eight character limit, which we have to carry around.
Authorization auditing all centralized the same for clients overtime. This really started to change in the days of internet and new economies.
So back in the late 90 nineties, early two thousands, when, when more different types of identities come into play. So the not only the employees, but customers, we had this and partners, we had this B2B marketplace, we had the, the first eCommerce solution, stuff like that. And then identification verification becomes a far bigger problem. So how do we really know that the smart equipper wants to shop solving? So the problem shifted slightly and the shifted in fact, with a broader perspective on partners and customers.
So right now in the digital age, on the, where we are today, the question of identification verification remains open because we are not only looking at customers, but also far broader range of consumers. People who might become customers.
We want to interact with the consumers, even if they're no direct customers, if you're selling stuff, we, we are the sort of a gross sales.
And then, then retail, we still might want to have an interaction. We are apps with the consumer of our goods to learn more about them. And that's also one of the areas where it's then about more identities and the question of how do we identify them? How do we verify them? It's so a big issue. We see some uptake in that space, but these are open questions. And the very big open question is, is there a universal ID currently? So for me personally, it means I'm registering. I would say at least 30 to 50, maybe even more times a year on certain websites. So it's really a lot of account creation.
It's really annoying. I don't like it, but it's a situation.
So we are missing definitely this element. We also obviously have some trouble in identification verification. So particularly the verification part, then these are things where I would say we have a gap in identity. We have obviously a lot of other things where we could get better and where we technical evolution sometimes, sometimes not yet, but this is one of the, the, the really big missing things and identity. On the other hand, when we look at blockchain, there's also identity challenge. Why?
Because when we look at, and this is a very highly abstracted perspective on what is happening here. So maybe it'll slightly oversimplified, but I think it's, it helps in, in nailing down the problem, we have a lecturer. So when we talk blockchain or distributed lecturer technology at the core there's lecturer, which runs on certain, on a number of notes, this is distributed across notes and it's lecture thing.
And then there is a wallet where we hold for instance, private keys or where we hold, hold our coins or whatever else. So one party holds certain things.
Other parties hold certain things used for whatever else. I'll have a more concrete look at the SSI perspective for wallets in a minute. But basically this is one of the prospectus we have here.
So, and we also have the minors and stakeholders and approvers, and there are a lot of interesting challenges, like for instance, for, for today, I just read it this morning, the, the discussions to friendly about hard forking of Bitcoin cash, where, where it also becomes very, very obvious that there sometimes it's not really a, a clear governance, a clear ownership, reliable decision structures and other stuff available.
So we have, but we have different people like the stakeholders and that entire thing, the minors who do the concrete mining, particularly the mining heavy blockchain implementations there, as we all know a lot of different types of blockchains, we might have approvers in some of the, the blockchains or other types of lecturers. Like if you look at Iotta tan, you have some approvers and, and some of the other permission ones, you might have these types of approvers. So it's a variety of roles you might have around the blockchain underlying, there are some software.
And so we have a lot, and it's just some, some excerpt of identity challenges. So one is obviously the authentication. So the access to the wallet, if we hold our coins or other important informations in that wallet, we need to secure that wallet.
Well, which means we have an authentication issue, which by the way, from my perspective is one of the, the big challenges in around all these ideas of saying based on, on a blockchain, we might make certain things like an idea available to everyone. So also the, the people who haven't yet this, this capability or banking, the unbanked people, the same thing as are these people, the ones who really have the wallet, the client technology, and the capability of protecting their, their, their, their highly valuable information inadequate way. Interesting question.
And it goes back to authentication. So how can we authenticate the access to the wallet?
How do we authenticate approves for instance, where we have approves, when we have smart contracts, how do we identify? And Verifi verify the people. So if you have a contract, you need to know who's the other party. Is it really the one who claim claims to be, how do you the, do you do the authentication? The business relies on doing this well for the connected things along the supply chain.
How do we verify that this the really the technical component, which is talking cetera, and there are more more of these. So we have an identity challenge and we need to solve this well so that we not only have a reliable, secure, distributed lecturer, but also the way we access the lecturer, we changed software. We do whatever else is under control. And that is where we talk about identity, authentication, verification, things like that. So the question obviously is will a blockchain ID help us getting better on that?
So, or even go beyond that and the following slide, I sort of make a disclaimer here, listen to me carefully, don't misinterpret what I'm saying.
I'm talking about what potentially can be done better. I don't say it will become better. It is better. I don't say this. I say there's a potential for certain things where, so we deliver on that potential. That's a separate question. And some of these things will come earlier some later, some not.
So what, what I'm talking about is a potential here. So when we look at the traditional identity, so things we did in traditional identities, so we have an identification challenge identification in fact, is, is a thing which is a little bit beyond, beyond the pure, pure software part, because it's about smart equipment. Usually we rely on an identification which has been made in some way, rather their early life, ideally with handing out a passport or an ID card, things like that with birth certificate and other stuff, pretty, pretty much outside of the, the software side.
If we are honest, then we have the verification. So show me your ID card. And I trust you that you're really Martin equipping, or if the picture looks somewhat like marketing cooking, or 10 years after it might look quite different, but usually it's still feasible to, to either define it authentication. So I've verified. You I've gave you an a indicator. Is it really the same, a indicator here authorization? So if you're a authenticated, what are you allowed to do? Auditing what happened, privacy? So this is basically the flow here and we see these things.
I don't think that blockchain ID will solve the identification problem. Fundamentally, you could say, you know, far away in the future, maybe we have some DNA stuff stored in the chain, blah, blah, blah. But it would be a let's let's not get into that type of a discussion verification.
I see a very strong potential. I touch this later around KYC, know your customer authentication potentially. Yes. If we do things around SSI and wallets, right? So it might be not even this yellow to orange, it might be really green authorization. Yes. I see a strong potential for that.
I don't see the solutions. I see a potential. I see a potential for saying a lot of the stuff is due around authorization might be solved, quite trend in using some type of smart contracts, auditing a lot of discussion here. So the first hype seems to slow down a little. So I moved here from gray more to this Quai, yellow in the sense of the idea of saying I have my, my, my audit relevant information on, on the letter, which would be factually ideal because it's, it's really, then it's it's you can't change it.
It it's in a, in a way, which is really perfect for audit, but I didn't really see the solutions because they partners whose audit data do you bring in here who owns that train are not some of the players than able to, to, to, or have the potential of, of malicious behavior. Because if you, as an enterprise own your own audit record, how do you really split between the, the auditor and the people who deliver the information into that?
That's an interesting question here, but anyway, privacy, again, a big potential touches again, from my perspective, and then there are all these things we discuss around what blockchains can do. So linking people with assets, managing our properties, managing our rights agreements, also all the smart contract stuff, etcetera, the relationships between a device and a person, some things are OB pseudonymity consent, etcetera. I think there's a huge potential, but again, this is what could be achieved.
I don't say this has been achieved yet. I don't say it will be achieved.
There's a potential for that. And so blockchain technology can help us to a lot of things better as part of solutions, not as the sole solution, it's always something which adds to a solution. And also by building on a persistent, reliable identity, again, to make this work, we would need something like such a persistent, reliable identity. That is what we really need to have leads back to this universal idea thing.
I, I touched earlier in that context, then we, over the past couple of years, right now, we have seen a lot of discussion around blockchain ID and self-sovereign identity. So the SSI term, and I want to explain this in a natural, because this is, I would say pretty important for a lot of things which can happen here. So basically the idea is you have a wallet.
We had this wallet before and this other blockchain picture, and this SSI wallet holds credentials, which are have, which carries some proof. So the proof of the issuers. So this is really sort of the mapping of your national E ID card.
It really is the one which maps to you. It's still wallet, things like that. There might be a variety of IDs.
You, you bring into such a wallet. This is there's something which really could help to get better authentication because you say, I have a couple of IDs and they are on the wallet. And some technology chooses trust the right ID so that I don't need to carry. I trust authentic to my wallet. The rest is handled by that technology would help us in, in registration and in, in authentication on a couple of use cases. So we hold private keys.
We also might hold private attributes in the wallet, and then we have something on a blockchain, or sometimes we even see a mix of different blockchain approaches for different things, which in this, as I, I context is called decentralized identified.
Important thing is here on the chain itself. There's only a network address for the communication between, for instance, me and the service, the service will be in the picture next. So there's the network address for which service, for which sort of pair between an individual or an organization on one hand and an individual or organization.
On the other hand, the service on the is this sort of a combination. It holds a public key.
So, and it holds potentially it holds public attributes. And then we have an off lecturer communication. So what the blockchain in fact says, I make a connection to a service. And with that, I have, we have, have, have the set of keys. We need to set up a secure interaction to also have, so create our own secure agreements of the way we interact, but all this happens off ledger in a secure peer to peer communication way because we shouldn't hold personal identifiable information on a blockchain because once it's on the chain, it's there, there's no right to be forgotten, et cetera.
So the way basically is to say, we have to wallet decentral we interface with service and the blockchain is that what helps us mapping saying, okay, this ID can be used for this access. And then it's super easy. We just access our wallet. We have to sort of take the interaction, the, the communications partners that we move first, or from there and behind a lot of the thinking, there's really this question around PII.
So, so who is in control and can businesses still be benefit of that?
And I'd like to bring up a picture, which is when you look down on the bottom of the pictures already, a couple of years old, it's six and a half years old right now, out of my keynote, I gave at the European identity conference 2012, where I talked about life management platforms and basically an idea where I said, you know, you have your personal information, you have organizations, and you have a way of sharing this, which in fact allows you to, to communicate and to define which information do you deliver to someone for which purpose there, there's still a lot of reports on our, a couple of reports on our website around that basically this concept is, is very close to what you find in the SSI concept.
It says you, as you have your sort of your wallet, your own store, you have the orientations you interact with, and you have a service where you share under controlled agreements. And that is where blockchain is quite cool with smart contract via share, for instance, your information. So smart contracts and P2P interaction basically is exactly what we had in mind here.
So the question obviously is with that, it means I control my information.
It's quite different from the way we couple have in the, in the internet where organizations try to collect as much information as they can, regardless of whether they need it or not. So if you go look at this concept of SSI, in fact, it allows fundamental changes in the way we use personal identifiable information, because we use it as a peer tope interaction based for instance, on contracts, where we say, you can use that information for a certain period. It also implies these fundamental changes because it says we control it as a user.
It's sort of moving from uncontrolled collection of PII to agreements, which means the change. The question is this is worse for a business, or is it beneficial? Obviously when your business model builds on collecting as much data as you can, which is anyway affected by things like the GDPR today, then there's an impact.
So obviously there must be a benefit for users, but there can be a benefit for users because in that case, it's, it's about saying, okay, I need something from you. I give you certain information. I give you an example.
When I, when I look for a insurance for my, my car, then there are these platforms where you, which claim you can find the best insurance for you. Then you end up with entering a lot of data. And some of the data is relevant for finding the best sort of the, the best contract and others obviously is not required. But that is the point where I then tend to say, okay, no, I don't do it that way. I don't like to share all the data with someone where, with who to whom I not, not necessarily trust, because do do I really know that I got the best out of me, or is it the best for him?
The one where he's the, has the biggest margin in, in selling the type of insurance or things like that. In that case, you have a trusted interaction and you get root potentially of a third party, because you say this trusted service in between, which is operated by someone who maybe by, by, by joint organizations, whatever, there are various ways to do it. Benefits potentially are you get a better quality of information. So moving from guessing to knowing you can optimize processes and you get rid of third party product in that model, we, we constructed there.
And the model which you could build based on the SSI was adequate applications. That could be for instance, that whatever your, your monthly salary statement flows into a secure store you own. And then if you go for a, for a, for a bank loan, you can share that information in an electric form, electronic form, far more efficient process in various ways makes a lot of sense.
So potentially there can be done things done very, very much different. This is on the other hand, this is probably more the, the future use case.
So when I look at the top four enterprise use cases of blockchain ID, the one I'd like to start with is a different one. It's no your customer.
This is, and I'll look at it on a separate slide in more detail in a minute, know your customer is really where you have your most beneficial use case for blockchain ID today. The second one is this live management platform. Not because it's already here, but this idea, probably another term. So the applied self identity still has a huge amounts potential of doing a lot of things better. Also for business, not only for the users, I believe that we have a huge potential in the automation for authorization based on smart contracts.
So you have your, you, you sign your employee contract with the HR department. And based on that, everything is automated. We try to do it, but I think we can do a lot of things better. If we integrate such technologies into what we do in identity management. It's not that we do everything just by having a blockchain. It is there's part of that, which enables other processes to run smoother, to have a higher degree of automation.
And it always will be that there's only part of blockchain, hopefully by the way, in five years from now, we don't talk much about blockchain anymore because it's just something we use as an underlying technology in the same way we use whatever relational databases or HADU or other things today, it's something we use. We discussed about it a couple of years ago, or right now we still discussed a lot about AI, but in, in the future, it will be the best.
AI is the one you don't see the best blockchain is the one you don't see. You don't care about.
You don't think about another use case then is integrated consent and contract management for PII KYC. So, so this is really where you say, I, I, my consent is based on a contract smart contract, why not doing it that way makes a lot of things easier. KYC has the low hanging fruit for the business today. KYC like we do it is expensive regardless of you. If you go to a bank and have fulfill a stack of papers, which then need to be handled, or if you use whatever type of web-based video, blah, blah, blah identification, it is expensive.
And the portion of dropout percentage, the ratio of dropouts design on the other hand. So I did this video based identification thing once quite a while, for, for a telco for a so mobile phone contract, it was horrible.
It was a horrible expense experience. It was time consuming cumbersome. I received a series of mail then, which where it was cryptic information, where I had to pick out some of the information to enter. It took a long time. I really don't want to do it again. Next time I walk again in the store of the mobile provider and do it there.
It might take a little longer, but it's less, less cumbersome, less frustrating. And on the other hand, but than my intention, but factually it'll be even more expensive for them. So we need better ways here. So no one really wants to do it twice, but if you do it once, if you store that information in the chain, make it reusable and say, we did it. You can rely on it. We have all this SSI stuff, etcetera. Then we can save a lot of money by saying, okay, done.
Once reused, safe score, cost less frustration for the user. It is the low hanging fruit for blockchain in identity.
So coming closer to the end, what, what will make blockchain ID potentially a success or not? And we have still a long way to go.
I say, so what are the success factors? What are the challenges? Success factors? The most important thing is critical Matthias. I think some of the layers in the market right now have for a smart approaches where they look at saying, okay, I have an approach, which for instance, a large bank or insurance company, or other type of company can use with their customers first with to make some of the things like KYC, other things, a little smoother.
And if I have enough customers, then at some point I will reach a critical mass with enough users and enough businesses in general, the problem is always sort of a chicken, a problem.
If you don't have enough businesses, users will not use it. If you don't have enough users, businesses are not interested. I see some smart approaches and we will probably see some stuff going quite well here. You need to be able to use your existing IDs to incorporate them into the wallet. The wallet for itself must be very easy to use. Must be secure.
We have privacy by design and security by design, and we have one of the biggest challenges it needs. There needs to be a business model behind, which is predictable and affordable. Both are important things. It must not be too cheap and it must be predictable. Everything which is super volatile is a tr. So having said this, for instance, the Bitcoin blockchain, or some extent, at least for, for themselves, are not really the best choice for that because they're super volatile and then you are not predictable.
So the other side of the thing, challenges, regulatory compliance don't store PII on the chain, simply sad. Be also careful with metadata because you have, if you have made a data there, it's a, it's a challenge. You need the governance for the wallets, the governance for the blockchain. So who owns this code? Who does it? Might they hard fork and put everything on trouble. What is the business model for the auto operators, performance and capability.
Again, it needs to be the right type of blockchain. Plus other technologies are using blockchain for where it's good and where don't use it for things where it's not good. We need a sustainability. So if you think about lifetime IDs, universal IDs, there need to be the right players behind it. And it must be implemented in a secure way. So where is blockchain today? We see accruing number of players. And particularly also we have really well sought out concept for SSI. So most of the, the challenging questions are solved in these concepts.
Maybe not all to every extent, but overall, we have seen a lot of broker here. We see several commoner implementations. We see masses of pilots. Obviously we obviously see masses of pilots, which failed. We see several commercial implementations, some of them backed by substantial amounts of we see, which is good. They might also fail, but we see some of them. We see no broad adoption yet.
And we see the, a couple of main challenges.
So we, we, we don't see that there's anyone who has reached a critical mass yet. We see maybe as the, the biggest challenge that I haven't yet seen someone who has an answer on the roaming challenges. So everyone of us owns multiple devices, but everything I've seen so far is a wallet which runs on one device. But I want to have a synchronized wallet on different devices. Some come up and say, yes, but you could restore the wallet on a different device, but then it's still not synchronized.
I still want to see a really cool solution for that, so that I have it in always the same state and each of the devices I want to use it. The standard approach then is security challenges for recovery. And sometimes even for us education. So if I hold my, my keys to my kingdom and that thing, do I really want to go to a pass race or something like that?
The standard approach is a pass phrase, pass phrase is nothing else, a long password, sorry. And also sometimes the blockchain chosen below is not the ideal one.
So going back to the question, when we look at the need for a universal ID, will it be the, the blockchain ID or will it be something different? So we have a variety of ways to, to deliver IDs. We have enterprise IDP. So we have our own IDs.
We, we give out for internals and externals. We have, so we might say our customers have whatever, create an account with Amazon, who else we have third party IDs.
So the, the biproduct things like is Facebook and LinkedIn, where the IDs more something, which is a biproduct. We have the ones which try to make IDP as a business. Currently in Germany, we see a couple of them. We have some joint third party ID, for instance, bank ID, the Nordic national ID and the blockchain ID.
And when look, when we look at certain aspects, so from a critical mass perspective, the only ones who until now have managed to reach a critical mass are things like providers like Facebook and LinkedIn enterprise IDs will not reach it IDP as a business I'm reluctant, maybe some do, but from everyone I've seen over the last 15 years, no one has managed to do so. Some are in the yellow state. They might or might not the critical Matthias amongst enterprises. Pretty much the same picture.
I aside of a very few countries, I, I only see, I see very few national IDs used on, on large scale trust version is that's the problem. Then again, was, was the, the low end third party byproduct IDPs that they are not as trustworth while for its national IDs are blockchain ideas potentially are, which can you use globally? The enterprise IDP, not it's just something for your enterprise bank IDs, usually certain countries, things like that. National IDs per se, are national standards and interoperability, not very good everywhere.
So, so in fact, we have at least one red in each of these areas. So no, none of these is really where, where I would say this is that universal IDB can use for a variety of use cases. Blockchain ID potentially is, will it deliver on that? That's a totally different question. We have to wait and see, but there's a potential for that.
So blockchain ID for the enterprise, is it a solution or is it net on or what is it? I would say there's a potential, it's a potential solution for several enterprise use cases.
As part of something we are doing, it has the potential for delivering user universal IDs and generically speaking. It will be something where we have a potential to do a lot of things better than we can do without if we do it right. That right. Requires a lot of thinking, looking at a lot of aspects, it's not a simple thing, but it always will be just a part of the solution. And I'm quite convinced over the years, we will speak less than more about that, but clearly blockchain's need identity and identity at least would benefit from blockchain.
So it's really something where blockchain ID can help with that. I'm through my slides and it's time for questions.
So you have, if you have questions, feel free to enter your questions here. Okay. So is it probably that I have more, more comments than questions here and I just read through the first questions which came in. So if you have questions, feel free to enter that.
So, so I, I think, yeah, there, it's probably that I have the same questions three times right now in here. Basically one, one of the questions is can you, can you figure out ways to do KYC without storing PII on a blockchain? I think they're, there are ways to do that by, by storing the right information and sort of a decentralized source, plus maybe some hashes on the chain, which allow you to, to map things in a welded way. So from the use cases, I see there are, are ways to do that. Obviously part of that is also then improving.
So the, I didn't say it is what, what I said is in fact, the point is, yes, you need to do that proofing, but if you can reduce proofing to do it once instead of multiple times, you obviously have a, have a very big advantage here.
So another questions around protocols and standards here. So honestly I think that we, what we see really see is similar concepts around SSI, basically a lot of, so this is this. So this it is that, that we don't have. I would say we are not yet at the point of protocols and standards.
We, we had some at last year European identity conference, we had a blockchain ID innovation night, whereas some, some interesting talks about it for instance, around protocols for, for, for ID mapping, things like that. But there's nothing yet where I would say this is in a state where I could say this is really promising and mature.
Next question. So I see a lot of questions here.
So, so one question, some, some initiatives are considering using the blockchain only for, for the idea of the credential issues. Not for the average identity owner, would that necessarily need a blockchain?
So, so simply said, virtually everything we do and can do, can be done without blockchains. So the question is not, can we do things only with a blockchain? The question is, does blockchain technology help us doing things better, more efficient, more secure, more, reliable, more whatever than other technologies do it. I think this is what we, how we really should think about it.
It it's, we, we can handle consent. We can handle, we handle KYC. We do a lot of other things. The questions not do we need blockchain to do things, the questions more, does it help us doing things better? And I believe that there is a potential in a blockchain ID if you do it right.
So the idea of having one wallet, where we have different IDs and which we can use for the interaction with different companies and where we can flexibly exchange, then our information. So it's sort of smart contracting and, and defining who's has access to our data.
Then I would say is a very smart idea where blockchain helps us doing things better, but it's not that we can't do things without the blockchain. And I'm, I'm wish you, as one of the content is commands words, a single, trusted blockchain is long way, long way off.
Yes, I, I agree. It's not that we, we are yet there. We also probably will end up with a couple of blockchain idea approaches. Some of them might become interoperable. So there's a lot of work around probability. Some of them might trust, disappear. Some of them might succeed as always. And you notice, I think with all this blockchain stuff, one of the recently someone said, yes, you know, when you look at how many of these pilots and startups already failed in the finance industry are on blockchain. Yes. But that's normal.
Look at how many of the startups in the new economy, some 20 years back, or 15 years back failed and how many survived, but some of them really, really big. And I I'm quite sure that the same will happen here. So this is, this is what I, what I really would, would expect to happen. That we see an evolution, some come through many fail, that it will be the usual thing.
And there's another question. So how will blockchain ID at a global level work for the users that are not technologically advanced? I think that the, I, I touched this to some extent.
So the first thing is we need wallets, which are easy to use, which just work on every device in a very smart and, and yet secure way. The challenges, the, the less advanced you are, the less technology you have, the less capabilities, the more difficult it is to protect all these keys, protect all these credential, the, the secrets, the, the in, in an adequate way. And this will be the, the challenge. And I think this is something which is to some extent, ignored, maybe picking anyway, a little over time, maybe picking a final question. So why is blockchain addressed approach?
Blockchains can be addressed approach. I would phrase it that way if they're implemented, right?
If you solve the governance problem. So who owns the chain who owns the wallets in an adequate way, because with the concept of how information is added to the blockchain. So the consensus mechanisms there you can achieve a level of, and the way the blockchain itself works with, with training information, so that you can alter alter information, you can achieve a very significant level of trust.
So I didn't touch the, the basics of blockchain, assuming that this is, is somewhat known, but basically the, the concept allows to achieve a higher level of trust versus us. Even while there are some open questions, which was, tend to be ignored, like the question of who owns a blockchain, who decides about forking, who provides the software, who approves the software, who checks the software, a lot of questions around that. But anyway, I was said, I hope I gave you some insight in the ideas I have around blockchain ID.
I would be glad to welcome you at our upcoming blockchain enterprise went, which goes well beyond blockchain ID, looking at really enterprise use cases of blockchains, including the identity stuff, but going well beyond. Thank you very much for attending this group. Call webinar.
