Digital Wallet Report Update
Darrell and Drummond would like to thank those who attended The Digital Wallet Report Update, where they discussed the latest digital wallet developments. For the attendees and those who couldn’t make it, here’s a breakdown of what they covered in the Digital Wallet Report update.
- Link to the recording
- The Digital Wallet Report – 2019
- The Digital Wallet Report – 2021 Update – PDF of the digital wallet report 2021 update presentation from the webinar
- Trust Registries Webinar (Sept. 2021)
Key Points from The Digital Wallet Report Update
During The Digital Wallet Report Update, Darrell and Drummond discussed what we got wrong (and right) in The Digital Wallet Report, some key points:
Slow Adoption of DIDComm Despite Rise of Single-Use Wallet Apps
One of the key points that Darrell and Drummond discussed during the webinar was the slow adoption of DIDComm, despite the rise of single-use wallet apps. However, Drummond expressed confidence that DIDComm would eventually become the killer of what we now know as SSI and that they’ll do the DIDComm update next year!
Demand for Cloud/Custodial Digital Wallets and the Challenges They Face
They also discussed the demand for Cloud/Custodial Digital Wallets, noting that while security remains a problem and SSI principles are compromised, solutions are beginning to form. Portability was also highlighted as a current problem.
Digital Wallet Standards and Interoperability Are Still in Early Stages
Digital Wallet Standards and Interoperability were also discussed, noting that they are still in the very early stages and remain elusive. Darrell talked about stacks and how governments and industries worldwide are starting to pick up this technology. Check out Ian Bremmer’s Article: 3 Risks Poised to Disrupt a Fast-Changing World by 2021
The Need for a More Robust Verification Process
The Trust Registries section of the Digital Wallet Report was also touched upon, with Darrell highlighting the need for a more robust verification process. He asked, “How does the verifier know that the issuer is authoritative? Is the Public DID anchored to a real institution? Does the holder trust the verifier?”
When it comes to building trust-based ecosystems, our Trust Continuum™ methodology offers a framework to simplify the process. By applying this methodology, we can create trusted ecosystems that benefit all involved parties, including those in the digital wallet space.
Questions from Attendees
During the question period, which started at about 50:23, several interesting topics were discussed, including appointed governance authority, attestation of the cryptographic health of a remote wallet, and reconciling centralized governance authority in a decentralized world.
The Future of Digital Wallets: Navigating Trust, Security, and Interoperability
Overall, the Digital Wallet Report update provided valuable insights into the latest developments in digital wallets. Check out the PDF of the presentation and the webinar recording for more information.
“Decentralized identity is the identity of the future.” – Martin Ferenczi, former CEO of IDEMIA North America.
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