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Bimonthly Digest: July 11 to July 24

In the past two weeks, the world has continued to witness the unprecedented pressure of COVID-19 in shaping our industries. The internet also faced a mass scale Twitter hack, making headlines across the country. Let’s take a look at some of the top industry news this week:

Top Headlines

  • Even with two-factor authentication, hackers were still able to take control of Twitter’s verified account to spread a bitcoin scam
  • Why Bitcoin? 
  • It’s pseudonymous; it’s peer-to-peer nature means that a middle man like a law enforcement officer can’t interject easily

This Week in Digital Payment

  • Industries seek to automate the KYC process
  • In the financial industry, small to medium-sized banks face financial struggles and must rely on technology to free up human resources
  • In the context of the pandemic, AI is relied on more heavily than ever before to speed up the loan approval process, diagnosis in hospitals, etc. 
  • eKYC is becoming more and more popular, as KYC needs to be done faster than ever and human resources require comparatively higher costs than tech
  • Used by over 1.6 million citizens
  • Citizens can now authenticate themselves without passwords -- all they need is the SingPass app and a mobile device that can scan QR codes. 
  • One such company is TrueReview, which integrates the immutability of blockchain with biometric authentication, to ensure that only real users -- not bots -- can leave reviews on platforms like Amazon
  • Will enable blockchain to be use at scale, with consumer-facing services

This Week in Digital Identity

  • Allows users to replace their physical IDs with their device
  • The sign up process is end-to-end encrypted
  • The technology is compliant with government regulations of the EU and German government
  • The Secure Element chip within the phone is able to block hackers that are trying to access the phone from remote locations, and is optimized to protect sensitive data
  • COVID-19 has spurred the mass adoption of online communication and business
  • This has increased the demand for secure digital identities
  • Companies with stronger digital identity ecosystems are able to thrive, and this is a trend that will continue to the future
  • More information on this trend can be found here
  • The rise of telemedicine means a greater need for secure “know your patient” verifications. 
  • As UBI wallet company GoodDollar says, one of their main challenges is digital identity authentication. 
  • Investing $48 billion in the next “tech revolution”, which includes blockchain, 5G, and AI
  • The digital ID will be a blockchain-based mobile ID card

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