Validating identy problems

For the rich, regulations around anti-money laundering, know-your-customer, and ultimate beneficial ownership increase legal and regulatory costs and hassles.Ninety percent of businesses responding to the International Chamber of Commerce’s 2016 Global Survey on Trade Finance pointed to anti-money laundering as the most significant impediment to trade.For example, the tax office probably has little interest in your school report cards, but may care enormously about the days you spent out of the country as an adult.

blockchain technology, which allows for the secure storage and transmission of digitally signed documents with a super audit trail.MDLs are multiorganizational databases with a super audit trail.Whereas a central database can lead to a natural monopoly that everyone has to use, the fact that MDLs are mutual — i.e., held in common — means they are hard to exploit as natural monopolies.On a website, in a nightclub, at an airport, or in front of a bank counter, everyone wants us to prove that we are who we say we are.But 2.4 billion poor people worldwide, about 1.5 billion of whom are over the age of 14, can’t answer that question to the satisfaction of authorities.

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