Self-Sovereign ID for Onboarding of Financial Services

Financial Services have been a key driver in the growth of Self-Sovereign Identity. The costs of compliance in banking and finance has been astronomical, ever since the banks went online. Every year the loss from online fraud are staggering. Onboarding of Financial Services such as online accounts and exchanges will be a breeze once Self-Sovereign ID is enacted.

The demand for Self-Sovereign ID is in it’s infancy, travel pass health testing data will soon cause a mass adoption. As a result an entirely new industry is starting to take shape. The biggest winner is the Financial Service providers because they have been waiting for this day, when the onboarding of new customers is fast and easy, without as much risk.

onboarding

source: Merriam Webster

noun

Definition of onboarding

1 : the act or process of orienting and training a new employee … good onboarding leads to higher employee engagement and greater retention rates.— Joyce E. A. Russell

2 : the act or process of familiarizing a new customer with one’s products or services Customer onboarding primarily involves answering customers’ questions and addressing their concerns so they have a smooth, positive experience with your product or service.— Aaron Agius

3 : the act or process of converting data to digital form While many retailers are coming to terms with the need for data onboarding and management, there is still a massive chasm between collecting data and using it to the fullest advantage.— Larisa Bedgood

Self-Sovereign Identity as part of Onboarding

In finance it’s necessary to have English Character names, as global banks primarily operate on the legacy left behind by the British Pound Sterling. Sterling was the global reserve currency when Great Britain ruled the waves and held and Empire upon which the sun never set. All the people of the world desire access to the legacy financial services.

The process of creating individual Self-Sovereign ID, enables all people the opportunity to own their own identity. Once an individual owns their own Self-Sovereign ID, it makes for them the process of onboarding into financial services, as simple as can be. The entire concept if win/win, provided there is product knowledge.

Self-Sovereign ID is the future of Financial Services, the quality and intrinsic value, depends on knowledge of the user.

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Bitcoin Whales Rule the Deep Dark Cryptocurrency Ocean

When Bitcoin Whales surface the waves swamp small boats, then BTC dives back for bottom

A sighting of a mythological Bitcoin Whale was recently reported. On October 31 this year a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. A potential spotting of the big one. Whale watchers were out in force, below is an overview from NFT Alpha.

On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. The underlying problem with Bitcoin is the history of criminal activity that destroyed any possibility of trust in it’s owners.

“Satoshi Nakamoto” is presumed to be a pseudonym for the person or people who designed the original bitcoin protocol in 2008 and launched the network in 2009. Nakamoto was responsible for creating the majority of the official bitcoin software and was active in making modifications and posting technical information on the bitcoin forum.

There has been much speculation as to the identity of Satoshi Nakamoto with suspects including Dai, Szabo, and Finney – and accompanying denials. The possibility that Satoshi Nakamoto was a computer collective in the European financial sector has also been discussed.

The first transaction involving physical goods was paid on the 22nd May 2010, by transacting 10 000 BTC in exchange for two pizzas to be delivered by Papa John’s. At the time, the value of the transaction was negotiated by individuals on the bitcoin forum.

In June 2021, the largest bitcoin event in history took place in Miami, attracting approximately 15,000 bitcoin enthusiasts. The entire cryptocurrency universe was created with Bitcoin as the reserve currency. The price volatility is a reflection of the distrust.

At any moment, any number of Whales could disrupt the entire crypto universe. Bitcoin Whales make every Token unstable and vulnerable. Eventually mass adoption across other, more evenly distributed coins, will provide a better future outlook for digital money but currently the concept is held hostage by a hidden hand.

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Diabolical — How Digital ID Will Control Your Life

While the media continue to scoff at warnings that vaccine passports are part of a surveillance structure that is likely to become a permanent part of our lives if we allow their implementation, there’s nothing to suggest that this won’t be the case.

In “The Jimmy Dore Show” above, Dore highlights and interviews Max Blumenthal about his article, “Public Health or Private Wealth? How Digital Vaccine Passports Pave Way for Unprecedented Surveillance Capitalism,”¹ co-written with investigative reporter Jeremy Loffredo.

The article reviews some of the tragic consequences that can be expected if a global rollout of digital vaccine passports were to succeed. Loffredo and Blumenthal point to India, where a digital ID system has already been implemented.

The database, called Aadhaar, contains the digital identifications of more than 1 billion residents, making it the largest biometric digital ID system ever constructed.

India’s System Illustrates the Dangers of Digital IDs

While not officially described as such, the system is a “de facto social credit system,” the authors say. It’s sold to the public as the key access point to government services, but it also tracks users’ geolocation, employment and purchasing habits.

Indians have no choice but to submit to this invasive surveillance in order to access government services and assistance programs, such as food rations. As you might expect from such a behemoth database, there are glitches, and in India, such glitches have proven deadly. Loffredo and Blumenthal explain:

Diabolical — How Digital ID Will Control Your Life by Dr. Joseph Mercola

The Convenience Trap

Military-Intelligence Org at Center of US Vaccine Pass Push

In the interview, Blumenthal mentions he’ll soon publish another article detailing the military-intelligence organization MITRE’s role in the U.S. vaccine passport push. That article was published on The GrayZone October 26, 2021.¹² If you’ve been a fence-sitter, this piece just might push you to make a decision as to where you stand on this issue.

While MITRE is listed as a nonprofit, its leadership consists of military intelligence professionals, and most of its business comes from contracts with the Department of Defense, FBI and national security sector.

“The effort ‘to expand QR code vaccine passports beyond states like California and New York’ now revolves around a public-private partnership known as the Vaccine Credential Initiative (VCI). And the VCI has reserved an instrumental role in its coalition for MITRE,” Blumenthal and Loffredo write.¹³

“Described by Forbes as a ‘cloak and dagger [research and development] shop’ that is ‘the most important organization you’ve never heard of,’ MITRE has developed some of the most invasive surveillance technology in use by U.S. spy agencies today.

Among its most novel products is a system built for the FBI which captures individuals’ fingerprints from images posted on social media sites. MITRE’s own COVID-19 umbrella coalition includes In-Q-Tel, the venture capital arm of the Central Intelligence Agency, and Palantir, a scandal-stained private spying firm.

Elizabeth Renieris, the founding director of Notre Dame and IBM’s technology ethics lab, has warned that ‘as dominant technology and surveillance companies’ like MITRE ‘pursue new revenue streams in healthcare and financial services … privately owned and operated ID systems with profit-maximizing business models threaten the privacy, security, and other fundamental rights of individuals and communities.’

Indeed, the involvement of the military-intelligence apparatus in the development of a digital vaccine passport system is yet another indication that behind the guise of public health concerns, the U.S. surveillance state could be due to enhance its control over an increasingly restive population.”

What Is MITRE?

So, what is MITRE, and why are they a key player in the VCI? The organization did not reply to “The GrayZone’s” questions for the article; “however, its documented history makes for unsettling reading,” Blumenthal and Loffredo note.

MITRE was founded in 1958 and is based in northern Virginia. The military-intelligence think tank receives about $2 billion a year from U.S. agencies. Initially, it was founded as a joint project of the U.S. Air Force and Massachusetts Institute of Technology (MIT), to develop command and control systems for nuclear and conventional warfare.

They’ve also been contracted to eradicate cannabis in Mexico using toxic herbicides, a strategy that ended up contaminating large swaths of food crops. More recently, MITRE has worked on surveillance tech for the FBI, collecting fingerprints from people’s social media photos where their palms and fingers are visible, and helped the agency establish the world’s largest biometric database.

MITRE also worked on the FBI’s Modernized Intelligence Database (MIDB) project, which according to the former FBI assistant director William Bayse allowed police to identify the political causes, associates and employers of activists, along with their biometric data, spending and tax information. As if that’s not hair raising enough, Blumenthal and Loffredo note:¹⁴

“Through hundreds of FOIA requests and interviews with current and former MITRE officials, Forbes learned that MITRE has designed ‘a prototype tool that can hack into smartwatches, fitness trackers and home thermometers for the purposes of homeland security… and a study to determine whether someone’s body odor can show they’re lying.’

MITRE is also home to the ATT&CK Program, an cybersecurity module which the corporation describes as ‘a globally-accessible knowledge base of adversary tactics and [intelligence] techniques based on real-world observations.’

Adam Pennington, the lead architect for MITRE’s ATT&CK, ‘has spent over a decade with MITRE studying and preaching the use of deception for intelligence gathering.’ ACLU staff attorney Nate Wessler has called MITRE’s surveillance projects ‘extraordinarily chilling,’ and warned that they ‘raise serious privacy concerns.’”

These are the same people who are now playing a key role in the U.S. vaccine passport program. Blumenthal and Loffredo go into further depth in their article,¹⁵ but I think you get the gist.

The vaccine passports clearly have nothing to do with keeping people healthy and safe from infection, and everything to do with turning our most personal data into a profit center that simultaneously allows them to exercise unprecedented control over everyone’s life.

Make no mistake, sooner or later — and time is rapidly running out — everyone will have to make a choice: freedom or slavery. There’s no middle ground anymore.

And if we say no to slavery, we must be ready to not capitulate, because we can already see that mass protests are doing little to dissuade the World Economic Forum and its partners from pushing for a global digital vaccine ID, along with a centralized digital currency. Together, those two things will give them complete control over our lives. Our children and grandchildren will never experience what it’s like to be free if we let that happen.

Click this link for the original source of this article.
Author: Dr. Mercola

Diabolical Digital ID Photo credit: Internet Archive Book Images on VisualHunt.com

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Ice Banc to Make Earth Great Again

To be our brothers brother, not our brothers keeper, we must design a better business model

The bread of life is brotherly love. We need an online system to empower people to help their fellow man. A simple online collaboration platform that shares the global wealth, by connecting rich and poor to form a pair. Each pay a monthly Ice Banc fee to maintain the account, we then grow value on the Blockchain.

The Ice Banc idea is to harness the innovation of Self-Sovereign Identity (SSI) on Blockchain, by match-making poor to rich and increase the value of the pair. To build an ID blockchain and Trust Anchor into a Digital Bank for the disadvantaged.

Enhancing the value of each identity pair by Blockchain Node Staking and Mining

Success is lifting one person from poverty, to collateralize the value of every Digital ID on our Blockchain. Building one pair at a time with quantum encryption, creating a shared common purpose and mission.

Objective: Design a business model that uses smart math to collaborate and grow profits collectively. A simple plan to grow two by two, similar to a managed buy sell trade, of a private placement platform. Borrowing the idea from fractional reserve banking, similar to how money is created today.

Collective Digital ID Bank

The mission is to make earth great again, to create an Ice Banc for Self-Sovereign ID. The idea is that each new client is staked a bar of gold, to remain in the program until their account reaches maturity. New members from third world are given new mobile phone, digital wallet for SSI and to receive universal basic income, to pay account maintenance fee and phone service.

Ice Banc is a vault to store the gold bars, until each client finishes their agreement. The collective leverages the value from the store of frozen assets, while we pay the clients to remain with their gold on ice.

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Self-Sovereign Identity Crisis

The Self-Sovereign Identity Crisis is a cause of Surveillance Capitalism, as the corporate oligarchs of the tech sector rush in. The term “self-sovereign” was used to sell the concept to the United Nations and Global Governments but abandoned when selling the product to the people who need it.

Digital ID is the preferred term, as it has mush less meaning to the new owner. People consent to giving their bio-metrics because they are not properly informed. Self-Sovereign has so much more meaning and value than what is being sold, as the Surveillance Capitalism Complex races to capture as much data (human tagging) as possible they neglect to obtain informed consent.

The database, called Aadhaar in India for example, contains the digital identifications of more than 1 billion residents, making it the largest biometric digital ID system ever constructed. If the residents were informed of the value and importance of Self-Sovereign Identity, they would’ve never consented to be tagged with a digital identification.

Sovereign is a word with too much meaning, surveillance capitalists are intent on ignoring that word.

The name of the game is to collect as much human tagging data as possible, as fast as possible and informed consent would take too long. Also, product knowledge requires an education process and that’s too costly and slow.

People are losing giving away their sovereignty by signing a contract without informed consent. Global Tech companies are intentionally deceptive in marketing. The name of “Digital ID” glosses over the purpose of someone giving away your biometric signature. This invasion of privacy is piracy and criminal.

All men are created equal, all deserve to be treated as equal. Self-Sovereignty has been legally granted to all inhabitants of earth.

Through deceptive marketing practices the first-movers in the Digital ID market have done-away with the sovereignty. As a result a burgeoning new industry is experiencing a Self-Sovereign Identity Crisis.

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Self-Sovereign ID for KYC and AML

Self-Sovereign ID is essential to know your customer (KYC). In financial services the compliance process is collecting and verifying client identification. Anti-money laundering (AML) application requires correct identification documents. All applications for any financial service require correct, verified identification.

Banks and Insurance companies spend enormous sums on compliance. Self-Sovereign ID will completely solve the waste of time, money and resources by replacing that entire process with one standardized digital solution.

Know your customer (KYC) CIS Template (example)

Know your client guidelines

The know your customer or know your client (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank’s anti-money laundering (AML) policy.

KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be.

Banks, insurers, export creditors, and other financial institutions are increasingly demanding that customers provide detailed due diligence information.

Initially, these regulations were imposed only on the financial institutions but now the non-financial industry, fintech, virtual assets dealers, and even non-profit organizations are liable to oblige.

The objective of KYC guidelines is to prevent businesses from being used by criminal elements for money laundering. Related procedures also enable businesses to better understand their customers and their financial dealings. This helps them manage their risks in a well-judged manner. Today, KYC principles apply to banks as well as different online businesses. They usually frame their KYC policies incorporating the following four key elements;

• Customer acceptance policy;
• Customer identification procedures;
• Monitoring of transactions; and
• Risk management.

The stringent regulatory environment establishes KYC as a mandatory and crucial procedure for financial institutions as well as non-financial institutions. As it minimizes the risk of fraud, by identifying suspicious elements earlier on in the client-business relationship.

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Self-Sovereign ID and Your DNA Data

Self-Sovereign ID can solve the DNA Data Storage dilemma. The same digital wallet used to contain your Digital ID is perfectly suited for the storage of DNA Data. The best place to keep all your personal records is in a cloud on a secure blockchain. Any time you need your private information, it can be accessed by the Internet with your biometric signature.

DNA harvesting for genomic surveillance is a serious invasion. Know the value of your privacy. Protect your DNA Data by using Self-Sovereign ID

Why is genetic privacy important?

There are many good reasons to be cautious about the harvesting of your genetic information. Your DNA is a unique marker of your identity, and it reveals many things about you, your health and your family. There are many companies who are vying to capture your DNA from the moment you are born. Some states are even assembling huge banks of DNA or blood from newborns, often without parents’ permission.

Big pharma wants your DNA, and it was 23andMe revealed a $300 million USD deal with pharmaceutical giant GlaxoSmithKline that gives them access to aggregate customer data. Calico Life Sciences, a medtech company owned by Google’s parent company, Alphabet, is the also primary research partner of Ancestry.com. These companies actively profit from data-sharing agreements with research institutes and the pharmaceutical industry.

Chinese firms are collecting genetic data from around the world, part of an effort by the Chinese government and companies to develop the world’s largest bio-database, American intelligence officials reported on Friday. China believes dominating these areas will give it an economic edge, and American companies are also investing heavily.

But officials are now also stressing the intersection of technology and genetic and biological research as an area of competition and espionage. Edward You, who is the national counterintelligence officer for emerging and disruptive technologies, said the Chinese government was collecting medical, health and genetic data around the world. The country that builds the best database of information will have an edge on developing cures for future pandemics, and China already has an advantage, he said.

Who Owns Your DNA?

Science magazine drew a very pointed analogy between genetic data banks and money banks in an article published earlier this year. As a bank account holder, you get a receipt when you deposit money. Later, you can access your account, and even terminate your relationship with the bank if you choose. “When we make a deposit to a data bank or biorepository, in contrast, putting our data or specimen into the hands of researchers or clinicians, we lose track of it,” the authors write, further noting how “a deposit to a research or clinical repository is a one-way transaction in which we give up most of our agency and control.”

Some protections regarding genetic privacy do exist. The Genetic Information and Non-Discrimination Act (GINA), which became law in 2008. The act bars the use of genetic information in health insurance and employment

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