Digital Identity Fintech Solutions Could Save the U.S. Billions of Dollars

Digital identity may be the defining factor driving fintech adoption in 2024. It is also central to efforts aimed at reducing fraud and improving national security.

Arguably, these efforts are long overdue. The earliest known recorded name of a person occurred during the early bronze age (4000 to 3100 BC). Using the most modern technique of the day – clay tablets – an ancient Sumerian by the name of Kushim recorded transactions related to the exchange of barley. We can debate which came first – the act of a transaction between counterparties or the understanding between the counterparties that they needed to record that transaction. Regardless of this chicken or egg question, some 3,000 years later a 2023 University of Maryland study found that almost one out of every 10 Americans lack a government issued photo identification card.