Speaking at the Global Digital Assets and Cryptocurrency Association’s online event on Friday – a Chicago-based group focusing on regulatory clarity and industry security – US actor Bill Foster stressed the importance of a “secure digital identity.”
“You can get the most reliable cryptocurrency security using blockchain or similar, and no one will help you if scammers with anonymous names are involved,” Foster said during his brief speech at the event. He cited trade as an example and pointed out that some of the less honest in the industry can engage in illegal commercial activities by using fictitious names.
Foster, a Harvard graduate and blockchain programmer, knows the potential of this technology. Foster is also co-chair of the Blockchain Caucus for Congress, a government group working on blockchain regulation. Foster began his journey to college a few years ago – when he was 15 – according to the rhetoric, later he became a physicist and then a politician.
Foster mentioned the importance of anonymity for a third party, which mainly includes an anonymous identity for the public, and warned that the relevant details underlying that identity may be disclosed if necessary when presented in court.
“I think this is a basic requirement for digital contracts or almost any utility case that has been talked about for this purpose,” he said. The transition begins with people offering a traceable way to identify themselves in a unique and secure way, Foster said, adding that blockchain and technology rooms already contain the elements needed to bring such a system together.
“ The downside and the main role of the government is that one day in your life, when you go for your real ID or passport or whatever, you have to be approved as a unique person who can be traced legally, and then you have to exclude biometric data for to ensure that you do not have another passport in another country with a different identification. ”
Such a system requires international cooperation. “This requires a group of countries to come together to create a reliable identification system, and that’s where we need to go,” Foster said. This structure then leads to other possible future uses.
In parallel with Foster’s thought process, two blockchain actors, American actors David Schwickert and Darren Soto, recently proposed legislation to make blockchain-based digital signatures legally binding.
This digital identity system also has drawbacks, such as increased government control over citizens and increased privacy attacks – an aspect that the crypto industry often shows is so important.
Foster’s comments came during the launch event of the World Association for Digital Assets and Cryptocurrency, a multi-year event that was the result of a first meeting in March 2019.