The main significance of the introduction of digital iD is the removal of the entry barrier for cryptocurrency transactions. Previously, the difficulty of authenticating has been a major obstacle to cryptocurrency exchanges.
Now, users only need to register in Australia Post’s digital ID system, and then they can share authentication from digital iD systems with any integrated platform without having to share documents and personal details with different platforms multiple times. There are also consumer safety risks in and of themselves.
According to local industry publication Micky, Digital Surge director Josh Lehman emphasized the practicality of digital iD on the platform and pointed out:
“Digital iD will allow us to complete the authentication of future Bitcoin buyers in a matter of minutes, rather than a few days as needed. For the first time in history, an Australian can log in to a computer and enter a driver’s license or passport. For details, start buying Bitcoin in a few minutes. We want to create a safe, simple and fast-to-use exchange, and digital iD allows us to do this.”
Each time a user links a digital iD to a new platform, the user can also determine the amount of identity information they want to share, thereby reducing the security threats they face.
The early adopter of the technology was Digital Surge, a Brisbane-based cryptocurrency platform that allows users to pay cryptocurrency bills and buy and sell cryptocurrencies.
Cameron Gough, general manager of digital iD, said that in addition to validating the cryptographic currency exchange KYC program, he also thought about the potential of digital iD and the problems that can be solved:
“Digital iD gives people more control over the personal data they want to share. For example, most people who provide a driver’s license are hoping to prove that they have reached the legal age to go to the bar, but in fact they only need to provide their name and date of birth. Enough, I don’t want to tell you my full address in addition to this information.”
In addition to Digital Surge, Digital iD is currently working with two other cryptocurrency platforms such as Coinjar and Coin Loft.
The long-term impact of its streamlined identity management process remains to be seen, but some experts believe that this may drive a large number of new Australian investors to invest in cryptocurrencies because the system can reduce individual KYC procedures on cryptocurrency exchanges. The pressures and risks faced in the process.
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