Dock’s Post

Why is entity resolution/customer data matching a billion-dollar problem? Identity verification (IDV) providers often operate in fragmented, siloed ways with no standardized approach to collecting and verifying customer identity information. Each IDV provider relies on different data sources, data matching logic, and entity resolution techniques, leading to varying — and sometimes conflicting — views of the identities they are trying to resolve. This inconsistency creates significant challenges for businesses, who must piece together different responses from multiple IDV providers and attempt to make sense of the conflicting data. In addition, every time someone goes through onboarding with a different business, they face a completely different experience. They are forced to provide the same information again and endure the same friction. Onboarding friction represents $5 billion of missed business opportunities yearly. It's $5 billion in revenue businesses could be making if this problem didn't exist. Our decentralized ID technology addresses this via verifiable credentials. By enabling IDV providers and IAM systems to issue verifiable credentials, our solution helps them verify the same person across multiple businesses and/or siloed systems. These credentials confirm that a customer has already been verified, allowing businesses to only ask for missing information. Verifiable Credentials create a consistent view of the customer's identity, reducing onboarding friction and streamlining the verification process. No need for repetitive data entry, document submissions and conflicting identity information.