The proposed service called “MY Identity System” including a Digital Wallet “MY ID App”, is based on world class technology and the SSI (self-sovereign identity) principles that is the future-proof digital ID infrastructure delivering both efficiency and security, sovereignty, and privacy altogether. The SSI technology will ensure the sustainability of the infrastructure and create the necessary trust and efficiency allowing every citizen to prove their identity and their credentials or attributes everywhere with a secure Digital Wallet. Protectoria will offer to adapt the technology and the ID services to the client’s needs and design the digital ecosystem with the client in interactive pre-operation phase, before operating the ID infrastructure on long term contracts.

The digital ID platform is truly decentralised and will always be interoperable and aligned with the running standards as published by the Worldwide Web 3 Consortium involving Decentralised Identifiers (DID), Verifiable Credentials (VC) and with the European Blockchain Service Infrastructure and EU laws such as eIDAS2.

Protectoria proposes a portable digital ID infrastructure service delivered on mobile devices that gives the citizen the possibility to prove his identity and his attributes everywhere (“ID in his pocket”.) The core functionalities are identification as well with authentication and signing services and adapted to specific use cases, defined as National ID, Citizen ID, Health ID, Corporate ID, Industrial ID and Association ID.  

Because the decentralised architecture ensures citizens control of their own data, and because our ID is user-friendly, totally secure and portable, we expect massive acceptance by the users. The combination of this and interoperability creates efficiency, save costs, helps user control and accelerate growth, competition and accountability, leading to rapid digital transformation.

Protectoria will offer the following conceptualised decentralised IDs that will be adapted to clients’ preferences, and they would all be interoperable.

The National ID would be offered as a generic sector independent ID service, involving all parts of the economy and would demand governmental decisions to implement laws and framework conditions adapted to the local environment, but with similar features to the EU legislation. This ID would be the fundament of a digital economy for secured transactions and will have numerous applications, extending from identification, authentication allowing payments, legal transactions, voting, tax interactions and provisioning of attributes and benefits. The level of assurance will be defined as high. 

The Citizen ID will handle all digital interaction between a City and its citizens and firms allowing secure transactions, access to information and provisioning of benefits and public services, certificate and tax related interactions. The Citizen ID will be interoperable with the National ID.

The Health ID will provide an integrated digital Health ecosystem for access to health services, sharing of patient data and provisioning of health certificates and prescriptions including payment services. The Health ID will ensure that patient data are protected and create a trusted infrastructure to allow full digitalisation of health services.

The Corporate ID is designed to allow firms to handle with trust and efficiency communication, rights, benefits and legal interactions with customers, employees, suppliers and partners and be immediately compliant with privacy protection laws. This  ID would be independent of and enhance the value of IT assets by allowing a more secure and portable use.  

The Industrial ID is designed to adapt to industry specific needs creating digital ecosystems around the core identity service that are efficient, whether in logistics, finance, service or legal industry. These ID services will also involve providing IDs to objects, in artificial intelligence and to production assets for industrial and commercial purposes.

The Association ID is designed to allow a civil society institution to handle membership, benefits of membership, voting and secure communication in a secure, trusted and efficient process.

With these innovative ID services combined with our world class technology ID infrastructure based on flexible and open-source components that allows to incorporate best technologies available, we will be able to adapt and offer to multiple clients needs. Protectoria will be able to use the client’s core data registers, extract them into the decentralised ID infrastructure, and to integrate with and expand the use of the existing IT assets. Client contract will involve further investments in business application to adapt the generic platform to clients’ needs and assurance level.

Benefits for society and for firms

Protectoria believes – together with several institutions like the World Bank, the Asian Development Bank, the World Economic Forum that the benefits for society, citizens and firms would be significant. The expanded use of such digital ID infrastructure will reduce cybercrime, facilitate digital transformation, and by creating trust, deliver interoperability, efficiency, and financial inclusion. The secure and trusted feature combined with ease of use and portability will ensure its adoption and the release of significant cost benefits to society.

Protectoria believes PV IDaaS is the digital identity architecture for the next decades fully interoperable with the SSI principles and expects strong market growth near term and long term. With the early mover advantage of a ready to be deployed operable decentralised ID platform, a differentiated business model and a strong team with a clear strategy, we ambition to demonstrate sales, ability to execute and take a leading position in the coming digital ID revolution away from centralised digital ID registers.

The initiation of sales will be offered through close interaction with clients, and supply partners to assess need and build business applications to deliver on the clients’ needs, following further investments. Our focus will be primarily in the ASEAN and execute on sales together with reselling partners and suppliers. Protectoria ambitions to take a leading role in the digital identity revolution and focus currently on sales in the ASEAN region.

More information:

Erik Storelv, CEO (PGI), COO and CFO; erik.storelv@protectoria
Cell phone: +47 465 52 22 00

Trond Lemberg, CEO; trond.lemberg@protectoria
Cell phone: + 47 414 87 310

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A case study by Protectoria tells that by improving the HIGH to VERY HIGH cyber risk exposure to LOW and MODERATE cyber exposure of the overall public debt credit rating can be directly converted to lower interest payments and therefore improve public budgets. 

The study suggests that some government projects just 6 months after full enrollment towards a safe digital transformation infrastructure can be self-financed, and thereafter highly profitable by significantly improving the public debt interest rate by lowering the cyber risk exposure.

Improvements above this level might be pure profits on public budgets which is a necessity in times where increasing global debt interest rates are stressing all governments, especially those in low income and emerging markets.

Ref: https://www.bitsight.com/blog/moodys-22-trillion-debt-has-significant-cyber-risk-exposure

The credit rating bureau Moody’s published in 2022 a research report telling that 28% of their 80 trillion USD credit rating portfolio, equal to 22 trillion USD of debt has a HIGH to VERY HIGH cyber risk exposure.

Because Moody’s represents 1/3 of the total rating of approx. 249 trillion of debt (including S&P and Finch ratings), the actual worldwide cyber exposure of debt is closer to 70 trillion USD or 67% of the global GDP of 105 trillion USD, according to World bank.

Compared with the global GDP of 105 trillion USD, we conclude that the 70-to-105 weight of cyber risk exposure becomes a more and more significant impact factor on credit ratings. 

Consequently, lending costs increase the more the emerging (and systemic) cyber risks increase, risk controls become exhausted and cyber insurance becomes obsolete for most of the customers worldwide, but especially in low income and emerging markets. The real cost of cybercrime worldwide will reach 8.15 trillion USD in 2023, which underpins the emergency situation.

There are nowhere to hide anymore, but to fix the problem by building a strong security foundation of the digital transformation, that so far in the business world has suffered from having real economic incentives aligned with security quality, sufficiently mitigating the systemic risks of cybercrime.

But if cyber risks are managed well, as suggested through the Protectoria innovative ID-as-a-Service and risk management model, see below, better credit rating reduces lending costs and will pave the way for a direct correlation between investments in high security quality and profitability. 

Protectoria suggest that governments, especially those in low income and emerging markets, will have an all-time high opportunity to improve public finances and profitability reducing their cyber exposure as part of their credit rating.

A case study tells that by improving the HIGH to VERY HIGH cyber risk exposure to LOW and MODERATE cyber exposure of the overall debt credit rating can be converted to lower interest payments.

The math is simple. By investing in the right decentralized cyber resilience services, starting with implementing the digital identity layer of public and private sector services, a safe and less risky transition to the digital economy comes with a surprisingly large benefit:

Some government projects will just 6 months after full enrollment be self-financed with as little as 9 basis points, and thereafter become highly profitable by significantly improving the public debt interest rate through improved credit rating through better cyber resiliense and lesser exposure to cybercrime.

In addition comes all the other financial and structural benefits of secure digital transformation.

For more information, on what, how and why this is possible, please download our Protectoria Venture Business Whitepaper version 1-1 here:

https://protectoria.com/2023/09/05/protectoria-whitepaper-protectoria-is-proposing-a-digital-identity-revolution-alined-with-the-visions-of-web3-0/

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To Protectoria Venture´s business partners, to politicians, to private and public entities, and to those that worry about the mounting risks of cybercrime and the lack of privacy protection in the current state of the internet, we propose this whitepaper.

We discuss here what went systematically wrong under the Web2.0 centralized security and risk management models that do not have an identity layer. 

Author, founder, 
and CEO Trond Lemberg

Download the whitepaper here and share with us comments and ideas on 
info@protectoria.com

For more information, 
please visit: www.protectoria.com

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