As our lives become increasingly digital, we crave seamless online experiences—one-click purchases, personalised recommendations, and efficient interactions. But lurking beneath this convenience is a constant concern: digital trust. Is our personal information secure when we hand it over online? Are businesses transparent about how they use our data?
These questions were at the heart of a keynote by Giriraj Daga, Head of Solutions Architecture at Affinidi, at the recently concluded DevSparks 2024, YourStory’s flagship conference for India’s developers.
Daga highlighted the growing challenges businesses face in building trust with consumers while navigating the landscape of data privacy regulations.
“The vast amount of personal information we share online—from online purchases to social media interactions—has blurred the lines between our physical and digital worlds,” he remarked, “This raises concerns about how our data is managed and protected.”
Zero-party data: A new paradigm
Introducing the concept of zero-party data, Daga explained that directly asking customers for their information can improve data quality and trust. “Instead of trying to guess your age or your interests, businesses would go into your Google, Facebook or Pinterest and see what they think are your interests. Chances are it is very age-old and incorrect,” he said.
Furthermore, the current approach to data collection, often relying on methods like cookies and lead generation forms, is no longer sufficient, according to Daga. He advocated for a new approach where consumers have full control over their data, sharing it directly with businesses as needed “Consumers want transparency with data sharing,” he said. “They want to know why information is being requested and have control over what is shared, and with whom.” He also pointed out the limitations of current data-sharing protocols like OAuth, which do not offer consumers granular control over their data.
The keynote offered a glimpse into a future powered by decentralised identity solutions. This approach empowers users to act as the custodians of their own data, granting them the ability to share it selectively with businesses. “Decentralised identity can lead to a more secure and frictionless customer experience,” he explained.
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Winning consumer trust: Strategies for transparent data-sharing practices
The vision outlined a win-win scenario for both consumers and businesses. By placing control in the hands of users, businesses can build trust and foster stronger customer relationships. “Consumers are more likely to do business with companies they trust with their data,” Daga noted. Additionally, businesses would benefit from receiving accurate and up-to-date information directly from users, leading to improved data quality and, ultimately, enhanced customer experiences through better-tailored offerings and marketing strategies.
Affinidi’s suite of products has emerged as a key player in enabling this decentralised identity revolution. Daga introduced Affinity Elements, a development tool that facilitates the creation of verifiable data credentials. Additionally, the Login Gateway seamlessly integrates with existing login providers, offering a one-click sign-up/sign-in experience. Finally, the Vault empowers users by providing them with a consumer-facing app to manage their data and control consent.
Also issuing a call to action for developers. Daga encouraged them to embrace decentralised identity as a way to build trust and improve customer experience, emphasising the importance of open standards and collaboration in fostering a thriving data ecosystem.
While acknowledging the nascent stage of decentralised identity technology, he offered a message of optimism. “The building blocks are available for developers to start exploring,” he said. Affinidi stands committed to working alongside developers and consumers to build a more secure and user-centric digital future, paving the way for a world where trust reigns supreme in the online space.
