Digital Identity Verification Crucial for Safe Online Transactions in Bangladesh
Introduction
In today’s digital age, online transactions have become an integral part of our daily lives. However, ensuring the safety and security of these transactions is a major concern in Bangladesh, where most online services use password-based single sign-in or multi-factor authentication schemes.
The Growing Need for Advanced Digital Identification Solutions
According to a recent report by MarketsandMarkets, the global market for identity verification is expected to grow from USD 8.6 billion in 2021 to USD 18.6 billion by 2026. The Asia Pacific region, where Bangladesh is located, will experience significant growth in this sector.
Government Initiatives and Efforts
In Bangladesh, digital identification has been on the agenda of the government’s Digital Bangladesh initiative. Several initiatives have been launched since December 2015, including a digital identity programme with ID2020 Alliance in December 2019 and an RFP for healthcare digital ID issued by the government in April 2021.
Key Initiatives:
- Digital Identity Programme with ID2020 Alliance (December 2019)
- Request for Proposal (RFP) for Healthcare Digital ID (April 2021)
Challenges to Be Addressed
Experts agree that digital identity can be a game-changer in Bangladesh, helping to ensure basic services for marginalized communities. However, there are also challenges to be addressed, including creating a coherent framework and regulations for sustainable implementation of digital ID solutions across various domains.
Key Challenges:
- Creating a Coherent Framework
- Regulations for Sustainable Implementation
- Building Trust and Confidence among People
Emerging Technologies in Digital Identification
The use of biometrics, blockchain, and other emerging technologies is expected to play a significant role in digital identification in Bangladesh. For instance, the United Nations World Food Programme has been using blockchain and biometrics to help Syrian refugees purchase groceries in Jordan’s Azraq refugee camp.
Emerging Technologies:
- Biometrics
- Blockchain
Conclusion
Digital identity verification is crucial for safe online transactions in Bangladesh. With the government’s initiatives and the use of advanced technologies, there is a great potential for digital identification to bring about positive change in the country. Experts say that mass-level adoption of digital identity will be faster among tech-enthusiast younger generations, but building trust and confidence among people is also very important.
The Way Forward
By utilizing advanced technologies like biometrics and blockchain, Bangladesh can ensure safe online transactions while protecting citizens’ rights and data security. The government must create a comprehensive framework for digital ID implementation, promoting innovation and diversity in technical solutions.
Key Recommendations:
- Create a Comprehensive Framework
- Promote Innovation and Diversity in Technical Solutions
Achieving the UN SDGs
The UN Sustainable Development Goals aim to provide legal identity for every person in the world by 2030, and digital identity will be a major catalyst to achieve that goal. Therefore, it is high time for Bangladesh to properly utilize the potential of digital identification.
Key Goal:
- Provide Legal Identity for Every Person in the World by 2030
In Conclusion
Digital identity verification will play a pivotal role in achieving the UN SDGs in Bangladesh, providing a prosperous digital future for its people.