Importance of Instant ID Verification & Sovereign IDs in the Social Media & Dating Industry
Summary
- The number of internet user has grown to 3.9 billion in 2018.
- The social media and online dating industry have completely enhanced user experience and behaviour.
- Facebook has become one of the biggest giants in the space of communication and networking.
- Due to a low bar for entry and unavailability of instant id verification, to Social media and the dating industry has become a sore eye for customers and regulators.
- Instant ID verification with MFA and sovereign social IDs can ensure customer security and data privacy while being regulation compliant.
Isn’t it fascinating and unimaginable how far we have come from the early days of communications? It was inconceivable how much will the behaviour and interaction between the peoples, societies, communities and even business evolve and has spun its own web of complexities and fun! Not just for talking to your friends, but social media has been changed evolved and entered into different industries and domains across verticals. From 2005 to 2018, the number of internet users across the globe has increased to 3.9 billion. [1] This has made online connections and networking very much flexible and easier for the general public.
The Journey!
“It’s unthinkable how far we have come and evolved as an individual and a society. ”
We have come far from the days of Morse Code to relay information to ‘Six Degrees’ the first recognised social media website developed by Andrew Weinreich in 1997. [2] Our journey has been nothing but an extraordinaire mark of digital evolution that has completely changed the working of a society. The early 2000s saw the rise of many prominent social media channels and change our definitions of effective communications. It has not only changed our perfection of digital identity but how we are building connections with other people on the internet.
To name a few yesteryears prominent social media platforms including but not limited to Napster, MySpace, Orkut, Google+and many more have come and gone. However, Social media platforms like Facebook, Twitter and LinkedIn that have understood the need and importance of meaningful, more personal one-on-one connections in the societies & communities are have experienced tremendous growth. One thing common about these platforms is that they have successfully conveyed that quantifying human attention and interests within a database is not difficult. The challenge for these platforms always has been to understand the longing of every person for individuality, human emotion and quantify these nuances in their data sets is much more difficult.
It’s undeniable that social media platform has erupted into something of its own from a social medium of communication to icon of digital identity. With an average of 2.41 billion monthly active user base in 2019, Facebook has become mammoth in this social media industry. [3] It’s evident with increasing access to the internet and smart mobile devices have become cheaper and better, people have business and usage on these platforms have increased significantly. While Facebook is one of the key players in this business, other social media have defined the rules of social engagement by adding a special flavour of customisation like Instagram, Youtube, and Tinder with images, video and online dating media respectively.
Online Dating Industry
The world has changed very much in terms of their relationship goals, expectation and behaviour in this ball game called dating industry. From meeting someone in real life to hearting someone online, a generation shift has happened with Millenial and Gen X. Young people between 16 to 35 years age group are more comfortable than ever interacting with a person online. Same-sex couples have felt more empowered to use these platforms and have been more successful in openly exploring and finding that special one. The stigma around online dating is decreasing as more and more individuals are finding their better half for the long term relationship.
“Catching the Catfish”
Everything is not a fairy tale in the online dating world. Something has changed or this must have been the price we have to pay for unleashing a pandora’s box. People are getting subjected to cyberbullying and catfishing; these platform has enabled bad actor and anti-social elements to openly target, harass and harm behind the curtain of the dark web.
Business Element
“Where ever people are, businesses want to target them to sell their services!”
The social media platforms have changed their business models from the networking domain to advertising to attract business. With all the users' digital identity data available right at their fingertip, they have opened a pandora’s box and marketers are using these data to target their audience. Business and marketers have been quick to adopt these platforms. They have successfully been able to create an individual brand identity and improve their online visibility by targetting users on their platforms to sell their services and products. It’s has become very much easy for e-commerce to sell services through effective customer engagement and to provide overall wholesome customer experience. However, it is becoming very difficult to differentiate between an individual and a business identity. Brands are swapping accounts with highly connected individuals to convey their message and sell services. Too much noise has highjacked the platforms and people are feeling their voice and views are being suppressed. A major social media platform has been fined $5 billion for violating data privacy laws and regulation. [7] This tells us about the states of the level of security across this industry. People and regulators are angry and trust in these businesses and social media industry have dropped in terms of privacy, safety, and security. They are looking for an alternative that provides them with sovereign digital identity, data privacy and security while being compliant to regulations and laws.
The Solutions
“Instant ID verification, Sovereign Digital identity management, and Compliance regulation management is the necessity of our times”
The social media and dating industry has to put their best game forward to survive this new age. They have to critically change their crumbling security system & primitive technologies; move over to advanced system and solutions. Let’s check for these solutions and their features —
Instant ID Verification
Instant ID verification is necessary to every individual on the social media and dating platform. With an Artificial Intelligence-powered deep web search, CogniDNA, every personally identifiable information is analysed and searched on every public and private; KYC, CFT and AML databases for a confirmed match of an individual’s and company’s real world identity. With autogenerated IAL and AAL perform risk with a business transaction with every individual and be stress-free with a complete digital profile of the individual and businesses.
Multi-Factor Authentication
Multifactor Authentication coupled with Instant ID verification system ensures individuals on your platform can be verified from a wide range of flexible methods like 2FA, OTP, Biometric, Video Identification, soft code and hard code cryptographic keys. Customer with their authentication keys can access their account while keeping every bad actor and anti-social elements miles away from your customer thereby making your platform highly secure.
Sovereign Social Identities
With a Blockchain-based digital identity manager, CogniKYC, the social communication and networking industry ensures that their businesses are being compliant to all the KYC, AML/CFT and every regulations and compliance laws; while empowering their customer with a unique sovereign social identity. With all the dumps of data available to them, customer and regulators have fear of data theft and security concerns that have made social media a target with the recent case of data leaks and security breaches. Blockchain is the best technology to bring everyone closer and securing the future with sovereign social identities. With CogniKYC businesses reduce their customer onboarding time, provides their customer sovereign identities providing them with the power to shape their digital identities while ensuring enhanced due diligence for KYC/ AML regulation compliance.
From customer, investors, regulators to business, everyone wants to social media and communication industry bring their A-game forward with better and effective methods of communications and build valuable relationships. However, without a major change within their technological infrastructure, it has anchored these businesses to these obsolete systems and solutions. Only one thing that is common within a failed business and successful business is ‘Change’, business who have changed and adapted to better technologies deeply rooted in their business ecosystem have always survived from these winds of changes. CognisSys has been working tirelessly and developing these solutions to ensure that your business is always one step ahead with the changing tides while keeping your customer, investors, employees and regulators very happy and completely secure.
