But that’s just us finance nerds, and this is becoming increasingly open-sourced. We are used to needing deep payments infrastructure knowledge or bank-licensing knowledge to build financial products. The next set of Fintech and DeFi founders is coming from a place you don’t expect or understand. If you work in traditional Finance, this is probably way too much weird stuff. Mass-customized personal meaning is emerging in the decentralized world. They can then be mixed, remixed, and shaped to create personal financial stories that holders of these objects experience through interaction with the ecosystem. What is happening with Crypto right now is that the atomic parts of myth are being tokenized. This is the difference between a well-designed wooden bench, and a flowing garden. Instead, the digital objects are born outside any particular designed experience, and then generate experiences around them by evolutionary extension. We thought that virtual items would leave existing video games and become digitally persistent - an expansion out of Fortnite or League of Legends. Yet here, the problem pattern speaks itself out loud, summoning a community of financial and product managers that cohere multiple solutions that compete with each other in some amorphous capitalist marketplace of concepts and money. Normally, a team would have an idea, test it against the market, build it out, and deploy specific answers to some problem pattern they see in the world. In fact, an endless amount of permutation can come from the same ground truth.
Because the starting NFT primitive - just words on a page - is so basic, the things we can spin from it are legion. And the mythology began to attract creation, which in turn is gobbling up attention and outputting financial value.
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Compare scanning your face or thumb into an iPhone to implementing the DocuSign PDF signature flow.Ī mythology emerged. And if it is easy to use, then it will end up being used *a lot*. If this identity feature is adopted - and we hope it is - then it can underpin bank account opening, digital legal document signature, KYC/AML, underwriting for lending and other risks, investments and trading, and so on. And we can clearly see the connection between proving your identity for airport security, and proving your identity for the consumption of financial products. Still, if the information is centrally stored and served, even if encrypted, it presents a vulnerability. Apple is also well regarded for its privacy-first stance and strong device encryption, though not without critics.
There is pretty cool technology involved, matching the scanned picture with the phone’s facial recognition capability. The TSA (i.e., Transportation Security Agency) plans to accept these digital replicas for airport security. The company is adding Arizona and Georgia IDs into the application, and thereafter Connecticut, Iowa, Kentucky, Maryland, Oklahoma, and Utah. The wallet is already a powerful payments application for Apple, and is also a default location for transportation tickets and credit cards. Apple has launched the capability to incorporate state IDs and driver’s licenses into its mobile wallet.
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