The industry trends are descriptive enough to predict how big data, artificial intelligence, and biometric technologies are going to rule the world like never before. The technologies are well prepared to power the digitally identified businesses in the times ahead. Not only operating over data collected from government-issued IDs but big data, AI and Biometrics as a whole has a lot to serve businesses for frictionless experience and build trust.
In a sharing economy, trust plays a very important role and these technologies help companies to retain that. But on the other hand, in the wake of recent security breaches, it will be hard for the companies and consumers to maintain a trustful balance.
Let’s see how emerging technologies like biometrics, AI/ML offer accuracy and authenticity to the digital platform.
The technology tends to fuel smart and accurate digital identification and verification process. The global market of biometrics is likely to increase up to $50 billion by 2024, says Global Markets Insight report. Biometrics blend the perfect combo of security and comfort offering a wide range of techniques in varied domains for better security.
Recently, tech-giant Apple launched Face ID which is a biometric facial recognition technology. As every individual has different physical traits, facial-based biometrics make it easy and convenient to browse through those.
The recent shift in the biz-market clearly proves Mckinsey’s report right. A report by McKinsey predicts that the industry will flourish to $16-20 billion by the year 2022.
Augmented AI and ML
Moving one step above from biometrics, there exists augmented AI and machine learning technology that are employing digital identity verification process at a scale. The biometric is fed into AI-centric applications which makes it better at determining user based on gathered facial, iris, voice, and behavioral data.
The devices installed compares collected picture and government authorized photo ID. AI corroborates with biometrics to ensure if the person is the same in both pictures to avoid any discrepancy.
AI is being trained by experts to verify IDs and several other documents. Some companies are even honing their algorithms with the data collected from nearly 200 countries.
To match the massive data, algorithms are becoming smart and intelligent day by day to ensure digital safety.
With such a highly fast-paced evolving world, it has become quintessential to maintain a two-way trust bonding in a sharing economy. The organization must take care of data expose risk from both ends – users of the service and users providing the service.
Taking the example of Uber, we observed that there was an exposure of data from both end one using the ride service and other providing with it (driver). In a report published by CNN in April, the spotlight shifted to the incident briefing about 103 Uber drivers have been accused of sexually harassing and molesting the passenger in the last 4 years.
The sharing economy’s network is needed to be vetted thoroughly to avoid such exposes. As trust is the core of this economy, companies need to match with the standards of criminals to stay ahead of new trends and digital happenings. Biometric and AI are polishing the security nexus of sharing economy including companies and users considering it is the most desperate need of the hour.