Re: Internet Centralization: What Can Standards Do?

FWIW, the following is an extract of a standards proposal which I will present next week in Luxembourg:
https://webpki.org/extract-pa-deloitte--keynote-2023-02-28.pdf#page=2
This particular system relies on decentralized Trust Services (TS).

It is intended as an alternative to building a European counterpart to VISA or PayPal.

Anders

On 2023-02-20 17:53, Manu Sporny wrote:
> On Mon, Feb 20, 2023 at 1:37 AM Anders Rundgren wrote:
>> So how could this standard pass you may [rightfully] wonder?
> 
> No comment. :P
> 
>> Well, the
>> SPC API does not handle card data itself; it is supposed to have been
>> dealt with in a preceding non-standardized step.
> 
> There are benefits to big players when they do and manage the onboarding. :)
> 
>> For payments though, the core problem is that it
>> could radically affect business models and that's a BIG NO-NO.
> 
> Yes, can you imagine what it would be like if /any/ digital wallet
> could onboard payment instruments from banks and move to a fully
> tokenized, more decentralized model? I mean, a payment instrument is
> effectively a Verifiable Credential (decentralized bank account
> information) with a Verifiable Presentation digital signature taking
> the place of CHIP+PIN... and routing being done over the Internet with
> near immediate clearing.
> 
> ... but the number of players in the ecosystem this could disrupt is
> so large that the payments industry will fight it, tooth and claw.
> 
>> There is a risk that this may turn out to be pretty universal.
> 
> Yes, as we see with the current scuffle over "national identity
> cards", ISO mDL, and Verifiable Credentials.
> 
> I expect one key difference here is that governments (largely) issue
> foundational identity documents, not banks, and so there is much more
> of a public institution having a moral authority to effectuate the
> will of the people than with payments. It's an interesting
> perspective, Anders... I think your concern is valid.
> 
> -- manu
>

Received on Sunday, 26 February 2023 07:10:10 UTC