myBID in Action (Use Cases)
Last updated
Last updated
Digital identities will become the next keystone of economic growth. A digital identity like myBID can penetrate societies and make a difference regardless of whether a nation is developing or developed. The myBID system is highly flexible, able to support and adapt in various ways—opening it up to different use cases.
Some of these potential use cases include:
🏥Streamline Patient Records
Medical errors injure approximately 1.3 million people a year in the United States alone. Linking and aggregating complete patient records is a huge technological, operational, financial and legal challenge. myBID offers a new way to minimise the friction of data-sharing between different healthcare providers while enabling patients to control their own accurate, verified records using myBID.
🏦KYC for Financial Institutions
80% of adults expect to spend less than 10 minutes setting up a new digital account. Anti-money laundering laws prevent financial institutions from taking that risk — despite inefficient results. Experts estimate that up to up to US$2 Trillion is laundered each year. Minimise security risks associated with the multi-step KYC process and unlock instant KYC approvals to better service customer needs.
🪪 Enhance The Use of Student ID
Academic credential fraud as a business is worth over US$500 million a year. Give students access to verified, updated education certificates safeguarded by powerful digital watermarks. Instead of carrying physical certificates around everywhere they go, students can showcase a holistic image of their academic journey — including relevant extracurricular activities in and outside of the lecture halls to improve chances of employment.
🛂 Work Permit for Foreigners
Obtaining work permits involves several hours of form filling, label writing, printing, and traveling, rendering the procedure extremely time-consuming, expensive and difficult. The UNCDF has highlighted that the lengthy bureaucratic processes involved in renewing annual work permits has caused suffering and loss of opportunity. Digital identity enables identity verification to be made digital and seamless, ensuring foreign workers can easily prove their digital work permits to legal officers without needing to travel long distances or produce any paper documents.
