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New experiences in digital identity, with digital wallets and Self-Sovereign Identity (SSI) leading the way, are poised to revolutionize the system in terms of privacy and control of personal information. Legislation such as eIDAS2 in Europe will provide the framework for a revolution that theoretically places responsibility and power in the hands of the user.
Self-Sovereign Property as a catalyst for customer empowerment
If wallets are truly self-sovereign, they can serve as a gateway for citizens not only to manage their digital identities but also to influence the decisions and evolution of companies. It's the era of Self-Sovereign Property (SSP). Want to know more?
Imagine a world where your identity is stored in your mobile device, inaccessible to large corporations or governments without your permission. Picture every payment you make being recorded in your digital wallet, which you solely control and authorize. Envision each euro spent granting you the same rights as every euro invested by an investor in a company. Are you aware of the power that buyers and users (individuals) would have over companies?
The Birth of the "Investclient": a customer with investor rights
I'm going to call this figure a "investclients." A client who, by spending their money on purchasing products or services from a company, also becomes an investor in that company. Why? Because money is money. And if it's contributed by an investor, it turns them into a shareholder, making them an owner and granting them voting rights. So why not grant the same right to customers?
Digital identity enables this. And if it's sovereign, it respects users' privacy. Let's provide more examples.
Let's say I'm a customer of Samsung. I buy the latest model of mobile phone every year and a laptop. My purchase amounts to 2000 euros this year. Why not grant me the same rights as someone who buys shares for 2000 euros?
Furthermore, let's say I manage to ask another million customers who also spend money on Samsung if they agree that instead of employing people in its home country for a new business line, Samsung should do it in El Salvador, since the country's president is inviting new companies to help boost the economy. We all vote and decide that supporting El Salvador with Samsung's new production plant would be a good idea, benefiting from the promotional programs for new businesses operating in the Latin American country: tax exemptions, streamlined procedures, infrastructure support, etc. Fantastic, isn't it?
Now let's suppose that I really like L'Oreal and buy makeup every month... and so do other women around the world. And I find out that this company conducts tests on animals that could be avoided and replaced by tests on humans willing to perform them, in exchange for a fair amount, and report the results.
Do you agree with me that investclients should have the ability to invite other investclients to reflect on these kinds of issues that affect the ethics of the businesses we all finance?
For example, when we don't demand ethics in vaccine manufacturing, pharmaceutical companies resort to abhorrent techniques such as obtaining stem cells from organs of babies. They extract the hearts of aborted babies while they are still alive, without anesthesia, as Dr. Theresa Deisher, President of AVM Biotechnology, has denounced in various media outlets. These are true atrocities that could be perfectly avoided with Self-Sovereign Property.
Business ethics, transparency, and transformation
As an entrepreneur, I tell you that the investor is important, but the customer is even more so. Giving voice to the customer is a benefit that digital identity can provide us. Furthermore, being a proportional system that weighs the commitment of each individual, it promotes a system sustained on transparency, democracy, fairness, and responsibility.
Companies that understand the transformative power of the customer and implement mechanisms to listen to and address their demands will be better positioned to thrive in an increasingly demanding and conscious market. The active participation of customers not only benefits society as a whole but can also generate a positive impact on the reputation, loyalty, and success of companies. So those that move intelligently and explore the limits of digital identity wallets by empowering their investclients will be the protagonists of a new humanistic era, from which they will emerge strengthened.
Facilitating customer participation in these processes of social transformation would mean giving real meaning to self-sovereignty. In addition to connecting us, identifying us freely and securely, sharing information, and expressing our opinions quickly and effectively, if we start voting with our digital wallets on company decisions, we can all collectively change the course of society and put an end to dystopian scenarios like the Agenda 2030.
Can you imagine?
