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Speaking at the online
launch event for the Global Digital Asset & Cryptocurrency
Association on Friday — a Chicago-based group focused on regulatory
clarity and industry security — U.S. Representative Bill Foster
explained the importance of a "secure digital identity." 


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"You can
have the most rock-solid cryptographic guarantees of a blockchain or
equivalent and it doesn't do you any good if people are fraudulently
participating on it under anonymous names," Foster said during his brief
speech at the event. He mentioned trading as an example, noting some
less-than-honest characters in the industry could conduct illegal
trading activities using fake names. 

A Harvard graduate and
blockchain programmer himself, Foster knows the potential of such
technology. Foster also sits as co-chair of the Congressional Blockchain
Caucus — a governmental group working on regulation as it relates to blockchain.
Foster began his college journey several years early — when he was 15
years old — according to his speech, later becoming a physicist and then
a politician. 

Foster mentioned the importance of third-party
anonymity, which essentially involves a public-facing anonymous
identity, with the caveat that pertinent details behind such an identity
can be revealed as necessary when brought to a court. 

"This, I
think, is a fundamental requirement, I believe, of digital contracts or
almost all of the use cases that are talked about for this," he said.
The transition begins by offering people a trackable method for uniquely
and securely identifying themselves, Foster explained, also adding that
the blockchain and tech space already holds the elements necessary for
putting such a system together. 

He added:

"The
missing point, and the essential government role, is that once in your
life, when you go in to get your real ID card or your passport or
something, that you have to be authenticated as a legally traceable
unique person, and then you have to be biometrically deduped to make
sure that you're not getting another passport in another country under
another identity."

This type of system, however, needs
international collaboration. "This requires a group of countries to get
together to set up this trusted ID ecosystem, and this is where we have
to go," Foster said. Such a framework would subsequently lead to other
future potential use cases. 

In tandem with Foster's thought
process, two fellow Blockchain Caucus members, U.S.
Representatives David Schweikert and Darren Soto, recently proposed a fresh bill to make blockchain-based digital signatures legally binding.

Such
a digital identity system also comes with drawbacks, however, such as
increased government tracking of citizens, further encroaching on
privacy — an aspect the crypto space often touts as important.

Foster's comments come during the launch event for the Global Digital Asset & Cryptocurrency Association — a multiyear endeavor originating from an initial March 2019 gathering.