Concordium’s Post

Transcript

Constance. Thank you very much. I'm going to speak a little bit to. A problem that is beginning to occur and is likely to accelerate in in the coming years because one of the cornerstones of our society has always been trust. And that is going to deteriorate. It already started with the Internet that kind of lacked an ability to provide a, a clear truth, you know, And when I was a young man and our bank was a building with bricks and mortar and you knew the bank manager and it was pretty hard to fake that. It did happen mostly in, in films. Like Olson Benton. But but that changed with the Internet, and obviously that's going to accelerate with AI. And this is a real problem because at the end of the day, although there are exceptions, we've been accustomed to trusting each other. What we read, what we watch, the people we interact with, our families, our friends, our banks, the authorities and and other entities from from whom we we receive information. We grown up believing that we could trust other people until it was proven otherwise. Unfortunately, that is no longer the case and will increasingly not be so if we don't take the right actions in the future. We must get used to not trusting anyone or anything in the digital world until it's been proven that we can in fact, trust it. Until it's unambiguously verified and in a fully reliable manner. That's not because there's necessarily going to be more people that are going to try to defraud or mislead us, but rather because the fraudulent people and actors have gotten a brand new tool. And you should not underestimate that very early adopters of new technologies. In fact, criminals. Criminals are intelligent. They they see new tools, they use them and they don't necessarily have the controls that are normal business would have before they deploy them. So there's no question that the rapid development of AI. Technology. Will increasingly make it impossible for, let's say, the average user of of other technology to distinguish clearly between what is real and what is fake. And with the help of AI, fraud can be scaled to levels that we haven't seen before and to a level where it's not just something we hear about in the news. And you know, we might have heard of a friend of a friend that got this e-mail from Nigeria or something. But it's something that we will all get to experience. And I, I fear relatively soon we will all have been exposed to some way, shape or form of fraudulent attempt because it can now with AI be scaled very effectively and be as I said. Very, very convincing. And the other issue about it is that it can largely be performed anonymously in and that is of course, a serious challenge. Traditional fraud, you know, you could identify who was behind it, you could pursue it. You might not always be able to, to get your, your regrets, but but at least you know who was behind it. But when you can't identify it, it begins to be very, very hard to, to actually try to seek regress in, in, in a fraudulent case. So I find it encouraging that here at the Nordic Fintech Week we are currently focusing on ID and verification technology. There are some big challenges ahead that we need to solve, but they can be solved already. Some very excellent ID technologies available in some countries. Here in this country, Denmark, we have MID ID, My ID, which is a good example, and other ID's, electronic ID's are existing in some countries or underway and mostly these technologies. Towards banks, authorities and and other providers for them to ensure and identify their users in a simple and secure manner. But we lag a little bit solutions that go the other way around where end users can trust the companies and organizations that they are interacting with. As a consumer, I want to be sure that the information I get from my bank or from other companies really come from who claims to be sending them information. Like text messages, phone conversations, online meetings, publications, websites, chat bots, and very soon hyper realistic human digital twins. And that the crux of the problem really is fraught often begins with somebody pretending to be something or someone that they are not. And you probably already seen some examples of AI making this somewhat easier. And, and with the rapid development of that technology, it is becoming more and more convincing. And no matter how many laws and regulations you have passed in the past, you know, scam SMS and emails are not going away. And, and this is of course, you can't prohibit your way out of, of criminals using AI. So we need to to find. Corresponding technology solutions to these issues. This will be a learning process for sure for both providers and users. We, we as as ordinary users of company services need to be less gullible than perhaps we've been in the past. We cannot go with the automatic assumption that the person or institution that we're dealing with is in fact genuine and, and, and communicating to us in a way that we can trust clearly that we need some, some legislative and and regulatory framework for for some of these. Solutions but at the end of the day, it's also very much about us having the understanding of what's going on out there and looking for the verification. You know the the word fake news became very, very famous awhile back because of certain US politician and and you can't really do much about fake news, but you can you can prove that something is not fake news, that it's real news or that it's real information, etcetera. And we got to get used to looking a little bit for that proof rather than just. Accepting on face value everything that's coming in in our direction, solutions are often easier said than done. But in this case, actually there are a number of solutions out there already that there can be relatively simply deployed if if the willingness is there and and people understand that they should be looking for them. So with that, I would ask you to please show a small quick video. Today, we spend 50% of our day on the Internet. Therefore, it's crucial that you can trust the content and the people you are interacting with. For example, when you have to access your online bank or government services, you have to verify yourself. However, the online service does not have to verify itself to you. Net ID changes this. With Net ID, you can now verify the owner of the online service if you want to verify that the website you are visiting is not fake. But owned by a company you trust. You can open the websites embedded proof. Then open the net ID app on your phone and scan the QR code. Net ID will then provide a proof of ownership of that content, which allows you to trust where the content is coming from. Net ID is built on the Concordium blockchain, which makes the proofs immutable, tamper proof and virtually impossible to compromise. A key technology to rebuilding a trusted online future. So this is a practical example that I've actually implemented on my my own family Office Web page for demonstration purposes. Actually not reaching out to a lot of people so you don't have to worry too much if somebody calls up and says I have a lot of money I want to give you for an investment. It's probably not me. So you should ask me and not the other way around. But as you can see with with the service like this net ID build on concordium or any other type of blockchain technology really is one of the solutions here to a very very secure environment. So wrapping up I I think it is a question of of implementing. Solutions getting people to understand that they should be looking for these solutions and and and actually using some of the technology that's already in place which can be implemented relatively easily. Today and tomorrow you will see more offerings for ID based verification solutions and if you are interested in knowing more about this specific solution, you can find more information on the net IT app. Where you can read about it. And there's also a session tomorrow with the with the very, very exciting title next year, Identity, Verifiable Credentials and AI Agents tomorrow at 11:00 AM at this very stage where you can hear a little bit more about how this technologically works. So with that, I'll revert on a small debate with some of the other esteemed speakers here. And I thank you for your time and please enjoy the rest of the conference. Thank you. Thank you lots.