According to Lokke Moerel (Senior Of Counsel, Morrison & Foerster ), Europe is one of the most digitalized societies in the world, and this has only been accelerated by the COVID‑19 pandemic. Within no time, people started working from home and children were being schooled online. According to a 2020 report by McKinsey, the pandemic accelerated digital adoption by seven years. However, as we become increasingly digitized, the vulnerabilities that come with the changes also increase.
The European Commission has recognized the new demands and has proposed a modernized EU regulation for electronic identity, introducing digital ID wallets. Where media and commentators focus on changes required by the Digital Services Act and the Digital Markets Act, the new digital identity regulation will likely have the biggest impact on current digital business models. The European digital ID wallets will likely become a new intermediary function in the digital ecosystem and disrupt the gatekeeper function of current digital platforms as well as their ability to collect and combine data of their users.
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Lokke Moerel is one of the speakers at IDnext ’22. She likes to open up the discussion with the attendants of IDnext ’22 if digital ID wallets really are the future.