Community

I assume that you agree with the importance of both having a shared mission - and the importance of Trust over IP, Self-sovereign Identity and the work in Open Wallet Foundation.

And SSI is the very fundament for more productive, less energy wasting and by far more ethical AI - as ChatGPT also observed in my earlier post. For some reason not possible to copy-past link here - or pictures nowadays.. 

Thank you.  We are now moving to the SSI-based Trust Infrastructure were all My- also much Big data can be obtained for life events (building digital twins at home and at work) with the help of general purpose wallet applications at the issuer, at the holder and at the verifier

Think e-mail - no contracts - no technical integrations - but now totally secure and private interactive channel for v e r i f i e d data... driving content standardisation and real time availability

Chat GPT shortened: 

1. Governments and enterprises will adopt a global trust infrastructure, resulting in citizens and organizations receiving general-purpose identity wallets that can obtain, deliver, and pass on verified data for a wide range of life events based on MyData.org principles. The architecture is outlined in trustoverip.org, and the trust layer in the architecture makes wallets used for sending and receiving data interoperable by design.

2. Banks have been interconnecting customers with trust services since ancient times, and the most used bank services are payments.

3. E-banking has enabled new ways to interconnect customers since the 90s, including allowing customers to use their e-banking credentials to log in to non-bank services and strong identification of senders and receivers of e-invoices.

4. The trust infrastructure will mean that many organizations and governments will issue general-purpose and interoperable-by-design fact wallets to obtain needed data under the control of data rights holders.

5. Article 20 in GDPR makes it mandatory for enterprises to deliver personal data when asked for it, and mandatory e-orders, e-invoices, and e-receipts should be standardized and verified for all organizations with accounting obligations.

6. A large number of data sets are needed in citizen’s life events in private and employee roles, and the demand for verified data will grow fast as citizens understand their legal right to their data.

7. Banks should move to life event-based service design, provide customers with the wallets they need, locate data sources, and organize wallets for data importing to customers’ wallets. Banks should also locate other data service providers, enterprises, and public sector entities that need data from the bank.

Anybody who has been in banking surely understands how huge improvements verified data will bring..

2015

Should unlisted shares be digitalised and stored in CSDs? Is DLT ripe for trading?

First evaluations started. Later moved to DLT in Jupiter project. 

https://www.finextra.com/newsarticle/32998/finnish-consortium-to-apply-blockchcain-tech-to-share-trading-in-non-listed-companies?utm_medium=newsflash&utm_source=2018-11-22&member=86831

2016

- How can XBRL be implemented in PSD2 model data storage? Can SME model also be used for private expense follow-up?

RTE Taltio program started

- How can automated real time XBRL-accounting (enabled by e-Invoicing, e-Receipts, digital unlisted shares, ISO20022 account statements) be used for automated credit processes and risk evaluation?

Evalution started.

- Is MyData the right approach to combine industry needs with digital human rights? The key to the Data-driven economy?  Should also corporate MyData be included?

Yes. First MyData Conference organised in Helsinki.  DLT technology and Sovrin show good promise

2017

- MyData Global Network launched.

- What was one of the most valuable 100 year birthday presents for Finland?

100 million transactions in banking sector’s e-Id service

- Should a Real Time Economy program for Europe be started?

Yes – as soon as possible. The Nordic-Baltica area can act as laboratories. Structured financial MyData critically important element in many contexts.

- Can merchants, data service providers and banks find common ground for e-Receipt?

Yes. E-Invoice standard using card payment e-Receipt prototype ready and tested. Good progress in 2018 for generic e-Receipt in RTEco program. Cost saving potential in accounting etc in Finland 900m€/year - EU 63bn + massive impact on grey economy.

- How can C2C payments be made real time x-banks? 

- SIIRTO-C2C service launched. Fast take-up. Also used for salary payments.

2018

Should a MyData program for Europe be started?

Yes. Preparations under way.

MyData Conference in Helsinki (August 29-31) https://mydata2018.org

We are entrepreneurs, activists, academics, listed corporations, public agencies, and developers. For years, we’ve been using different words for what we do – MyData, Self Data, VRM (Vendor Relationship Management), Internet of Me, PIMS (Personal Information Management Services) etc, while sharing a common goal: to empower individuals with their personal data, thus helping them and their communities develop knowledge, make informed decisions, and interact more consciously and efficiently with each other as well as with organisations.

Together, in recent years, we have formed a network whose participants share experience, develop common projects, meet at the MyData conference, and take part in collective endeavours towards a human-centric approach to personal data.

It is now time to take this work out in the world and prove its potential impact on individuals, society, and the economy. Today, we believe it is time to publicly assert the values that drive us – and call on those who share those values to act upon them. Join us in reversing the paradigm of personal data. Join us in creating the MyData movement.

How should DLT be used to automate administrative processes?

Mercury pilot by Tieto, Nordea Bank, OP-bank, Asiakastieto, Tax and Trade register - proving that all aspects of establishing enterprise can be handled in digital process in real time.

Should MyData be an organization? 

MyData is a global community which was recently (15.10.2018) formalised as an international nonprofit organisation. Before the official establishment of the association, the community already had more than 20 local hubs on six continents. Our mission is to promote the ethical use of personal data in all domains of business, legislation, technology, and society and to defend digital human rights.

Should not real time data from administrative processes also be available for economy forecasting?

Yes! If it does not threathen privacy, business secrets or cause additional costs to enterprises or of any magnitude to tax payers. https://www.finextra.com/blogposting/16304/four-big-screens

Should GDPR not go US and global?

Yes! And making data useful with MyData principles for the life events. Tim Cook already took the US forward and Yuval Harari should certainly start campaigning. GDPR+ to protect SME data and GDPR++ to set limits for what private/business data the state can collect without citizen consent. Digital dictatorship is a risk.

Thank you! More parts coming...

I agree that the e-receipt is the most important signed credential volumevice - and thus the habitcreator for asking for 100ds of other needed credentials. The cost saving on EUlevel for it should be in the 70 bn region from automation - and equally much? from hindering crime and grey economy and using big data via real time automated VAT-reporting. This is why the commission should push the corporate wallet. Should not be difficult to understand..

2004

How can we help enterprises to cut costs by automating payment processes?

B2B e-invoicing 4-corner ecosystem introduced.  Cost saving potential in Finland estimated to 3bn€ by Federation of Industries, Municipal Association and State Treasury. Started to feel really important.

2006

Should e-invoicing not be done for the Single Market?  

Real Time Economy (RTE) program launched.  Full SEPA – payments & e-invoicing first target. Direct debit part of e-Invoicing. Not quite there yet..

2008

- Should not entire value chain be addressed?  

RTE – Full Value Chain. (FVC) phase started. Upstream from e-Order to e-Invoice to automated payment.

- What can we do for the Single Market?

Chairing EC Expert Group on e-Invoicing. Very important report and influence on new VAT-directive (digital signatuter cannot be mandatory).

2009

How can e-Invoicing automate accounting? 

RTE – Fully Integrated Accounting (FIA) phase started. Downstream from e-invoice payment. Unified Reporting Code created.  Accounting references and ISO20022 standard for e-Invoicing.

2010

Should XBRL not be the European standard and VAT reported automatically? 

RTE FIA2 started.  More to do. No-brainer to make it mandatory. Task for Nordicsmartgovernment.org

2011

How could major administrative burden for enterprises – salary, social security and tax reporting and payments be lightened?  

RTE . Fully Integrated Payroll (FIP) started.  Tax taking over – heading for real time national income register and real time taxation in 2019. Real pension and social security payments in 2020.

2012

Can SME administrative burden be cut in half? 

RTE SME50 started.  Yes – together with cutting red tape. Still work to do – but SMEs should work for it themselves also.

2013

How can e-invoice notifications be used to approve payment?  

Nordea press-A SMS launched. Huge success.

2014

How could paper receipts from POS be made structured – to automate accounting?  

RTE Taru program started. Cost saving potential in accounting in Finland 900m€/year. Now key area in RTEco.