Digital identity is the future, US Congressman Bill Foster says

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

"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.

A Harvard grad and blockchain programmer himself, Foster knows the potential of such technology.

Foster also sits as co-chair for 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.

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.

In tandem with Foster's thought process, two fellow Blockchain Cuacus 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 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 multi-year endeavor originating from an initial March 2019 gathering.