Who gets to own your digital identity?

"On the Internet, nobody knows you’re a dog," was stated in the legendary New York Times cartoon that captured the spirit of privacy and anonymity in the early days of the internet. With the rise of online banking, social media, e-commerce and peer-to-peer services, a verified digital identity is a crucial ingredient in making any digital platform succeed. Looking at the unbanked population of the world today, it is estimated that as many as 1.5 billion people lack access to everyday banking services due to their inability to prove their identity through a valid birth certificate, passport, proof of residency through utility bill or some other means to fulfill traditional KYC procedures.