Breaking Banks The Future Of Money & Machine Identity
13 snips
May 15, 2025 Dave Birch, a renowned speaker and author in digital identity and money, dives deep into the future of AI-driven payments. He discusses the concept of KYA (Know-your-Agent), crucial for identifying agents with payment authority. The conversation highlights the challenges of financial systems adapting to autonomous technologies and explores the potential legal personhood of AI, enabling them to have wallets. Birch also touches upon the impact of automation on work, money, and societal values, envisioning a transformative financial landscape by 2050.
AI Snips
Chapters
Books
Transcript
Episode notes
Machines Need Tailored Digital Infrastructure
- Autonomous economies need specific digital public infrastructure for machines, including digital money, identity, and data exchange.
- KYA (Know Your Agent) is more complex than KYC, requiring granular permissions and authority verification for machine agents.
AI Outsources Consumer Payments
- Consumers will prefer to delegate routine financial decisions to AIs rather than manage them manually.
- AI can optimize complex payment choices effortlessly, outperforming human decision-making.
Privacy-first Identity in Payments
- Future payment transactions will include privacy-respecting, cryptographic proofs, not raw personal data.
- Zero-knowledge proofs enable proving identity attributes without revealing sensitive details.