The Prof G Pod with Scott Galloway Prof G Markets: First Time Founders with Ed Elson — ft. Eli Wachs of Footprint
4 snips
Aug 28, 2023 Eli Wachs, Founder and CEO of Footprint, discusses the vital role of digital identity verification in enhancing online privacy and security. He dives into the complexities of 'Know Your Customer' practices and how technology can redefine trust in digital transactions. The conversation contrasts leading tech giants' approaches to user data and explores the entrepreneurial journey, while shedding light on the responsibilities founders face and the evolving landscape of data privacy regulations. Wachs emphasizes the importance of transparency in building consumer trust.
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Origin Story
- Eli Wachs became interested in online privacy after the 2016 election and Cambridge Analytica scandal.
- He disagreed with the push for stricter data regulation, believing data could be used for good, like predicting Parkinson's disease.
Rethinking KYC
- Traditional KYC checks verify information against databases but don't confirm real-world trustworthiness.
- Footprint aims to create a closed-loop system, linking online identities to real people and flagging duplicates.
Internet Identity Paradox
- Real-world identity verification is crucial for most activities.
- The internet strangely lacks this, making online fraud easy and cheap.
