What is An Economic Identity?
- One needs to know “who” they are engaging in commerce with,
- One needs to understand or “trust” that the commerce does not put them at risk,
- One needs to “record” the details of the commerce for record keeping purposes.
These points are not “nice to haves“, but are “must haves” and make up the basic requirements for every financial transaction. Economic identity is defined as follows:
the digital or electronic credentials defining a person or
persons and their history or histories of financial interactions in
the world economy
a close financial similarity or affinity. “the initiative created an
economic identity between the individual and the merchant”
The result, Economic Identity is the combination of knowledge of who you’re doing business with, trusting that doing business will not put you at financial risk, and keeping track of that business dealing for future use.