A requesting entity shall --(a) unless otherwise provided in this Act, obtain the consent of an individual before collecting his identity information for the purposes of authentication in such manner as may be specified by regulations; and (b) ensure that the identity information of an individual is only used for submission to the Central
Identities Data Repository for authentication.
Fraud and money laundering will be tougher to execute, as it would become significantly more difficult to forge documentation; and such crimes would be easier to detect, as the
identity of an individual or entity can also be stored on the blockchain, which ensures secure and quick
identity authentication without the need to warehouse
data at third - party
repositories.