Blog post

eIDAS driving innovation!

eIDAS-Solutions-PrimeKey

Digitalization and the single digital market drive Innovation.

In July 2016, Europe took the smart initiative to unify the digital market as eIDAS was created to enable and drive the development of one single European digital market. eIDAS is now a common standard in Europe that organizations strive to meet. At PrimeKey we've supported customers like Zetes in Belgium, DGN Service, Bundesnotarkammer and BankVerlag to become an eIDAS certified Trust Service Provider. As the regulations mature and new requirements immerge, we are constantly improving our portfolio to support the new and deliver a comprehensive user experience.

Very often digitalization is linked with things like cloud computing, bandwidth, fiber wire, etc. but I see that it's more about innovation and innovative business models. In that way, eIDAS could be the door opener to enable digitalization. Yes, we've had several legal requirements also in the past but due to the variety of specifications in different countries , the innovation factor was very low. With eIDAS a significant step was made to enable new innovative Business Models cross Europa.

Let me explain what I mean by giving you two examples of innovation that's been identifed as results of eIDAS.

Enterprise Innovation

This type of innovation enables new business processes for enterprises and the manufacturing industry. With eIDAS in place thery can develop new products, benefit from cost savings during production and reach out to new groups of customers all over Europe.

Take eInvoicing. It is not a new innovation but eIDAS has made it possible to extend internationally in way that hasn't been possible before. With a simple math example we can see how eIDAS can boost business.

Take an enterprise with 5000 montly international paper invoices. The cost per invoice is approximately 0,79 Euro (postage, paper, envelopes print, etc.) This means that the total cost of invoicing is 3.950,00 Euro per month and 47.400,00 Euro per year.

After eIDAS it is now possible for the enterprise to easily convert their paper invoices to signed pdf's and send them via email. This reduces the cost of each invoice close to zero. That's a major cost saving!

In order to send invoices internationally before eIDAS the enterprise would have had to have separate signing for each country with specific settings and regulations, requring both time and resources. eIDAS makes it possible to use one signature for all european countries and simplifies international eInvoicing for all.

Service Innovation

This type of innovation ensures new business models for new service providers and generates new service and business areas for existing service providers.

With eIDAS it is possible for banking service providers to offer a new portfolio of services for banks and online portals. Using a digital signature the bank can now offer new and innovating services to customers and business, such as contract handling. With internationally authenticated users there is a new world of opportunities opening up. This is a great foundation for innovation where I'm really looking forward to see what comes up.

Conclusion

Digitalization is innovation that you can’t stop! eIDAS could be a significant building block to enable and develop new business models or to expand existing solution across Europe.