Identity is the exchange of information about people in the real world with systems in the digital one. Sometimes it's important, sometimes it isn't... but it's always important to be able to tell the difference, because it's fundamental to the way a lot of things work.
Privacy is about users being in control of the information they share with others. In the world of identity, being in control is about as important as you can get, because if you’re not in control, you’re out of control.
Trust is the most important thing you can have.