Something that's there to be used on as many things as this will be a very tempting target for organised crime, and with the resources and skills they can throw at it, it will be broken. Think of how many people will be involved in administering these things, will every one of them be immune to corruption? America has some real issues from identity theft based on the way that so many things are tied into your Social Security Number there, and this will do the same.

There's also the great stonking issue that it doesn't really do that much to solve most of the things its supposed to be solving.