When you setup whois privacy, the registrant name is going to specify who actually owns the domain name (because everything else is private information).
It's rare, but if a time comes when ownership of a domain name comes into question, the person / entity listed in the whois is the person that owns the domain name. These types of issues are generally handled on a case by case basis, but sometimes a scanned ID may be necessary to validate who actually owns the domain name.
I hope this helps answer your question. Feel free to post any follow up questions in the comments at the bottom of this page, and we'll be happy to assist further.
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