Gemalto and R3 have piloted blockchain technology that allows users create and manage their own ‘Self-Sovereign’ Digital ID.
Thanks to the technology, users can enroll with a host of different digital banking, eCommerce and eGovernment services, without having to go through repeated due diligence processes for each of them. This distributed approach to Digital ID management enables service providers to leverage ubiquitous identities certified by trusted parties whilst putting users in control of their data.
Blockchain technology is ideal for supporting digital transactions that are based on trusted and verified identities, without exposing sensitive data to the threat of hacking and cyber-attack. With Trust ID Network, user control is facilitated via the ID Wallet secure mobile app. Here users can add personal data to their digital identity, have it certified, and give consent to share it with chosen service providers. Only ‘attestations’ issued by trusted parties are stored on the blockchain, keeping personal data under sole control of users.
“Trust ID Network solves the profound weaknesses of traditional, ‘siloed’ identity frameworks: the clumsy user experience, rising costs and difficulties in complying with stricter regulations,” said Bertrand Knopf, EVP Banking & Payment for Gemalto.
Financial institutions are best-placed to lead this self-sovereign identity revolution, but the technology will potentially prove similarly attractive to a wide array of other service providers.
To comply with new regulations, financial institutions must implement robust KYC (Know Your Customer) procedures, rigorous data privacy and protection as well as strong customer authentication. They are therefore ideally positioned to lead the self-sovereign Digital ID revolution. Other service providers that rely on verified customer identities, such as public services, mobile operators and airlines, can also reap significant benefits, including the opportunity to share ID management costs. As further stakeholders join a self-sovereign ID ecosystem, richer identities are built, supporting an even wider range of use cases.
Gemalto deploys its Trust ID Network application and data protection solutions on the latest version of the Corda platform, an enterprise blockchain solution built by R3. It provides full privacy, security and immutability along with a streamlined integration for service providers and the ability to support mission critical identity services. R3 already works with over 200 financial institutions and other partners worldwide.
Stakeholders are being invited to participate in one of several Trust ID Network pilots that will launch later this year.
“Empowering customers to manage and control their own digital identity based on blockchain technology is nothing short of revolutionary and we’re very pleased to be collaborating with Gemalto on the Trust ID Network,” said David E. Rutter, CEO of R3. “The Corda platform’s unique privacy features offer the ideal basis for a secure, easy-to-deploy decentralised ID management platform.”