A digital security firm Gemalto and an enterprise blockchain software company R3 have collaborated to create a self-sovereign digital ID called the Trust ID Network, to be stored on the latest version of R3's blockchain platform Corda. Through this digital ID, 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.
The integration of Trust ID Network will allow users to control their data through a mobile app called ID Wallet, where they 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 the sole control of users. A wide range of stakeholders are being invited to participate in one of several Trust ID Network pilots that is scheduled to launch later this year. David E. Rutter, CEO of R3 said:
"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. The Corda platform's unique privacy features offer the ideal basis for a secure, easy-to-deploy decentralized ID management platform."
Gemalto feels that strict authentication requirements, like KYC (know your customer), make the financial industry "ideally positioned to lead the self-sovereign Digital ID revolution." Bertrand Knopf, EVP Banking & Payment for Gemalto said:
"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. It's the perfect illustration of Gemalto's ability to combine proven Digital Identity solutions and new technologies such as the blockchain. Financial institutions are best-placed to lead this self-sovereign identity revolution, but it will prove similarly attractive to a wide array of other service providers."
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In July of this year, R3 launched a new commercial version of its Corda blockchain platform called Corda Enterprise, specifically optimized to meet the demands of modern day businesses, especially complex institutions. Corda Enterprise includes the Blockchain Application Firewall, which enables the platform to be deployed inside corporate data centers while retaining the ability to communicate securely with other nodes anywhere else in the world.
R3's Corda platform has been adopted by a number of institutions. In June of this year, the group of a total of 39 banks and regulators, including BNP Paribas and Deutsche Bank, announced they were conducting a trial of a know-your-customer (KYC) compliance application built on Corda. The participants were able to communicate and manage test customer KYC data across the Corda network using a CorDapp designed and built by Synechron.