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Gemalto digital security company is collaborating with the R3 startup blockchain to pilot a new digital identity platform aimed at traditional users.
Called Trust ID Network, Gemalto said the new platform will provide users with greater control over how and when their personal data are shared with third parties and such "self-sovereign" identities will make the transaction more burdensome and secure. ; on-boarding in various online services.
According to statements, Gemalto hopes to get financial institutions and other interested parties to join the pilot project, which should be launched by the end of the year.
The Trust ID Network was built using the latest version of the R3-based blockchain platform, which offers a suite of integrated tools and is designed to optimize integration for the supplier service.
David E. Rutter, CEO of R3, stated in a press statement:
"Authorizing customers to manage and control their digital identity based on blockchain technology is nothing but revolutionary … The exclusive features of the Corda platform's privacy offer the ideal basis for a secure and easy to deploy decentralized ID management platform. "
The network addresses the" profound weaknesses "of traditional identity systems, according to Bertrand Knopf, EVP Banking & Payment of Gemalto. They offer a poor user experience and face increasing costs and challenges in complying with increasingly stringent regulations, he said.
While financial institutions are well positioned to drive the transition to self-sufficient identities for customers, "it will prove equally appealing to a wide range of other service providers," Knopf concluded.
The case of use of identity for blockchain technology has already been dealt with in partnership with R3.
At the end of June, a group of banks and regulators, including BNP Paribas and Deutsche Bank, announced that they were conducting a proof of a know-your-customer compliance (KYC) application also built on rope.
The process saw 39 participants put the system, built by the Synechron technology firm, which conducted over 300 transactions from 19 different countries across eight time zones.
Last November, 10 major banks – all members of the R3 consortium – also tested a blockchain-based KYC register that allowed the participant to create and manage digital identities within a shared system.
Padlocked image via Shutterstock
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