Gemalto and R3 launch blockchain-based digital ID platform
This way users can sign in to digital banking, e-commerce and e-government services, without having to go through repeated due diligence processes for each of them.
The firms say blockchain 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. Thus, the solution uses R3’s Corda platform.
“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,” says Bertrand Knopf, EVP banking and payment for Gemalto.
He adds: “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.”
The Trust ID Network facilitates user control via the ID Wallet mobile app, where users can manage and consents the use of their identities online.
This aims to simplify the management of know your customer (KYC) procedures, data privacy, and customer authentication.
A range of stakeholders will be invited to participate in one of several Trust ID Network pilots that will launch later this year.
In recent R3 news, the coalition welcomed NatWest to its Marco Polo trade finance network, and Canada’s Large Credit Union Coalition (LCUC) to its blockchain ecosystem.