Blockchain Digital Identity Solution Developed By Gemalto And R3br>
Gemalto is an international digital security company providing software applications, secure personal devices such as smart cards and tokens, and managed services. The company’s technologies and services enable businesses and governments to authenticate identities and protect data so they stay safe and enable services in personal devices, connected objects, the cloud and in between.
The solution, called Trust ID Network, is deployed on Corda, R3’s distributed ledger platform. The solution allows service providers to simplify customer identity management and streamline the due diligence process while enabling end users to be in total control of their identity. It entitles end users to full ownership of their identity and total control over who can have access to their personal information.
“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,” Gemalto said. “With Trust ID Network, user control is facilitated via the ID Wallet, a convenient and 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.”
For banks, the solution would help simplify customer identity management and streamline the due diligence process. 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.
Bertrand Knopf, EVP Banking & Payment for Gemalto, said that 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,” said Knopf. “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.”
David E. Rutter, CEO of R3, said that empowering customers to manage and control their own digital identity based on blockchain technology is nothing short of revolutionary.
“We’re very pleased to be collaborating with Gemalto on the Trust ID Network,” said Rutter. “The Corda platform’s unique privacy features offer the ideal basis for a secure, easy-to-deploy decentralized ID management platform.”
The two companies have invited a wide range of stakeholders to participate in one of several Trust ID Network pilots that will launch later this year.