Blockchain Identity Network Planned By IBM, Sovrin Foundation
Tech giant IBM has teamed with non-profit Sovrin Foundation to build a global blockchain identity network.
Sovrin foundation chair Phil Windley said IBM will join the non-profit as a “founding steward,” dedicating hardware, security, and network capacity to help create a digital identity network for individuals and businesses.
The foundation is building a global public utility for self-sovereign identity. Self-sovereign means a lifetime portable identity for any person, organization, or thing. Having a self-sovereign identity would allow the holder to present verifiable credentials in a privacy-safe way. These credentials can represent things as diverse as an airline ticket or a driver’s license.
“The Sovrin technology is poised to change the nature of identity interactions for untold millions of people, organizations, and connected devices,” said Windley. “IBM’s position as a leader in blockchain technology and their commitment to supporting and solving the problem of identity for all makes them a natural partner in this effort.”
According to the foundation, the current centralized identity system is flawed and billions of records were compromised from various security incidents across industries. To address this infrastructure flaw, the Sovrin Network was purpose-built to add the missing identity layer to the Internet. It will lower transaction costs, protect people’s personal information, limit opportunity for cybercrime, and simplify identity challenges in fields from healthcare to banking to Internet of Things (IoT) to voter fraud.
“We believe that the adoption of blockchain is an opportunity for a new trust model to take hold where individuals and organizations can securely share private information and credentials without an intermediary,” said Marie Wieck, general manager, IBM Blockchain, “This new model gives control back to the individual, who defines how personal information is shared and with whom. Through our partnership with Sovrin, IBM can help individuals and organizations accelerate adoption of self-sovereign identity standards as a critical component for responsible data stewardship.”
IBM has been actively working on blockchain initiatives. In January of this year, IBM and Danish transport and logistics company Maersk launched a joint venture to commercialize blockchain for all aspects of the global supply chain system, from shipping to ports, and banks to customs offices.
Last month, IBM signed a memorandum of understanding (MoU) with Indian shipping services provider JM Baxi Group to work on several projects related to the export-import (EXIM) trade and logistics market.
Wieck recently said that the only country where IBM doesn’t have a blockchain project under way is Antarctica.
