- Ubiquitous ‘self-sovereign’ identities streamline customer on-boarding for different digital services
- Financial institutions offered unique opportunity to pioneer decentralized Digital ID schemes
AMSTERDAM, 21-Sep-2018 — /EuropaWire/ — Who are you, and can you prove it? The new Gemalto Trust ID Network enables users to give digital service providers fully verified and secured answers to these simple yet critical questions. By creating and managing their own ‘Self-Sovereign’ 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. This innovative distributed approach to Digital ID management enables service providers to leverage ubiquitous identities certified by trusted parties whilst putting users firmly in control of their data.
Verified Digital IDs managed via a convenient mobile app
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. 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.
Banks can lead the creation of new Digital ID ecosystems
To comply with new regulations*, financial institutions must implement robust KYC (Know Your Customer) procedures, rigorous data privacy and protection as well as strong customer authentication. They are therefore ideally positioned to lead the self-sovereign Digital ID revolution. 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. As further stakeholders join a self-sovereign ID ecosystem, richer identities are built, supporting an even wider range of use cases.
Gemalto builds on the unique features of R3’s Corda blockchain platform
Gemalto deploys its Trust ID Network application and data protection solutions on the latest version of theCorda platform, the world’s foremost enterprise blockchain solution built by R3. It provides full privacy, security and immutability along with a streamlined integration for service providers and the ability to support mission critical identity services. R3 already works with over 200 financial institutions and other partners worldwide.
A wide range of stakeholders are being invited to participate in one of several Trust ID Network pilots that will launch later this year.
“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,” said David E. Rutter, CEO of R3. “The Corda platform’s unique privacy features offer the ideal basis for a secure, easy-to-deploy decentralized ID management 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. It’s the perfect illustration of Gemalto’s ability to combine proven Digital Identity solutions and new technologies such as the blockchain,” said Bertrand Knopf, EVP Banking & Payment for Gemalto. “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.”
*In the EU, relevant regulations include AMLD 4 & 5, the GDPR (General Data Protection Regulation) andPSD2 (second Payment Services Directive)
Gemalto (Euronext NL0000400653 GTO) is the global leader in digital security, with 2017 annual revenues of €3 billion and customers in over 180 countries. We bring trust to an increasingly connected world.
From secure software to biometrics and encryption, our 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.
Gemalto’s solutions are at the heart of modern life, from payment to enterprise security and the internet of things. We authenticate people, transactions and objects, encrypt data and create value for software – enabling our clients to deliver secure digital services for billions of individuals and things.
Our 15,000 employees operate out of 114 offices, 40 personalization and data centers, and 35 research and software development centers located in 47 countries.
SOURCE: Gemalto NV
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