The digital security provider Gemalto has launched an identity verification system based on Blockchain for mobile devices.
Developed with the Blockchain R3 specialist, the GemaltoTrust identification network allows users to provide verified and secure answers to digital service providers, for questions such as 'Who are you?' And 'Can you prove it?'.
The goal is to put users in control of their identities through a mobile application.
In the Trust ID network, user control is enabled and managed through the ID Wallet mobile application. Here users can add personal data to their digital identity, certify it and give their consent to share it with the chosen service providers.
Only the "certifications" issued by the trusted parties are stored in the chain of blocks, keeping the personal data under the exclusive control of the users.
By creating and managing their own digital self-sovereign IDs, users can sign up for a number of different digital banking, e-commerce and government services, the companies said, without having to go through due diligence processes for each of them.
R3 already works with more than 200 banks, financial institutions and other partners around the world.
In accordance with data privacy and banking regulations, all financial institutions must implement a solid KYC (know your customer), privacy and data protection procedures, and strong client authentication. "Therefore, they are in an ideal position to lead the autonomous digital identity revolution," the companies said.
Other service providers that depend on verified customer identities, such as utilities, mobile operators, and airlines, could also obtain important system benefits, including the opportunity to share ID management costs.
In conclusion, it is a promising development, because one thing that is missing in the digital economy, is a means for citizens to manage their own digital identities and personal data in a centralized manner.