Who are you, and can you prove it? The new Gemalto Trust ID Network enables users to give digital service providers verified and secured answers to these 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 distributed approach to Digital ID management enables service providers to leverage identities certified by trusted parties whilst putting users in control of their data.
Verified Digital IDs managed via mobile app
Blockchain technology is ideal for supporting digital transactions that are based on trusted and verified identities, without exposing 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 KYC (Know Your Customer) procedures, data privacy and protection as well as customer authentication.
They are therefore 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 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 features of R3’s Corda blockchain platform
Gemalto deploys its Trust ID Network application and data protection solutions on the latest version of the Corda platform, the enterprise blockchain solution built by R3.
It provides privacy, security and immutability along with a streamlined integration for service providers and the ability to support 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.”