Gemalto is launching its Trust ID Network, a digital identification solution that helps users to develop a Self-Sovereign Digital ID. Users will enroll with many digital baking, e-commerce or e-government services once and for all while still keeping their personal information safe.
Digital ID on the Blockchain
Digital Security Company Gemalto has put its Self-Sovereign ID solution dubbed the Trust ID Network on the pilot phase.
Users of the blockchain-based ID solution will prove their identity to any institution or organization without compromising their data. The innovation comes when identity verification remains inconvenient besides being risky. Sending an identity by post or email makes them vulnerable while centralized databases are prone to hacking risks.
Users are asked to provide documents to prove their identity whenever that enroll or apply for services such as government applications or digital banking. The Trust ID has been designed to address these concerns which Gemalto believes will become handy for banks in the KYC and AML campaigns, airlines, mobile operators and public services. Commenting on the innovation, Gemalto’s head of banking and payment Bertrand Knopf stated:
“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 […] 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.”
How it will Work
The application will use an ID Wallet on a smartphone where users will input their data before it gets certified and they get consent to share it. Some organizations will need to attest or certify that the information entered is genuine before it is encrypted and stored on the blockchain but they will be associated with your ID and not your name.
Users will have to give authority before any entity can access the attestations. The solution will is using Zero Knowledge Proofs (ZKP) that enables answering questions without sharing data.
Gemalto has deployed the Trust ID Network application and data protection solution on the new CORDA Platform belonging to the leading the leading blockchain built by R3. R3 is involved in several identity-related projects for over 200 financial institutions and other partners worldwide.
R3 CEO David Utter concluded:
“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.”
