Sep 20, 2018 at 13:00
Sep 20, 2018 at 13:00 UTC
R3 partners with Dutch Tech company to Pilot Blockchain based Digital IDs
Gemalto, the international digital security giant, and blockchain consortium R3 have partnered to deploy digital ID management application in the form of Trust ID Network service.
Gemalto is a Dutch digital security company which provides software applications, managed service, and secure personal devices such as smart cards and tokens. Recently the company has developed a digital ID application on the latest version of Corda platform. R3 with over 200 of its partners has developed Corda, an open source blockchain powered platform for financial institutions. The platform is designed to operate huge transactional volumes and restrict access to transaction data. R3 is one of the largest blockchain consortiums in the world which have over 200 financial institutions and other partners.
Blockchain technology is ideal for the digital transactions which are based on verified and trusted identities. In blockchain, sensitive data is safe; there is no threat of exposing, hacking, and cyber-attack. Gemalto is inviting its stakeholders to participate in the Trust ID Network pilot project which will launch later this year. With Trust ID Network, user control is facilitated via ID Wallet mobile app. The app is secure and convenient where users can add personal information to their digital identity, can certify it, and can also give consent to share it with chosen service providers. So with Digital IDs users do not have to repeat the process of due diligence for every service provider. Users can register with a variety of services including banking, e-government services, e-commerce, etc. The new Trust ID Network will also enable the users to control with whom and when they share their personal data.
According to the chief executive officer of R3, David E. Rutter it is revolutionary to empower the users to manage and share their digital identity based on blockchain technology. Trust ID Network will solve the weaknesses of traditionally siloed ID frameworks and the clumsy experience of complying with stricter regulations.
That kind of ID system has many applications in blockchain technology that is why numerous tech companies around the world are looking in that direction. Microsoft is also planning to build a decentralized ID system with Bitcoin Lightning Network.