Gemalto, a digital security firm is introducing a new digital identity platform to facilitate mainstream users in collaboration with blockchain startup R3.
According to Gemalto, introducing identity pilot will add facilitation to the users with more control over personal data sharing with third parties. On the Trust Id networks, such self-sovereign identities will help to utilize various other online services which are more secure and private.
Gemalto stated in the comments that they are inviting other financial institutions and stakeholders to join in hand the new start-up so that they can take the pilot project to new heights. The project is expected to be launched at the end of the year.
The Trust ID Network is designed and built upon the latest version of R3’s cordo blockchain platform, which is integrated with a suite of in-built tools that facilitates and streamlines the various other service providers.
CEO of R3, David E.Rutter, stated in a press statement:-
“Empowering customers to manage and control their own digital identity based on blockchain technology is nothing short of revolutionary … The Corda platform’s unique privacy features offer the ideal basis for a secure, easy-to-deploy decentralized ID management platform.”
According to Bertrand Knopf, Gemalto’s EVP Banking & Payment, Traditional identity frameworks offer high rising costs and poor user experience. As a result of which more challenges come up with increasingly strict regulations.
In the latter half of June, a group of banks and regulators conducted a successful trial of a know-your-customer(KYC) compliance app designed on the Corda in the presence of BNP Paribas and Deutsche Bank.
In the whole process, 39 participants showed their keen interest and conducted over 300 transactions from 19 different countries across eight time zones. Synechron played a vital role in the development of the platform.
Earlier on November, 10 major banks including all members of the R3 consortium together tested the blockchain based KYC registry. This helps participants to create their own digital identities that could be managed individually within a shared system.