Netherlands-based digital security firm Gemalto has launched a unique blockchain-powered identification network that enables users to manage their ‘Trust ID’ for institutional purposes.

“This innovative distributed approach to digital ID management enables service providers to leverage ubiquitous identities certified by trusted parties while putting users firmly in control of their data,” says Gemalto in a press release.

Individuals can access the platform to create and manage their Self-Sovereign Digital ID and sign up with several digital banking, e-commerce and eGovernment services without having to repeat the ID process with each of them.

Under sole control of users

Users can access the Trust ID Network through Gemalto’s secure mobile app called ID Wallet. “Here users can add personal data to their digital identity, have it certified, and give consent to share it with chosen service providers,” the firm explains. “Only ‘attestations’ issued by trusted parties are stored on the blockchain, keeping personal data under the sole control of users.”

The firm says that because banks are bound by regulations, including the Know Your Customer (KYC) they are ideally positioned to lead the self-sovereign Digital ID revolution.

Bertrand Knopf, EVP Banking and Payment for Gemalto, says that “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”.

Other service providers that also rely on KYC, “such as public services, mobile operators and airlines, can also reap significant benefits, including the opportunity to share ID management costs”.

An R3 blockchain solution

Gemalto has deployed its Trust ID Network on the latest version of the Corda platform, a blockchain solution built by R3.

“It provides full privacy, security and immutability along with a streamlined integration for service providers and the ability to support mission critical identity services. R3 already works with over 200 financial institutions and other partners worldwide,” Gemalto says.

R3 CEO David E. Rutter believes that “empowering customers to manage and control their own digital identity based on blockchain technology is nothing short of revolutionary,”

Gemalto has invited a wide array of stakeholders to participate in several Trust ID pilots that will be launched later this year.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.