[September 18, 2018] |
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Gemalto and R3 Pilot Blockchain Technology to Put Users in Control of Their Digital ID
Who are you, and can you prove it? The new Gemalto (News - Alert) Trust ID Network
enables users to give digital service providers fully verified and
secured answers to these simple yet critical 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 innovative
distributed approach to Digital ID management enables service providers
to leverage ubiquitous identities certified by trusted parties whilst
putting users firmly in control of their data.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180917005047/en/
Biometric technology for digital identity. (Photo: Getty Images)
Verified Digital IDs managed via a convenient mobile app
Blockchain technology is ideal for supporting digital transactions that
are based on trusted and verified identities, without exposing sensitive
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
robust KYC
(Know
Your Customer) procedures, rigorous data privacy and protection as
well as strong customer authentication. They are therefore ideally
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
significant 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 unique 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 world's foremost enterprise 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.
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."
*In the EU, relevant regulations include AMLD 4 & 5, the GDPR (General
Data Protection Regulation) and PSD2
(second Payment Services Directive)
About Gemalto
Gemalto (Euronext NL0000400653 GTO) is the global leader in digital
security, with 2017 annual revenues of €3 billion and customers in
over 180 countries. We bring trust to an increasingly connected world.
From secure software to biometrics and encryption, our technologies and
services enable businesses and governments to authenticate identities
and protect data so they stay safe and enable services in personal
devices, connected objects, the cloud and in between.
Gemalto's solutions are at the heart of modern life, from payment to
enterprise security and the internet of things. We authenticate people,
transactions and objects, encrypt data and create value for software -
enabling our clients to deliver secure digital services for billions of
individuals and things.
Our 15,000 employees operate out of 114 offices, 40 personalization and
data centers, and 35 research and software development centers located
in 47 countries.
For more information visit www.gemalto.com,
or follow @gemalto
on Twitter (News - Alert).
View source version on businesswire.com: https://www.businesswire.com/news/home/20180917005047/en/
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