Gemalto, a digital security firm from the Netherlands, launched a blockchain-based digital innovation service known as the Trust ID Network service that has a distributed approach towards Digital ID management. The Dutch company has developed the project in collaboration with R3, a leading firm from the distributed database technology.
The service is based on identity systems which is one of the uses of blockchain technology. Apart from Gemalto, many other renowned companies including Microsoft have been looking up to build a decentralized identity system with its Bitcoin (BTC) Lighting Network. That is why it will not be at all easy for Gemalto to promote its Trust ID Network service in the DID sphere.
The company has already started inviting stakeholders for participating in the Trust ID Network test-run to be launched by the end of 2018. Through this network, users can create as well as manage their “Self Sovereign” Digital ID. The users can use this ID to enroll with different eCommerce, digital banking and eGovernment services. Importantly, the users do not have to follow the hackneyed diligent process each time for enrolling.
The blockchain-powered digital innovation ID can be controlled using mobile app ID Wallet. This innovation by Gemalto can be of great help to financial institutions who are constantly required to ask for tough KYC data, customer authentication, and data privacy. The EVP Banking & Payment for Gemalto, Bertrand Knopf stated that the company wants to remove the flaws and weaknesses that are a regular part of all the traditional identity systems, says News BTC.
For building its unique features, Gemalto takes help of the Corda blockchain platform from R3. According to Finextra, the company deploys its application and data protection solutions of Trust ID Network on the Corda’s latest platform.
It is the one of the best and foremost blockchain digital innovation developed by R3. The platform guarantees complete privacy and security to all the activities that are carried out through Trust ID Network. Apart from Gemalto, the Corda platform of R3 is already providing service to more than 200 financial institutions and firms across the world.
The post Gemalto Launch Blockchain-Based Digital Innovation Trust ID Network Service appeared first on OWLT Market.
from OWLT Market https://ift.tt/2xwzCET
via IFTTThttps://ift.tt/2OlCCL9
No comments:
Post a Comment