The R3 blockchain project invokes high expectations from interested parties THis consortium counts over 100 members to date and continues to expand. Gemalto, one of the partners of this consortium, is piloting a new project to put users in control of their digital ID. A promising development, as the demand for digital ID services has been on the rise for quite some time now.
Gemalto is a prominent company in the financial world. The company offers many different services and has forged key partnerships over the years. Together with the R3 consortium, the firm is exploring DLT solution for digital ID management. This takes place under the Gemalto Trust ID Network, which puts users in full control of their identity.
Gemalto and R3 Join Forces
The current purpose is to bring this technology to the masses through a mobile app. Users can create a Self-Sovereign Digital ID to enroll with a host of different services. This includes digital banking. ecommerce, and eGovernment services, among others. It is a very different method of dealing with traditional registration processes where online services are concerned.
R3 CEO David E. Rutter adds:
“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. The Corda platform’s unique privacy features offer the ideal basis for a secure, easy-to-deploy decentralized ID management platform.”
This new solution can become quite powerful when used correctly. It is evident something needs to change when it comes to online identity management. A blockchain-based solution offers many benefits. It also solves numerous weaknesses found in traditional frameworks. The new solution will also be fully compliant with existing regulations.