Deloitte ‘Big Four’ Accounting Firm and Attest Crypto Project to Build a Blockchain ID Management System
Deloitte to Partner With Attest to Develop a Blockchain Identity Management System
There will be those who will always decry government interference over a persons privacy. After all, America was founded on the embers of a fire lit by the friction between the government of the day and its people. However, in today's time an identity management system will do more good than harm.
Well known accounting firm Deloitte has partnered with Attest Inc, an identity management Startup, to develop a blockchain-based digital identity system. This collaboration is intended to create a digital identity for government-compliant identifiers. This will be used by Deloitte’s clientele in conjunction with products offered by Attest.
Deloitte Consulting's managing director, Wendy Henry, stated that:
“While many companies are looking at using a personal wallet in which the individual has control of their digital identity credential, government must serve the whole of citizens, including those who may not be able to accept the control of their identity credential in a digital form.”
These sentiments were echoed by Cab Morris, co-founder and chief executive officer of Attest. He went on to note,
“A government-issued digital identity has the potential to reduce costs and risk for businesses in all industries, while also providing citizens with greater security, privacy and control over personal data.”
There are plans for two main offerings:
Attest Wallet: is intended to be a cryptographically secured identity storage, not dissimilar to a cryptocurrency wallet. It is going to allow users to store a digital version of government and business identifications and allow users control over who can access the said information.
Attest Enterprise: This will primarily comprise of two APIs (application programming interface). These will allow the end user to verify their identity and provide consent for third party access as well as to manage their data.
A little background information about the Chicago-based Attest. It is an identity management company. Their business helps consumers and businesses with secure transactions on a shared identity platform. This platform will allow the government a convenient yet secure identity service to offers its citizenry; at no or low costs. It will also benefit consumers by allowing them full control over their personal data. Finally, it gives businesses a high level of “trust “with consumer transactions.
To the few who are unaware, Deloitte is a behemoth in the field of audit, consulting, tax and advisory services. It provides its servers to almost all the leading brands. The company is partnered with over 85 percent of the Fortune 500 and over 6,000 private companies.
In the last few months, Deloitte has been steadily getting more and more involved in the crypto sphere. They announced their collaboration with the Institutes RiskBlock Alliance blockchain consortium. While the alliance will be collaborating with Canadian-based property-casualty and life/annuity insurers, Deloitte will look after the methodology and development of the insurance transaction life cycle, via various blockchain applications.
Recently, Deloitte outlined five areas of development that the blockchain technology needs to focus on:
It has noted, to enable wider reach, the technology needs to be prepared for the possibility of operations with high gestation periods.
The industry needs to seriously address the issue of a lack of standardization.
They also highlighted the high level of complexity and the resulted costs of blockchain applications. The uncertainty surrounding the industry in terms of government regulations also corrodes confidence
Finally, a clear lack of a collaborative effort amongst various blockchain companies hurts the entire industry.
An effort of this scope, undertaken by an established player of this repute is an encouraging sign for the future of the industry.