Evernym, found online at Evernym.com, promises to launch the identity revolution. Find out what that means today in our review.
What Is Evernym?
Evernym aims to rethink identity from the ground up with a brand new digital identity system. Their technology, according to the official website, “permanently corrects course on a crisis of trust that costs the global economy trillions each year.”
Obviously, there are a number of companies trying to create a digital identity system. It’s easy to build a digital identity system – but it’s hard to create a genuinely trustless, hack-proof, and secure digital identity system. That’s what Evernym is trying to create.
To do that, Evernym is using distributed ledger (blockchain) technology. They’ve created a blockchain-based platform called Sovrin (pronounced like “sovereign”) that aims to solve the digital identity problem. They’ve since donated the code for Sovrin to Hyperledger’s Project Indy.
To bring their digital identity system to life, Evernym has partnered with the US Department of Homeland Security, CU Ledger (a national consortium representing the US credit union industry), and iRespond (a global nonprofit).
How Does Evernym’s Sovrin Work?
Sovrin is Evernym’s flagship product. Found online at Sovrin.org, the platform promises to provide digital identity for all.
Code for the project has been donated to Hyperledger. The development team behind Evernym is organized under the non-profit Sovrin Foundation.
The identity system can be applied to a number of different applications. Overall, Sovrin aims to replace today’s intermediaries with secure universal protocols, thus streamlining interactions and enabling stronger levels of trust. It will dramatically reduce fraud, simply login processes, and slash red tape in organizations and governments.
One of the biggest sources of potential growth for Sovrin is in the healthcare industry. Using Sovrin, members of the healthcare industry will be able to communicate directly, efficiently, with reduced liability, and with the immediate consent of patients.
Meanwhile, governments could use Evernym’s Sovrin to provide digital identity verification for land records, property ownership, birth registration, vaccinations, refugee identification, and more.
One of the key features of Sovrin is its “Self Sovereign Identity”, or SSI, which is an identity that’s 100% owned and controlled by an individual or organization. Nobody can read it, use it, turn it off, or take it away without its owner’s explicit consent. It’s a simple form of identity that’s private, secure, and can be taken wherever you go.
“This will enable trusted interactions to occur between individuals, institutions, and businesses,” explains the official website.
Overall, Evernym aims to rethink identity from the ground up. Today, we have a number of identity systems in place. Governments have registries for their citizens, for example, and corporations have registries of their employees or customers. However, this data is siloed. It cannot be securely transferred between organizations, and it exists in protected, centralized servers. This leads to an inefficient system where each corporation needs to invest in their own digital identity system. Evernym envisions a better, more efficient future.
What Problems Does Evernym Seek To Solve?
Evernym seeks to solve a number of problems with today’s identity verification systems. These problems lead to inefficiencies across the system. Here are some of the problems Evernym seeks to solve:
- None of us actually “owns” a digital identity; we just rent identities from the websites and apps we use
- This system leads to “an inefficient, fraud-riddled, privacy-invading mess,” explains the Evernym website
- A siloed approach to identity worked in the early days of the internet; today, however, practically every business and billions of people are online, leading to increased fraud and other problems.
- Today, there’s a frustrating mess of usernames and passwords, with the personal information of users scattered across the internet
- Identity theft occurs due to weak passwords, data breaches, and other problems
- There’s a widespread inhibition to register, respond, or engage
- Data is harvested and sold without the consent of users
Evernym’s products aim to solve all of the problems listed above. Most of these products fall under the Sovrin umbrella:
- Turkey solution for hosting and managing Sovrin nodes
- Trust anchor for creating identities for individuals and organizations
- Messaging stack for secure and privacy-protected data exchanges
- API suite and GUI tools for issuing and verifying digital credentials
- Integrating and interoperating with other distributed ledgers
Evernym is a digital identity company that has created a stack of solutions under the name Sovrin. Sovrin has been donated to the Hyperledger project as open source software. The key innovation of Sovrin is the creation of a “self-sovereign identity”, or SSI. With an SSI, a user retains control of his or her identity at all times, with that identity being easy to share across multiple corporations and organizations.
Overall, Evernym aims to reduce inefficiencies in the world of digital identity verification. Today’s system is a mess of siloed structures. Evernym envisions a future where digital identity is verified and secured on the blockchain while being shareable with anyone in the world.