Identity Insurance Consortium

The Identity Insurance Consortium aims to build trust in digital trades. Find out how it accomplishes that goal today in our review.

What Is Identity Insurance Consortium?

The Identity Insurance Consortium, found online at IdentityInsurance.org, aims to create a new model for digital identity on the blockchain.

The Identity Insurance Consortium isn’t a single business offering a single solution; instead, it’s an organization that aims to grow the ecosystem of identity sovereign providers. The goal is to create a global network of trusted partners that actively participate in the transformation to a global, secure digital identity.

The consortium was launched in February 14 as a joint partnership between Mattereum and InsurePal.

How Identity Insurance Consortium Digital Trading Membership Works

The Identity Insurance Consortium was founded with three goals in mind:

  • To investigate and develop solutions around digital identity
  • To bring identity insurance products to market
  • To develop an ecosystem of providers who can build on identity insurance

The group’s members include Mattereum, InsurePal, Adjoint, Evernym, Sovrin, and Blockpass, among others.

You can join the organization today by signing up online. Identity Insurance Consortium is seeking participants from three specific parts of the industry, including:

Identity Sovereign:

If you want to claim your identity, then you’ll need to be able to prove that identity to an insurer and present an insurance policy as your proof of ID. This is safer and more convenient than providing sensitive identity documents to everyone you do business with. If your company is providing identity sovereign services, then you may want to join the Identity Insurance Consortium.

Blockchain Insurance:

Blockchain insurance participants will manage the error rate on misidentification to ensure it’s lower than the rate covered by insurance premiums. They’ll provide identity insurance to guarantee the authentication of one’s identity. The Identity Insurance Consortium is seeking blockchain insurance companies to act as guarantors of identity transactions.

Dispute Resolution And Enforceable Agreements:

Legal contract executions on the blockchain will be used to enforce digital trade. With that in mind, the Identity Insurance Consortium is seeking companies specializing in dispute resolution / enforceable agreements.

New members are invited to join the consortium in order to grow the ecosystem of identity sovereign assurers, creating a global network of trusted partners.

The Key Goal Of The Consortium Boils Down To This:

The consortium wants to create an internet-like identity system that facilitates trustless transactions across the internet. Here’s how the consortium explained the system in an introductory press release:

“Self-Sovereign Identity And Identity Insurance –

An internet-like identity system would allow any person, organisation, or thing to have an identity relationship with any other without the need for authorization from someone else. In order for this to happen they need to trust each other. A system of registering and assuring identities is therefore an important cornerstone of blockchain commerce.”

Who’s Behind Identity Insurance Consortium?

The Identity Insurance Consortium, or IIC, was announced at the Blockchaingers Global Digital Identity Deep Dive in The Hague on February 14, 2018.

The two founding members of the company, Mattereum and InsurePal, share a vision of a future blockchain economy built on enforceable agreements, supported by insurance for identity and other risks.

Mattereum was launched by Ethereum’s former launch release coordinator. The company is a London-based team of programmers and lawyers founded in 2017 with the goal of combining blockchain technology with legal contracts in order to provide legal enforcement in the digital trade world.

InsurePal, meanwhile, is the world’s first decentralized social proof insurance service. InsurePal aims to accelerate trust between members of the crypto community when transacting products and services, building a much more affordable insurance sector based on social proofing through rewards behavioral patterns that benefit individuals, groups, and society as a whole.

Identity Insurance Consortium Conclusion

The Identity Insurance Consortium, or IIC, will develop insurance solutions and bring identity insurance products to market through an ecosystem of providers that will collectively act as the guarantors of identity for all blockchain transactions and trades by those insured through the consortium and its members.

The collaborative effort was announced in February 2018. The goal is to create secure identity solutions for the digital ecosystem.

To learn more about the consortium, visit online today at IdentityInsurance.org.

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