New Trust ID Network By Gemalto And R3 Corda Blockchain Platform Set To Pilot
Gemalto Taps R3 Technology For A Blockchain-Based Digital ID Network Pilot
Gemalto, a digital security firm, has teamed up with R3, a blockchain start-up, to pilot a new blockchain-based digital identity platform aimed at mainstream users.
Known as Trust ID Network, the platform is built to offer users more control over how and when their personal information is shared with 3rd parties. By allowing the freedom to create and manage ‘self-sovereign’ digital ID, anyone can enrol with different eGovernment, eCommerce, and digital banking services, without needing to go through the long and overwhelming process for each of them. The platform utilizes innovative distributed approach, enabling service providers to leverage identities certified by any trusted party whilst giving users complete control over their data.
“Empowering customers to manage and control their own digital identity based on blockchain technology is nothing short of revolutionary … The Corda platform's unique privacy features offer the ideal basis for a secure, easy-to-deploy decentralized ID management platform,” the CEO of R3, David E. Rutter said.
Built Using R3’s Latest Version: Corda Blockchain
The Trust ID Network has been developed using Corda blockchain, R3’s latest version that supports streamline integration for service providers and in-built tools.
According to Gemalto’s EVP Banking & Payment, Bertrand Knopf, the network will address the “profound weakness” of the traditional identity frameworks that are known to offer a poor user experience, not to mention rising challenges and costs in complying with the increasing strict regulations.
“Trust ID Network solves the profound weaknesses of traditional, ‘siloed' identity frameworks: the clumsy user experience, rising costs and difficulties in complying with stricter regulations. It's the perfect illustration of Gemalto's ability to combine proven Digital Identity solutions and new technologies such as the blockchain……Financial institutions are best-placed to lead this self-sovereign identity revolution, but it will prove similarly attractive to a wide array of other service providers, “said Knopf
Managing Digital IDs Through A Convenient Mobile App
Trust ID Network facilitates user control through the ID wallet, which is a secure and convenient mobile app. Users can add their personal information to this app and have it certified before they can give consent to share it with their chosen service providers.
R3 Has Been Making Major Strides In KYC Registry
This is not the first time R3 is making headlines when it comes to its blockchain-based technology. In late June 2018, there were a number of regulators and banks, including Deutsche Bank and BNP, which announced that they would be conducting a trial of KYC (know-your-customer) compliance app built on Corda. The trial involved 39 participants that conducted more than 300 transactions from 19 countries, across eight time zones.
November 2017 also saw 10 major banks that are members of the R3 consortium test a blockchain-based registry, which let the participants create and manage their own digital data within a shared system.