“An additional goal of the association is to develop and promote an open identity standard. We believe that decentralized and portable digital identity is a prerequisite to financial inclusion and competition.” Source: Buried in Facebook’s Libra White Paper, a Digital Identity Bombshell | CoinDesk, Ian Allison, June 26, 2019Read More
When it comes to decentralized identity, the classic POC is DOA. Organizations can now work side-by-side to move to market faster than…
Source: Identity is evolving—time for POCs to do the same – Evernym – Medium, Nick Ris, November 7, 2018Read More
“I don’t believe there’s a ton of people who are suddenly going to wake up this summer and say, ‘I need to download a self-sovereign identity wallet for my phone,’ ” Windley said. “What’s more likely to happen is they’re going to go into their bank or credit union and they’re going to say, ‘We have this new way of logging into your account.’ You’ll download an app.”
Behind the scenes, the bank and customer will exchange non-correlatable identifiers; they’ll simply scan a QR code and will be signed up for the new identity service.
“Later on, they’ll see that as an [icon] on their phone,” Windley said.
Source: How blockchain could solve the internet privacy problem | Computerworld, Lucas Mearia, Computerworld | April 9, 2018Read More
“There’s traction behind each of them, there are multiple companies now participating in development, they are maturing at a rate where they’re ready for production use,” he said, adding:”And in some cases are already in production use.”
Source: Hyperledger Tech Heats Up Ahead of Software Debuts – CoinDesk, Michael del Castillo, March 28, 2018Read More
According to the patent, the traditional manner of calculating a credit score is “not transparent”. Customers are not always informed when certain data affects their credit score, nor do they “have the tools to take control of their credit score.”
With distributed ledger technology as described in the patent, customers would be “notified when third party credit checks happen or when the credit score changes.” For example, in the case of a missed bill payment that negatively affected their credit score, consumers would be sent a credit alert.
Source: Major Canadian Bank Files Patent To Make Credit Scores… | News | Cointelegraph, Molly Jane Zuckerman, March 17, 2018Read More
“The blockchain/trust economy trend represents a remarkable power shift from large, centralized trust agents to the individual,” Deloite stated. “And while its broader implications may not be fully understood for years to come, it is hardly a death knell for banks, credit agencies, and other transactional intermediaries. It may mean, however, that with blockchain as the gatekeeper of identity and trust, business and government will have to create new ways to engage the individual – and to add value and utility in the rapidly evolving trust economy.”
Source: How blockchain will underpin the new trust economy | Computerworld, Lucas Mearian, December 7, 2017Read More
Amy ter Haar talks to Drummond Reed about self-sovereign identity, how it works, and what it could mean for the future of law.
Source: MIT Legal Forum 2017: Deconstructing Self-Sovereign Identity – Legal Talk Network, November 20, 2017Read More
Although concerns remain about the legitimacy of bitcoin, which JP Morgan (JP.N) Chief Executive Jamie Dimon described as a fraud earlier this month, the credibility of the blockchain technology itself has increased.
A growing number of senior bankers have said they believe it will eventually revolutionize the way payments are made across the industry, reducing complexity and costs of back-office processes.
Source: Exclusive: Royal Bank of Canada using blockchain for U.S./Canada payments – executive, Matt Scuffham, September 27, 2017 / 6:44 PMRead More
Equifax and others have shown the weakness of central databases in the hands of a single firm. Mutual distributed ledger systems have the potential to provide us with identity and activity management, even permitting us to make a market selling information about ourselves, taking control and cash back from companies like Equifax and Yahoo and giving it back to ourselves. There will certainly be mistakes along the way, but how can we truly object to reclaiming control of our most private property — our personal data?
Source: Blockchain Could Help Us Reclaim Control of Our Personal Data, Michael Mainelli, October 05, 2017Read More