Fintech firms, software makers, telecom providers and other businesses have joined forces develop a blockchain-based network that will enable anyone to exchange digital credentials online and without the risk of unintentionally exposing any private data.
The companies are part of the Sovrin Foundation, a new nonprofit organization now developing the Sovrin Network, which could enable anyone to globally exchange pre-verified data with any entity also on the network.
Evernym, another founding member, develops self-sovereign identity applications that run on the Sovrin network.
One of the largest and most valuable corporations in the world, IBM, announced Wednesday it’s going all-in with the Utah-based Sovrin Foundation, a private sector nonprofit working to create a decentralized digital identity network.
IBM will join the foundation as a founding steward, working with other stewards to “create, operate and maintain” the network.
CULedger, a builder of blockchain-based products for credit unions backed by the Credit Union National Association and Mountain west Credit Union League, has partnered with Evernym to launch MyCUID, a product intended to help credit union members prevent fraud and identity theft.
“We created MyCUID as a global digital identifier that permits our members to securely interact with their credit union,” CULedger President and CEO John Ainsworth said in a statement. “By giving individuals control over their personal identifiable information, MyCUID will create a truly secure and privacy-preserving flow of information.”
Banking fintech consortium R3 has partnered with Evernym, a blockchain identity solution running on the Sovrin distributed ledger platform.
This opens Sovrin’s blockchain-based identity technology to R3’s 100-plus banks, who are all keen to avoid anything like the Equifax data breach happening to them.
Note: Evernym invented the Sovrin technology referenced in this informative post
Blockchain has the potential to greatly affect the legal profession. I think it interesting that Baker & Hostetler LLP and Perkins Coie LLP in the U.S. announced in November that they are ‘founding stewards’ in the new blockchain-based identity network Sovrin.
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With the advent of [distributed ledger technology], a decentralised, truly independent, self-sovereign digital identity system becomes possible. Sovrin, for example, is a fully open system which allows any person, organisation or thing to have an identity independent of any proprietary ‘siloed’ database.
DLT start-up Evernym created the Sovrin ecosystem, a purpose-built public distributed ledger, because Ethereum and Bitcoin’s blockchains were not appropriate for identity, mainly due to privacy, performance, cost and governance issues, according to Timothy Ruff, the company’s co-founder and CEO.
The massive password heists keeping coming, and one thing is certain: the way we prove our identities online is in need of a major upgrade. A growing chorus of technologists and entrepreneurs is convinced that the key to revolutionizing digital identity can be found in the same technology that runs cryptocurrencies.
(Evernym is excited to see Sovrin, the technology we invented and subsequently spun off as a separate entity, receive positive attention recently.)
On account of high-profile data breaches of personal information and the increased interest and feasibility of blockchain technology, there is a growing movement to create IDs that do not rely on centralized storage, which is a honeypot for hackers.
If you have spoken to me recently you will know myself and the Outlier team are really very excited to have announced at the beginning of the month becoming Evernym’s, and the Sovrin Foundation and it’s token’s, lead investor and strategic partner. As with every investment we wanted to find some time to provide the rationale to our decision which I have laid out below.
…The state of Illinois has launched a pilot trial on a Blockchain-based birth registry/ID system with a goal to individualize and secure identities. The state government is partnering with Utah-based company Evernym and is expected to use the Sovrin Foundation’s publicly accessible distributed identity ledger in the project.
Actually getting self-sovereign identity to work is what we like to call a wicked hard problem – and in reality, it’s several wicked hard problems rolled into one. Tackling most if not all of these challenges is Salt Lake City-based Evernym. Evernym is the creator of Sovrin, the global public utility for the decentralized exchange of verifiable claims.
In August, the Illinois Blockchain Initiative — a collaboration launched by the state to explore blockchain and distributed ledger technology — announced it’s partnering with self-sovereign identity solutions firm Evernym to create an online ledger that’s only accessible to the owner of the ID and any other individuals they’re granted access. It’s very similar to how the technology could be used to track and share information between hospitals.
On August 31, 2017, the Illinois Blockchain Initiative (IBI), a collaboration sponsored by the state of Illinois to explore blockchain innovation, announced a partnership with digital identity company Evernym in an effort to put birth certificates on a blockchain. The project will meld together the work from W3C‘s Verifiable Claims Task Force, which is focused on making third party verified claims more secure on the web, and SovrinFoundation’s distributed identity ledger technology.
The verifiable claims project probably best represented by Evernym’s Sovrin solution is an example of what self-sovereign identity for a global, public Internet of value needs to look like. Boring capitalists like me who are looking to solve the identity puzzle for the shameless material consumption of the masses can learn a lot from the vision espoused by Evernym.