Traditional know-your-customer (KYC) processes are costly, complex and time-consuming, creating a significant pain-point for banks. Digital identities are currently managed in silos, which in effect results in consumers setting up multiple accounts with different websites and service providers and accumulating an expanding collection of unsafe logins and passwords. This identity management model is not only highly inconvenient in terms of user experience, but also puts people’s data privacy and security at risk.

Gemalto, the world leader in digital security, has set out to tackle both set of issues. To do this it has developed a solution called the Trust ID Network – a ground-breaking platform that embraces the concept of “self-sovereign” identity, which equips end-user with full ownership of their identity and total control over who can access their personal information. This in turn simplifies identity management and streamlines banks’ KYC due diligence, while reducing risk and enhancing speed and accuracy.

After evaluating potential technologies to use as the basis for the Trust ID Network, Gemalto chose R3’s Corda – a cutting-edge blockchain platform that removes friction by enabling businesses to transact directly without the involvement of a central third-party. With the Trust ID Network now in pilot phase, Gemalto is promoting it to banks and bank consortiums worldwide, opening the way to a step-change in how people manage their identities, and how banks and other service providers validate who their customers are. …

Quelle / Link: How Gemalto’s Trust ID Network is revolutionizing self-sovereign digital identities by leveraging R3’s Corda blockchain platform