• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Gemalto
Nexo Logo

Gemalto to Test Digital ID Service Built on R3’s Corda Blockchain Platform

Ricardo Esteves by Ricardo Esteves
4 years ago
in Blockchain
Reading Time: 2 mins read
Advertisement

Dutch digital security company Gemalto has launched a distributed approach to Digital ID management in the form of the Trust ID Network service, developed in partnership with leading distributed database technology firm R3.

Blockchain Identity Systems “Solves Profound Weaknesses of Traditional, Siloed Identity Frameworks”

Identity systems are one of the many use cases for blockchain technology.

A number of renowned technology companies are looking in that direction, including Microsoft, which may be building a decentralized identity system with the Bitcoin Lightning Network.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Microsoft’s project wants trust to be earned by individuals and built by the community, unlike traditional identity systems, which are mostly geared toward authentication and access management, according to Ankur Patel, principal program manager of Microsoft’s Identity Division.

Competition within the DID sphere will certainly be fierce as Gemalto is already presenting the service to its customers in over 180 countries, according to an announcement from the company. First, the company is inviting a number of stakeholders to participate in one of several Trust ID Network pilots that will launch later this year.

Users will be able to create and manage their own ‘Self-Sovereign’ Digital ID to enroll with a host of different digital banking, eCommerce and eGovernment services, without having to go through repeated due diligence processes for each of them. The verified Digital IDs can be controlled via the mobile app ID Wallet.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The innovation may be of particular interest to financial institutions, which are pressured by tough KYC (Know Your Customer), data privacy and customer authentication procedures. Other targeted service providers include public services, mobile operators and airlines. The firm aims to correct the weaknesses of traditional identity systems, according to Bertrand Knopf, EVP Banking & Payment for Gemalto.

“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.”

The company built its Trust ID Network application with R3’s Corda, an open source blockchain platform which provides full privacy, security, and immutability.

R3 leads one of the world’s largest blockchain consortiums in the world, which includes over 200 financial institutions and other partners worldwide. In June, Fortune Magazine reported that the R3 consortium is in the red and could be insolvent by next year, despite claims of millions raised in funding.

Tags: bitcoin lightning networkblockchain identity systemsdecentralized identitydidDigital identityGemaltomicrosoftR3r3 corda
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Ricardo Esteves

Ricardo Esteves

Related Posts

Lido

Lido (LDO) Sheds 58% Of Its All-Time High TVL At $11 Billion

1 month ago
bitcoin bull run

Huobi Co-Founder Says Next Bitcoin Bull Run Could Be 3 Years Away

4 months ago
Axie Infinity

Axie Infinity Sets Record-Breaking $4 Billion In NFT Sales

4 months ago
Picture depicting the interconnectedness of blockchain technology, as survey shows blockchain technology is becoming mainstream

Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End

10 months ago
Pakistani Blockchain Marketplace, Bazaar Secures $30 million In Funds

Blockchain Startup In Pakistan Dubbed Bazaar Secures $30 million In Funds

10 months ago
Van Valkenburgh, gems, pink quartz

Five Gems From Van Valkenburgh’s Testimony At The Congressional Hearing

12 months ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto Crash: Bitcoin Falling Helplessly, Find Succour in These Two Coins

June 29, 2022

The Stock Market Crash Has Spurred Investors To Invest In Cryptocurrencies Like Mushe Token (XMU) and Quant (QNT)

June 29, 2022

TRON Breaks the 100 Million Users Mark, Celebrates Mainnet 4th Anniversary, and Announces Huge Hiring Push Amid Market Meltdown

June 29, 2022

LBank Exchange Will List Delio(DSP) on June 30, 2022

June 29, 2022

LBank Weekly Listing Report, 27th June 2022

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.