How Digital Identity is Making Blockchain More Accessible for Enterprises
In the last week of April, as the price of Bitcoin was trading sideways, Ethereum received a welcome boost after news emerged that the European Investment Bank had issued its first-ever bond on the platform. The lending arm of the European Union, the EIB has minted bond-backed Ethereum tokens worth €100 million, due to mature […]
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Regardless of how people want to look at it, creating a digital identity hinges on the trust factor. Digital identity if quickly becoming the new buzzword, as the topic was touched upon during the recent ID2020 conference. However, there are a lot of concerns regarding this initiative, as the big question will be whether we should trust a digital identity or not. Can the blockchain put some of these concerns to rest? Creating a Digital Identity is Difficult. In this day and age of digitization, a lot of people seem to be in favor of creating digital counterparts of anything, ranging from....
South Korea’s largest credit card company is set to use a blockchain identity solution developed by local bitcoin startup Coinplug. The service will be based on what Coinplug calls FidoChain, a “private blockchain technology” aimed at providing a distributed means of verifying and maintaining digital identities. KB Koomkin Card, a subsidiary of KB Koomkin Bank, plans to complete its integration by the end of this year. The startup has been working in the area of digital identity for some time, netting a $45,000 prize last year after submitting a prototype system based on the concept to a....
Identity is one use case of the blockchain that has many people excited. For the first time, an individual has the potential to create a true, immutable identity distributed across an entire network. As Consensus 2016 wrapped up earlier this week, a group of thought-leaders who have been working in the identity space for decades presented their beliefs on what to consider when building an identity system using blockchain. Christopher Allen, the principal architect at bitcoin sidechain firm Blockstream, echoed the sentiment of other panelists about the duality of identity on the blockchain.....
The concept of digital identity is gaining rapid traction across the globe. Four of the world’s five most populous countries – China, India, Indonesia, and Brazil – are in various stages of implementing government digital identity schemes, as are many other governments around the globe. However, currently, there are different approaches in terms of the technology used to manage a digital identity system, with some worrying implications for citizens’ privacy. The main concern is the […]
Leading identity and authentication provider SecureKey and a Canadian non-profit coalition have been granted funding from a research center within the U.S. Department of Homeland Security to build a digital identity network using blockchain technology. In a report from Reuters, the grant for up to $800,000 from the Command Control and Interoperability Center for Advanced Data Analytics (CCICADA) will help SecureKey and the Digital ID and Authentication Council of Canada (DIACC), the non-profit coalition, to construct a digital network. It is hoped that this digital system will permit the....