Visa is to launch blockchain-powered digital identity system for cross-border payments in the first quarter of 2019. The global head at Visa Business Solutions, Kevin Phalen is optimistic with the ability of the blockchain-powered system to combat fraud in the cross-border payments system as all the details will be granted a unique cryptographic identifier.
The Electroneum mobile-based cryptocurrency has declared that the users will have to meet the KYC norms by the 12th of November. The users would be able to complete their KYC through the Yoti’s digital identity application. The association with Yoti is expected to support the Electroneum users complete the verification in seconds removing the need to submit identity forms multiple times.
Collaboration has been made between an insurance broking and innovative risk management solutions, Marsh and a data security platform, Evident for developing a blockchain-powered verification solution for the clients in sharing and gig economies. The Chief Digital, Data and Analytics Officer at Marsh commented, “The beauty of blockchain technology is its ability to provide trust, efficiency, and security across ecosystems.”
The Brave would be using the Civic’s identity verification services to ensure that the publishers get paid in Basic Attention Token (BAT) through the Brave browser. The Civic CEO and co-founder stated, “Implementing Civic will enable more people to safely and securely utilize the Brave platform while establishing and sustaining trust between publishers and users.”
The digital security company, Gemalto and the R3 has come up with a new blockchain digital identity solution. The Trust ID Network is developed on the Corda distributed ledger platform. The security company claimed, “With Trust ID Network, user control is facilitated via the ID Wallet, a convenient and secure mobile app.”
The Blockpass Identity Lab is to be established in the campus of Edinburgh Napier University’s Merchiston site. The association of the university with the Blockpass, a company based in Hong Kong is to study the usage of blockchain tech for safeguarding personal information from cybercriminals. The initiative thereby highlights the right to privacy.
A new blockchain project Usechain is to become the first-ever Blockchain Ecosystem in achieving self-sovereign identity and for individuals and institutions. The CEO of Usechain, Cheung Kong said that “self-sovereign identity Blockchain, is aiming to solve the trust issue in this society. Also, our Mirror Identity Technology solves the problem of privacy and technical performance.”
The World Economic Forum (WEF) to trial ‘Known Traveller Digital identity Initiative’ using blockchain technology. It is aimed at enhancing security during international air travel.
The Microsoft and Hyperledger had associated together for the ID2020 Alliance, blockchain based digital identity initiative. The alliance is aimed at establishing control over user’s data by using blockchain. It had managed to raise $1 million from Microsoft. Accenture and Rockefeller Foundation had also financed.
The Canadian startup, SecureKey, has publicized that it will launch Blockchain technology providing identity verification across the country. It would enable users to control and share personal information without involvement of centralized system that are vulnerable to hackers.