Barclaycard Payment Solutions is joining the Evernym 12-month accelerator to support the creation of self-sovereign identity.
During the accelerator, Barclaycard will be able to develop a commercial proposition in a secure environment and investigate customer, business, legal and technical benefits to a self-sovereign identity.
Self-sovereign identity is a way of securely storing information around an individual’s digital identity which is entirely under their control.
Founded in 2013, Evernym established Sovrin to develop, build and endorse self-sovereign identity. The Sovrin protocol is built on a blockchain foundation and is a digital identifier which can verify proof of identity anywhere and at any time.
One of the examples of this system is, when making a payment a user can share verified details such as card number, date of birth, etc, and automatically input these into the form. This can accelerate transaction times, or opening bank accounts.
The company is developing tools and products to help enterprises integrate self-sovereign capabilities with their existing infrastructure.
In creating this identity system, Sovrin is hoping to lower cybercrime and fraud, while easing identity processes.
Evernym, strategic engagement director Jamie Smith said, “Everyone has multiple usernames and passwords – and some people use the same password for everything. Hackers love that. And it’s not just your email account they can take – once they’ve got your passwords, they can steal your whole identity.
“With self-sovereign identity, those hackable usernames and passwords are things of the past. With SSI I can prove anything about myself, to anyone, at any time, and organisations can do the same.”
It is predicted that by 2022, 40 per cent of interactions between businesses and customers will be affected by a digital ID solution like a self-sovereign identity.
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