Digital Bazaar has collaborated with GS1 US, SecureKey, TradeLens and 20 other companies to implement a blockchain solution which uses global standards for organizational identity proofing and vetting.
The companies are hoping to create interoperable, reusable digital credentials to boost efficiency and stronger authentication to organizational identity. With decentralized identifiers and advanced cryptography, companies can bolster their anti-fraud measures.
The blockchain-based solution will enable organisations to issue re-usable digital credentials which will be used to create a digital ecosystem that frees businesses, governments and online entities from repetitive, and time-consuming vetting processes, it claims.
Currently, the system is in testing for its decentralized identifiers.
On the platform, an issuer will deploy verifiable credentials on specific subjects such as organisations, people and devices. A holder is an individual or organization that stores credentials, typically in a digital wallet.
Digital Bazaar CEO Manu Sporny said, “We are focusing on customer-driven bottom-line benefits that these technologies can bring to industry, which is a welcome change from many of the blue-sky approaches technology companies have taken to date. We are excited to work with real customers on real problems.
“GS1 US, TradeLens, SecureKey, and large governments are focusing on real world solutions using emerging organizational identity and blockchain standards to improve efficiencies in the supply chain and financial industries.”
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