The banking consortium R3 and the company on cyber security Gemalto conducted tests jointly developed by the blockchain-a platform for the creation and storage of digital identification “stamp”. A press release was published by Gemalto today, the portal Business Wire.
Development Gemalto is a mobile blockchain app based on its own network R3, Corda. The functionality of the program involves creating and managing an Autonomous digital “passport”. Made by users of personal data are confirmed by the relevant authorities; subsequently the owner of the data can selectively grant access to them. As stated in the press release, the project R3 and Gemalto called the ID Trust Network will allow people to save time when filling out various forms for online banks, online stores and e-government services.
According to the representatives of Gemalto, their development also contributes to strengthening the position of banks in the market of digital identification systems. In connection with the updated financial regulations and laws, Bank customers wishing to open accounts for crypto-currency trading, are required to undergo KYC procedure (check the financial reliability and other personal data). This fact, explained in the press release, makes banks an ideal candidate for the role of “pervosvjatitelja” digital identification systems.
Bertrand Knopf (Bertrand Knopf), Executive Vice President for Finance and banking Gemalto, believes banks are the main customers Trust Network ID, but does not exclude other areas of use.
“Financial institutions are in the best position to lead a revolution in the field of Autonomous identity, however, the service will be attractive to a wider range of companies”.
In addition to KYC, member banks of the R3 theoretically be able to use the ID Trust Network for other popular services. Recently joined the consortium B3i can use the system with paperwork for secondary insurance; however, the actual testing of the technology in operating conditions will be later.