IBM confirmed it has partnered with identity startup the Sovrin Foundation (SF) to expand the use of so-called ‘self-sovereign identity’ online using Blockchain technology, according to a press release published April 4.
Serving as a “founding steward” of Sovrin’s network, IBM Blockchain will contribute network and computing power, along with security resources, which the computer giant will host on its IBM Cloud platform.
“Through our partnership with Sovrin, IBM can help individuals and organizations accelerate adoption of self-sovereign identity standards as a critical component for responsible data stewardship,” IBM Blockchain general manager Marie Wieck said in the official press release.
SF intends to use self-sovereign identity to reduce costs to businesses and banks trying to safeguard internal and external data credentials. In 2017, according to the companies, 2.9 bln records were compromised from “various security incidents across industries.”
The concept revolves around giving users complete control over who has access to which aspects of their online ID and how long that access remains available, as well as allowing revocation of access privileges should the need arise.
Permissioned Blockchains, sometimes also referred to as “distributed ledger technology” in the financial sphere, hold the key to self-sovereign identity becoming a successful solution, Wieck says, adding:
“We believe that the adoption of blockchain is an opportunity for a new trust model to take hold where individuals and organizations can securely share private information and credentials without an intermediary.”
The news marks just that latest in IBM’s long history of Blockchain interaction, which has extended over several years and encompassed a broad spectrum of global industries.
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