Monday, December 10, 2018

Blockchain Startup Evernym Teams With Barclaycard On Self-Sovereign Identity - BlockTribune

Blockchain Startup Evernym Teams With Barclaycard On Self-Sovereign Identity

Blockchain, News | December 10, 2018</ br> By:

Barclaycard, a division of Barclays Bank UK, is joining an accelerator program to explore the benefits of “self-sovereign identity” (SSI).

Barclaycard is a multinational credit card and payment services provider. It helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance. Barclaycard claims to have over ten million customers in the United Kingdom.

Barclaycard recently announced that its Payment Solutions (BPS) Innovation team will be joining blockchain identity startup Evernym in the latter’s 12-month accelerator program. The program will allow BPS to focus its efforts on developing a commercial proposition in a safe test environment and further explore the customer, business, legal and technical benefits of SSI.

SSI is a lifetime portable identity for any person, organization, or thing. Having a self-sovereign identity allows the holder to present verifiable credentials in a privacy-safe way. SSI proponents believe that SSI has the potential to make the lives of users easier and more safe, replacing usernames and passwords, and even form-filling, forever.

Evernym is the company behind Sovrin, the first open-source distributed ledger network dedicated to self-sovereign identity. The Sovrin Protocol is utilizing blockchain to create a unique, digital identifier that can be used to verify proof of identity anywhere and at any time. Sovrin’s ultimate goal is to reduce cybercrime and fraud, and simplify identity challenges on a major scale.

Barclaycard Payment Solutions said that it decided to join Evernym’s accelerator to become part of the global self-sovereign identity movement and create more secure futures for customers around the world.

“We are excited to be involved with the accelerator program which is helping us develop our strategic response to SSI market opportunities,” said Ed Black, Director of Innovation at BPS. “With access to Evernym’s insight, tools and expertise, we are really able to speed up our learning about Sovrin and self-sovereign identity. And most importantly, we can rapidly develop solutions that solve real customer and business problems.”

Jamie Smith, Strategic Engagement Director at Evernym, said that he believes that self-sovereign identity will revolutionize the way individuals prove who they are.

“Everyone has multiple usernames and passwords – and some people use the same password for everything. Hackers love that,” Smith said. “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.”

Smith added that SSI also offers a solution when it comes to the EU General Data Protection Regulation (GDPR) and privacy regulations.

“Traditionally, if a business needed to verify that a customer was over 21, not only would they need to ask for their full date of birth, but they’d then need to store that data for future use,” Smith said. “This could then become an easy target for fraudsters. With SSI, all a business would need is a simple “yes” or “no” from the customer confirming they’re over 21 and then verify that data using their unique Sovrin identifier. This gives customers more control over the data they share and organizations a much more efficient and streamlined data-management process for collecting and storing personal data.”


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