Based on the Corda platform, the enterprise blockchain built by R3, Gemalto’s Trust ID Network is ready to disrupt the way in which digital identities have always been used and managed.
Users will now be able to create their verified digital identity and will also have complete control over it.
The IDs created on the Trust ID Network will be ubiquitous implying that the users will no more have to go through identity verification processes for each digital service they opt for. Through the ID Wallet, a mobile application, users will be able to add new data to their digital identity, have it certified through trusted parties, and share it with service providers of their choice.
Service providers pivoted on verified identities, such as financial institutions, airlines, mobile operators etc., are expected to reap the most out of these 'self-sovereign digital identities' as it can help them strengthen the KYC processes and data protection while also cutting short the cost of ID management.
As presented by Bertrand Knopf, EVP Banking & Payment of Gemalto,'Trust ID Network solves the profound weakness of traditional, ‘siloed’ identity frameworks: the clumsy user experience, rising costs and difficulties in complying with stricter regulations'.