As per a report in ejinisght.com, International Business Machines Corp. has come out in support of Sovrin Foundation which aims to develop a global decentralized identity system using the blockchain technology.
IBM, a blue-chip tech company, will provide security, dedicated hardware and network capacity in the creation of the digital identity system for individuals and businesses.
Phil Windley, Chairperson Sovrin Foundation, confirmed that leading international IT firms like Deutsche Telekom’s research and innovation unit- Telecom Innovation Laboratories, are joining hands to promote the idea.
He said, “The way we live and work online is quite different from the physical world. By creating a global digital identity system, Sovrin is trying to make the online world as authentic and as interactive as the physical world.”
The Sovrin identity network aims at securing the exchange of cryptocurrency- signed credentials to legalize an individual’s digital identity information.
IBM’s Blockchain general manager, Marie Wieck, said: “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.”
At present, the Sovrin network is working on limited capacity but aims to expand its operations by mid-2018.
The company defended its technology by accusing the existing identity systems of being flawed. It also said that 2.9 billion records were hacked from various incidents of security breach throughout several industries in 2017. In a statement, it said, “These damaging and costly security breaches are a consequence of the internet being developed without a true identity layer. To solve this infrastructure flaw, the Sovrin network was purpose-built to add the missing identity layer to the internet.”
Cnbc.com reported earlier that IBM has launched a cheaper platform to help innovative start-ups in creating blockchain based projects. The new services aim to assist firms in exploring and commercializing their existing blockchain applications. The popular tech company is looking forward to partnerships with these new firms to tap the growing technology.
Earlier this year, siliconangle.com reported that IBM Corp. was working with A.P Moller-Maersk Group, and establishing a new jointly owned company in order to market and sell a global shipping management system based on the blockchain technology. In its initial run, the system will offer two blockchain based operations: Smart contracts for eliminating the old paper-based process and a pipeline for shipping information that shows an authentic vision of merchandise movement.
Sovrin Foundation is not the first firm to work with IBM over a digital identity system as SecureKey was successful in building Canada’s maiden ID network. This network that allows users to access more than 80 government services online through their banking credentials.
As of now, IBM is working with several other companies to initiate the blockchain technology in various industries. Sovrin Foundation has the chance to single-handedly change the identity verification system employed by governments around the world. It would be interesting to see if other networks come up with the same idea and a more prominent plan to use blockchains for verifying identities.