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Blockchain firm Digital Bazaar has unveiled a collaboration with GS1 US, SecureKey, and TradeLens to implement a blockchain initiative that leverages global standards for organizational identity proofing.
As per a press release, the Virginia-based firm released details of its proof-of-concept for identity management that seeks to develop Decentralized Identifiers (DiDs) for organizations.
With an aim to address reusability, the project aims to develop secure, verifiable credentials for organizations including government agencies and large firms. The DiDs would enable them to streamline the vetting procedure.
“We are focusing on customer-driven bottom-line benefits that these technologies can bring to industry, which is a welcome change from many of the blue-sky approaches technology companies have taken to date,” Bazaar’s CEO Manu Sporny said.
An issuing party would add credentials to the blockchain, and then, a verifier like a hiring firm will request and confirm the said credentials. The verifier could also save the data safely to avoid having to re-check. Users can also have their own credentials.
“We are excited to work with real customers on real problems. GS1 US, TradeLens, SecureKey, and large governments are focusing on real world solutions using emerging organizational identity and blockchain standards to improve efficiencies in the supply chain and financial industries,” Sporny added.
Digital Bazaar also plans to release more digital products to address the issues of identity security gaps.
“These products will make use of both Decentralized Identifiers and Verifiable Credentials to strongly authenticate and identify organizations engaging in high-risk business transactions,” the announcement noted.
There are 20 other collaborators involved in the project, but they are yet to be named.
In March, consulting firm PwC trialed its blockchain-based Smart Credentials platform, giving the owner control of their data while simplifying the process for regulators and institutions who issue credentials and for regulators who need to check them. The platform will potentially expand to other identity use cases including medical professionals, pilots, and safety engineers.
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