Investec, BankservAfrica demonstrate blockchain-based identity platform

Financial services group Investec, in collaboration with automated payments clearing house BankservAfrica and decentralised identity platform provider uPort, has demonstrated a blockchain-based digital identity system, Tech Central reported.

The project was initiated by the digital identity working group of the SA Financial Blockchain Consortium (SAFBC). The prototype was demonstrated at the Blockchain Africa conference in Johannesburg.

Built on the Ethereum blockchain, the blockchain ID system allowed conference attendees to create individual digital identities by downloading the uPort application on their mobile devices. By simply scanning QR codes, the attendees were able to move between vendor stands and check-in.

Vendors, on the other hand, were able to confirm an attendee’s visit by automatically issuing an attendance credential and linking it with the attendee’s identity profile. To incentivize the process, attendees were rewarded once they completed a certain number of check-ins.

Graham Nelson, Investec’s blockchain engineer, explained that the prototype enables individuals to register a universal, reusable and encrypted identity.

“This identity has no restrictions on who or what can integrate with it, so it has many other applications and can be enhanced by any other entities the user has a relationship with,” he added.

Nelson added the solution also allows other individuals or entities to “attest” to specific information to enhance an identity.

“For example, once John Doe has an identity, Investec can attest that he has a private bank account, pays his salary into this account, has a home loan, etc. Similarly, the department of home affairs could attest that John Doe has an official identity and passport number,” he said. There are no limitations — any entity can attest any information, Nelson added.