IBM joins the group in Developing a blockchain-based worldwide identity network
International Business Machines Corp (IBM) has joined hands with a private, non-profit organization Sovrin Foundation that is trying to build a worldwide decentralized identity system based on blockchain technology.
Phil Windley, Chair of the Sovrin Foundation said in an interview, the U.S. based computing company would join the non-profit as a “founding steward,” dedicating hardware, security and network ability to help create a digital identity network for individuals and businesses.
Phil Windley 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.”
Sovrin Foundation stated other global IT companies are already participating, led by Deutsche Telekom’s research and innovation unit Telekom Innovation laboratories.
Sovrin Foundation’s network utilizes distributed ledger technology or blockchain; to facilitate the secure trade of cryptographically signed credentials to demonstrate an owner’s digital identity information.
IBM, which didn’t provide any price estimate for its input, has been keen in participating in blockchain initiatives and is interested in remaining at the vanguard of development in the rapid-moving space.
Marie Wieck, IBM Blockchain general manager, declared in a statement:
“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.”
Phil Windley said the Sovrin network is presently operating amidst limited capacity. However, it will be more broadly accessible by mid-2018.
The Sovrin network is based on developing standards from the World Wide Web Consortium that regulates the format of digitally signed credentials.
The present identity system defective, with more than 2.9 billion documents compromised from several security incidents across industries in 2017.
“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.”