IBM Joins Sovrin to Build Global Blockchain Identity Network
International Business Machines Corp, or IBM, has joined a non-profit group Sovrin Foundation. The group is seeking to build a blockchain-based global decentralized identity system.
IBM will join the private organization as a “founding steward.”
Additionally, it will dedicate hardware, security, and network capacity. This will help create a digital network for individuals and businesses, Phil Windley, Sovrin Foundation chair, told Reuters.
Other global IT firms are already taking part. One of them is Deutsche Telekom’s research and innovation unit Telekom Innovation Laboratories.
Further, the group operates as a global public utility. It was designed to provide a permanent, private, and trustworthy identity for every entity on the Internet.
“The way we live and work online is quite different from the physical world,” said Windley.
Along with other Stewards, IBM will assist in the operations of this identity network. The network uses distributed ledger technology or blockchain. It allows the secure exchange of cryptographically signed credentials to prove the digital identity information in the owner’s possession.
“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,” said Marie Wieck, general manager at IBM Blockchain, said.
IBM and Sovrin’s Cause
Meanwhile, the move with IBM and Sovrin comes against a backdrop of banks spending around $1 billion a year. The money spent was on identity management solutions to keep data safe. Businesses are also spending close to $70 on every password reset.
In addition, Sovrin said existing identity systems were flawed. There were more than 2.9 billion records breached from 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,” Sovrin said.
“To solve this infrastructure flaw, the Sovrin network was purpose-built to add the missing identity layer to the internet.”
Moreover, 1,300 plus identity breaches have occurred since 2017 in the US. It caused 175 million identity records compromised according to the 2018 IBM X-Force Threat Index stated that
The missing layer will provide a “complete approach” to identity from the distributed ledger to a device. This makes secure and private self-sovereign digital identity possible for the first time.
As it stands, IBM and the Sovrin Foundation are teaming up for a cause. They will ensure that all individuals and businesses can exchange identity and establish relationships. Thus, providing owners control over the flow of their identity.
As the world’s leading media platform, Finance Brokerage is more than just a regular news site. Be equipped and updated as we provide you with all the breaking news, educational resources, and in-depth reviews of brokerages.
