International Business Machines Corporation is associated with a private, non-profit organization named Sovrin Foundation. It is exploring to build a global decentralized identity system that is based on Blockchain technology.
Phil Windley, Chairperson of Sovrin Foundation asserted that “The blue-chip U.S computing firm will join the non-profit as a “founding steward” that dedicates hardware, security, and network potentiality to create a digital identity network for individuals and business”. Even other international IT companies such as Deutsche Telekom’s research and innovation unit Telekon Innovation laboratories have taken part, Sovrin stated.
Further, Phil added that “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’s identity network utilizes distributed ledger technology and blockchain. It enables the safe exchange of cryptographically-signed credentials and validates owner’s digital identity information.
Marie Wieck, IBM Blockchain general manager, commented that 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.
Yet, IBM has not given any confirmation of the cost and is actively participating in Blockchain initiatives. Simultaneously, Sovrin is also operating with the limited capacity and is available by mid-2018.
Sovrin included that these damaging and costly security breaches are a consequence of the internet being developed without a true identity layer. Moreover Sovrin said, “To solve this infrastructure flaw, the Sovrin network was purpose-built to add the missing identity layer to the internet”.
Basically, Sovrin network is based on emerging standards from the World Wide Web Consortium. However which standardizes the format of digitally-signed credentials.
Image Source:- IBM