Chris Skinner unveils 12 interesting companies developing shared ledger blockchain-based systems in the field of digital identity.

Digital identity is a complex area, as discussed yesterday. First, it’s focused on shared ledgers and blockchain, not just blockchain. Second, it needs to have some permission basis. Third, we need to have a structure agreed for who’s providing permissions. Fourth, it’s a structural challenge for industry and government rather than a technology challenge.

Given all those provisos, there are a number of interesting firms developing shared ledger blockchain-based systems. There are an awful lot of early startups working in this area, but based on Let’s Talk Payments and Outlier Ventures, here are the 12 worth a mention.

 Airbitz

Airbitz has pivoted from offering a bitcoin wallet to a fully fledged edge security platform, encrypting data all the way from the end user while making it available as needed.

 Blockstack

Blockstack Labs, originally Onename, is one of the earliest to offer personal identities backed by a blockchain, and has grown its user base to 50,000 registered identities.

 Coinfirm

Coinfirm maintains a database of verified digital currency and blockchain users. Enables full KYC/AML reports, including risk ratings. Can provide fraud investigation involving the use of blockchain technology, including transactions tracking.

 Evernym

Evernym is building Sovrin, dedicated solely to identity and public permissioned (like an ATM network). Evernym has moved completely away from what most people understand as blockchain to a distributed ledger technology. Sovrin will be publicly launched in London on 29 September 2016.

 HYPR

HYPR-Secure’s tokenisation provides blockchain applications with a viable solution for securing private keys behind a biometric authentication gateway. Whether it’s a biometric bitcoin wallet or a smart-contract platform, HYPR augments security by decentralising the storage of private keys.

 2way.io

2way.io is offering commercial services on top of Identi.fi. Identi.fi is a decentralised reputation system for people and machines, based on the principles of a “web of trust”. [Note that this is distributed ledger based, and not on the bitcoin blockchain]

 KYC-Chain

KYC-Chain uses blockchain and smart contracts technology for consumer identity management. Offers an online account opening platform with API connectivity to other third party identification services. The consumer owns the private key to their encrypted data and chooses which part of their information to share and with whom. KYC-Chain is the only Blockchain Finalist in the 2016 Fintech Innovation Lab Asia-Pacific.

 ShoCard

ShoCard has built a blockchain-backed digital identity platform that protects consumer privacy, optimised for mobile. It has successfully tested a prototype for air traveller identification.

 Tradle

Tradle uses a blockchain to bridge internal and external financial networks to allow portability of KYC data, with full user control. Tradle is developing a user-friendly smartphone interface that can send documentation to a bank.

 Trunomi

Trunomi solves KYC and unlocks new revenues and efficiencies with technology to easily create and securely manage the consent to use customers’ personal data. Trunomi securely connects financial institutions to their customers with a “customer-driven” data-sharing platform. The company was named most promising startup at the Benzinga Global Fintech Awards held in New York three months ago.

 UniquID

UniquID offers a decentralised, blockchain-based identify access management platform. The UniquID wallet uses private key storage and a third (biometric) factor of authentication, and is specifically designed for managing your devices in the internet of things.

 uPort

uPort by ConsenSys has recently partnered with Microsoft to build an open source, self-sovereign, blockchain-based identity system. Not many details have been released, but much is to be expected from one of the biggest names in blockchain with one of the long-time biggest names in software. Combined with the recent acquisition of LinkedIn, can this make Microsoft the instant king of blockchain identity?

READ NEXT: What happens if your digital identity is compromised?

– This article is reproduced with kind permission. Some minor changes have been made to reflect BankNXT style considerations. Read more here.

About the author

Chris Skinner

Chris Skinner is an independent commentator on the financial markets through the Finanser, and chair of the European networking forum the Financial Services Club, which he founded in 2004. He is an author of numerous books covering everything from European regulations in banking through to the credit crisis, to the future of banking.

Leave a Comment