Blockchain drives multiple digital identity projects

By Mickael Pasquier | Mickael Pasquier | 14 Aug 2020

Technology is increasingly being adopted by companies and banks to ensure faster and more efficient data verification processes

Blockchain technology has been the protagonist of various press releases from multiple companies, announced as a tool that guaranteed greater transparency in their operations and a considerable increase in efficiency. However, the facets of technology are not limited at all, and "the new wave" in its implementation seems to be digital identity projects .

A Chinese branch of the State Grid Corporation of China (SGCC) electricity company - the world's largest utility company - developed a digital authentication system based on blockchain technology .

It is a "digital identification card" that will be implemented in the headquarters of the Chinese province of Anhui. The system was developed with the objective of guaranteeing a data record with verified information , which is shared within the company and even with other companies in the province.

"The blockchain identity authentication system builds a reliable multicenter system (...) that connects the user's identity information in series according to the generation time to form the blockchain identity data ," the company explained to a local medium.

Furthermore, the firm remarked that it improves the efficiency of identity authentication and " avoids system unavailability problems caused by the failure of the central server ."

In the last hours, in addition, the blockchain firm HashCash Consultants announced the creation of a “federated and sovereign” digital identity system to offer banks in their banking processes. As announced by the company in a statement, the system simplifies identity verification processes and streamlines client onboarding, loan applications and processing.

In early June , on the other hand, the technology company LG announced a partnership with the company Evernym to develop blockchain-based digital identity systems for logging into their devices .

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Mickael Pasquier
Mickael Pasquier

Interested in the field of cryptocurrency and blockchain

Mickael Pasquier
Mickael Pasquier

Only Crypto

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