Yoti shows proof of concept for digital identity system powered by next-generation blockchain
Yoti and LedgerState have demonstrated a proof of concept for a digital identity system leveraging blockchain technology to enable approved officials to add sensitive personal information at the World Economic Forum.
The private distributed ledger system involves using the Yoti app to verify individuals against approved photo ID with facial recognition, and the asynchronous Hashgraph process to speed up the process and improve its suitability for identity and payment platforms, according to the announcement.
“Yoti can work well with first and second generational public blockchain technologies Iike Bitcoin and Ethereum for some elements of our identity platform, like KYC,” Robin Tombs, founder and CEO of Yoti said. “However, third generation technologies like the Hashgraph can handle the requirements of a global identity platform authenticating millions of users each day at the required low transactional costs. Most consumers will currently tolerate a KYC Verification completing in a minute or two, but not for log in or payment which need to be almost instantaneous.”
The proof of concept showed how an identity within a database can be claimed by an individual, and then have attributes such as a health insurance number added by an approved official. The details would be secure by the private ledger, and accessible only to the approved official of the government or other organization.
“Now there are finally tools and systems available for governments to grant a higher level of Sovereignty to their citizens,” commented LedgerState founders Nino Vang Vojvodic and Damir Yandrich. “Early implementers will gain significant advantage when it comes to attracting the best talent and people to their citizenship or residency.”
As previously reported, Yoti launched its digital identity app to general availability in November.