Nuggets goes global with pilot of its self-sovereign digital ID platform in GAIN
Self-sovereign identity and payment provider Nuggets is piloting its Verified Self-Sovereign Digital ID solution with the Global Assured Identity Network (GAIN), a grouping of 150 financial institutions striving for globally interoperable digital identity mechanism for individuals and businesses. Nuggets’ approach requires both parties in every transaction to be verified via open standards, and has an eye to the metaverse.
Nuggets’ Verified Self-Sovereign Digital ID uses open standards such as W3C verifiable credentials, decentralized identifiers (DIDs), zero-knowledge proofs and the encrypted communication standards of DIDComm.
Both the originator and recipient of a transaction made within the GAIN pilot, whether for money or digital assets, would be required to be verified for the transaction.
During the transaction, the user’s identity is established through the creation of a unique Peer Decentralized Identifier (PeerDID). The verifiable credentials involved support selective disclosure. The transaction also uses zero-knowledge proofs. This means information supplied can remain anonymous while the users can also prove who they say they are without giving away any of their personally identifiable information.
As the use of DIDs as a digital identity standard becomes more widespread, Nuggets hopes its SSI service will be interoperable with solutions and could be used to combat ID fraud risks in the metaverse.
“For too long now business has relied on usernames, passwords and devices as the gateway of confidence to ensure authentication, leading to fraud and misuse,” comments Alastair Johnson, founder and CEO of Nuggets.
“Securely engaging in the digital economy requires a user-owned and controlled ID solution that cryptographically proves everything from access to services to trusted transactions. It needs to be reusable, verifiable, portable, private and secure. It’s an important recognition that GAIN has ensured that self-sovereign identity will be a part of this moving forward.”
GAIN is currently undergoing consultation on its development and role as financial institutions continue to join.
“GAIN and Nuggets share a duty to protect users from financial crime and uphold the law. By leveraging our user-centric and high-trust identity paradigm, financial institutions can satisfy adherence to global regulation while upholding the sanctity of user privacy,” Johnson added.
Nuggets was included in a fintech accelerator program run by Accenture in early 2021 and during the pandemic launched a biometric delivery verification service to reduce fraud costs for ecommerce.
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