ConsenSys-Backed Identity Platform Partners With PwC

Published at: Sept. 23, 2019

ConsenSys-backed identity management protocol uPort has entered a partnership with Onfido and PwC to develop blockchain-based identity management in the United Kingdom's financial sector.

In a Sept. 23 announcement, the Ethereum-based digital identity platform uPort said the three firms are exploring how portable identity verification can improve the sign-up process for customers and reduce compliance costs for financial companies. PwC executive Mike Kennelly added:

“It opens up access to financial services, helps reduce fraud and is instrumental in driving more competition into the U.K. banking ecosystem. ​PwC analysis​​ suggests technological step changes in the banking sector could bring a boost of more than £34.6bn to the UK’s economy by 2030.​”

Since the European Union’s Payment Services Directive 2 came into effect, there has been an increased demand for secure personal data-sharing solutions between financial institutions. Alice Nawfal, the strategy and operations lead at ​uPort​, added:

“Our view is that consumers will eventually be able to build dynamic, robust financial identities based on data from all financial institutions they have accounts at, and be able to port their identities across service providers.”

Blockchain identity systems can be the solution

Cointelegraph previously reported that the use of blockchain in data puts it back in the hands of those who create it. By storing personal data on encrypted, decentralized networks, users are able to grant limited access to third parties using keys in processes that are similar to sending cryptocurrency. 

Alastair Johnson, the CEO of e-commerce payments and ID platform Nuggets, told Cointelegraph that by returning data control to users, blockchain ID systems can both empower individuals and cut administrative costs: 

“A blockchain ID system, conversely, adopts a user-centric approach, eliminating central points of failure by empowering individuals with self-sovereign possession over their own data. A blockchain ID system would not require government bodies to store or share personal information in order for individuals to access services.”

Tags
Blockchain
United Kingdom
Consensys
Related Posts
Could Russia lead Eastern Europe’s crypto boom?
Not unlike many other jurisdictions around the world, Russia has come to recognize the potential benefits and risks flowing from cryptocurrencies by taking its first step to define and codify digital assets. The new Russian legislation dubbed “On Digital Financial Assets” sets a clear direction for the treatment of cryptocurrencies by authorities and how both individuals and businesses can handle them in everyday practice. Nevertheless, the new legislation may give pause to payments companies and fintech companies keen on expanding into the Russian market. While the approach of the Russian legislature toward cryptocurrencies — or digital assets, as they are …
Technology / Sept. 6, 2020
Baseline Integrates Microsoft and Google Spreadsheets Using Ethereum Mainnet
The Baseline Protocol has launched integrations for Google Sheets and Microsoft Dynamics 365. The new function allows for the maintenance of verifiably consistent records using a spreadsheet in conjunction with an enterprise resource planning solution. Baseline published a proof-of-concept on Monday, demonstrating the "baselining" of spreadsheet data to verify that multiple independent private databases hold the same records. The Baseline Protocol was launched in March and was developed through collaboration between Microsoft, EY and ConsenSys. The concept used baselining to verify that the records held by separate entities’ databases were verifiably identical while allowing company information to “remain in traditional …
Technology / June 9, 2020
Better Safe Than Hacked? Google and Apple Flip-Flop on Crypto
The cryptocurrency sector has many criticisms. One is that it can appear impenetrable to newcomers. Another is that it is probably easier to lose money investing in crypto than in most other areas of finance. What’s more, these issues can combine to create a lucrative environment for hackers with nefarious intentions. Chrome browser extension makes a stink By virtue of the fluctuations and hype that influence the markets, investors are often highly motivated to buy certain cryptocurrencies. Regardless of their background, all face the same initial hurdles: Where to buy the cryptocurrency and where to store it? Due in part …
Blockchain / Jan. 9, 2020
Crypto Fundraising to Aid Canary Wharf and Isle of Dogs
Bank Account Based Blockchain (BABB) and CryptoAM.io have launched a fundraising initiative on March 31 to help vulnerable and elderly people living in Canary Wharf, Poplar and the Isle of Dogs in London, United Kingdom. According to the announcement, BABB’s native cryptocurrency utility token, BAX, is the parent of the project, where transactions will be made quickly, regardless of whether they are low amounts, in addition to being an expedited and free way for the donor. Many vulnerable people reside in the Isle of Dogs CryptoAM’s Crypto Insider, James Bowater, realized that many older adults are outside the country’s health …
Blockchain / April 2, 2020
Telos raises $8M funding before EVM launch to avoid token sales
Blockchain platform Telos raised $8 million in funding led by ConsenSys and Polygon investor John Lilic. The funding was secured right before the launch of Telos’ Ethereum Virtual Machine (EVM) platform, ending the company’s ongoing streak of bootstrapped initiatives. Telos aims to redirect the recently secured capital on the platform’s development and marketing in addition to improving the liquidity of the ecosystem “without needing to resort to TLOS token sales in the event of a prolonged bear market over the next year.” According to Telos chief architect Douglas Horn: “While this [bootstrapping] preserved our identity as an egalitarian, self-governing community, …
Adoption / Nov. 9, 2021