IBOS member Banco Santander is amongst 10 companies working together to develop a self-managed digital identity model with blockchain technology.
The companies will be launching a solution that will give the user a single self-managed digital identity, in a secure reliable environment, to make it easier to fill in forms automatically to take up services, among other uses.
The project, including Banco Santander, will give users control over their personal data, making digital identity self-managed by each person in a secure and reliable manner a reality.
Self-managed identity enables individuals to have their personal data in a single digital identity, backed by the companies involved and stored on their own mobile device. Creation of a self-managed digital identity furnishes the certainty that information is reliable and has not been altered, thanks to blockchain technology.
This development will also give the participating companies greater efficiency and improvements in various processes, such as registration of users. The project will enable participating companies to design new business models (individual and/or collective) to improve the user experience on the basis of the potential of self-managed digital identity.
This project is based on the Alastria digital identity model (Alastria ID). The company is the first multisector consortium, composed of 600 partners including large companies, SMEs, public authorities and academic institutions, which aims to establish a public permission-based blockchain infrastructure, designed pursuant to Spanish and EU regulations.
Read the full press release via Banco Santander here.